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Auto Insurance Facts You Should Know
Your auto insurance policy is a written contract between you and the insurance company. There are two main sections to an insurance policy - a declarations page and the policy. The declarations page spells out the details of the policy. You should go over the content on this page to make sure that the extent and type of coverage as desired by you is present. Look for - the name of the insurance company; policyholder names, policy number, duration of policy, vehicle description, coverage names, liability limits and deductibles purchased, premium amounts for each coverage, forms that you will have to fill and submit.
Here are certain types of auto insurance coverage that you should be aware of and see if these fit in with the kind of security that you are looking for.
Emergency road service insurance will take care of your vehicle towing costs when your vehicle breaks down. Car rental expense will foot the bill for car rentals while your car is being covered under an auto insurance policy. A dismemberment and death policy will pay people mentioned in your policy should they meet with such an accident. A GAP coverage will pay for the difference in the current market value of your vehicle and the amount you owe to the lender. If your vehicle has any custom furnishings and equipment you can have it covered under the custom equipment coverage. You are responsible for checking and verifying that the coverage you have purchased is indeed what you are looking to buy.
Know that some coverage is compulsory and some are optional. In states such as Washington liability coverage is mandatory; it covers damage and injuries that you may cause when involved in an accident. Personal injury protection covers medical and hospital expenses as well as funeral expenses. The extent of coverage is defined in the policy. Medical payments coverage is optional. The uninsured / underinsured motorist bodily injury claim will help you with any injuries that you may cause to an insured person. Collision coverage covers damage to your car caused during a collision. You may also wish to consider comprehensive coverage that covers all kind of damage to your car except collision coverage.
You may have to pay a surcharge depending upon the nature of your accident. The surcharges are decided by the individual insurance companies and they will levy a surcharge depending upon the severity of your at-fault accident or traffic violation.
You can hunt for auto insurance online or through insurance agents. There are two types of insurance agents - captive insurance agents that represent one company only and independent insurance agents that work for multiple insurance companies and do not have a vested interest in selling you the insurance policies of a given insurance company. Experience shows that policy holders with independent insurance agents find it easier to get their claims passed.
