About Declarations Pages in Auto Insurance
To break the declarations page down further, we’ll discuss each aspect presented on the page, and this is done in no particular order, meaning your declarations page may or may not have the same information in the same order listed here. First we’ll mention the auto insurance company’s information on the page. The declarations page will have the name of the insurance company, as well as their contact information including a phone number and address. If you need to contact the company, the information is readily available here and also on the insurance card that you should have somewhere in your car in case it is immediately needed.
Next, you should find your policy number. Your policy number is a way the auto insurance company can identify you without using your name. This lessens confusion as there is typically more than one client sharing the same first and last names. A policy number can include numbers and letters together, or just numbers. You will need to know your policy number any time you want to contact the insurance company. You can also find your policy number on the insurance card.
Information regarding the coverage you have purchased is also included in the declarations page. The coverage you purchased will include the minimal requirements provided by your state, as well as any additional coverage options you felt the need to purchase. Bodily injury liability, property damage liability, personal injury protection, and uninsured motorist bodily injury may be some of the coverage options you purchased that will be listed on the declarations page. Read more about automobile premiums and policies in Auto Car Insurance Premiums section of author’s site.
The cost of each coverage you purchase for your auto insurance policy will also be listed on this page. The price of your policy is determined by individual factors, including the cost of coverage you added to your policy. If you carry additional coverage options past the state’s requirements, you can look at these “extra” options and decide if they fit into your budget, or if you can add more coverage for added protection.
Your deductible amounts may also be listed in the declarations page. A deductible amount is the amount of money you are willing to pay, out-of-pocket, when you make a claim to the auto insurance company. Any time you file a claim and expect the insurer to cover an accident-related cost, the insurer requires you to pay upfront a deductible. This amount can range from $250, to $1,000 or higher. The lower deductible you choose for your policy, the more expensive your policy premium will be.
Look for the policy periods on the declarations page to find out when your coverage begins and when it ends. You should also be aware that you have the option with the insurer to automatically renew your policy when it expires. This helps to avoid any time period of not carrying auto insurance, known as a policy lapse. It is illegal to drive a vehicle without proper auto insurance so it is vital that the policy always be in effect.
You will also notice your information, or the policyholder’s information, listed on the declarations page. Your name, address, and phone number will be listed on the page. It will also have information regarding the vehicle(s) you have insured with the company, such as the year, make and model of each vehicle. Always keep this information up-to-date with the auto insurance company so they can contact you easily with any questions they have or information they need.
You may think the declarations page is just one more nagging piece of paperwork, but in actuality it is the most important piece of paper that you have for your auto insurance. You will need to review your declarations page every time your policy renews to make sure no coverage was accidentally dropped or so you know your information is correct. Don’t disregard your declarations page as it comes in the mail or think of it as worthless because you think you already know what coverage is on your auto insurance policy.
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Help answer the question about insurance
no health insurance and have a preexisting condition. Can I start work? or is there any insurance available?I live in GA. We just got an insurance and told them about this condition. It's very small surgery for my daughter. but now they are denying it. Is there any other insurance I can take? or if I get insurance through work would that help?
April 30th, 2009 at 3:34 pm
Sure you can block out the premiums. They just want to: A) make sure you did have prior insurance, B) See what your prior coverages were to make a comparison.
Don't worry about them "jacking up" the rates either. Insurance is state regulated, there is no bartering or price flexibility here. Only coverages change the premium, once all you personal info is put in. Besides, if they want your business wouldn't they want to give you the best price they could?
April 30th, 2009 at 3:55 pm
As an insured, you cannot access the company's website to print out a copy of your policy's declaration page. You will need to contact your agent and he/she can print out the necessary information for you. I used to write insurance through Nationwide and that's usually how it works.
May 1st, 2009 at 5:31 am
No. A binder is just that, it binds you and the insurance company for a specified and short time. You tell them all about yourself. Based on that information they offer a policy and you accept. They do a 10 day binder. For 10 days, you are insured. You owe them, they cover you. During that 10 day period they look at the information you supplied, and if it matches, you get a permanent policy and a declaration page that shows what coverage you have. On the other hand, if they find the doing 110 in a 45 that you forgot to mention, they raise the rates based on your risk, or they drop you and let the 10 day binder run out.
May 1st, 2009 at 6:28 am
the PO Box is only the mailing address. the garaging address is listed on the policy and thats the address used to rate the policy. so the answer is "yes"
May 4th, 2009 at 2:06 am
I don't think I've ever sent the declaration page to a new company. The only time I've faxed it around is when I'm getting quotes and want to compare apples to apples. The declaration page only tells what coverage you have now. I can't imagine a new company needing that or requiring it. Maybe there's something coded on there that I don't know about though.