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Auto Insurance Policy Contract |
We do not have to be experts in auto insurance, but it is a good
idea to have an understanding of the basic concepts that underline
your auto insurance policy contract. There are five parts of typical
auto insurance policy. The titles of the sections may change from
agency to agency, but they pretty much address the same points. Auto Insurance ContractDeclarationsThis part of the policy contains personal information for drivers in your household such as name, address, make and model of vehicle(s), vehicle identification number(s), policy number and policy duration. It also contains the basic types of coverage you purchased and policy limits deductibles
Coverage Parts/Insuring AgreementThis section details the insurance coverage options and limits agreed to upon the purchase of the contract, such as comprehensive, collision and liability. This section outlines what your insurance company promises to provide in return of the payments, based upon the policy coverage limits and options
ExclusionsThis section details what is not covered by your insurance policy by highlighting your coverage limits.
ConditionsThis is where all the legal responsibilities of the insured and insurer are laid out including the premium payment obligations, steps to filing a claim and procedures for resolving disagreements.
DefinitionsThis section simply defines the terms and outlines the rights of the insurance provider and the policyholder. Would you like to return to Learning Center?
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