Everyone wants affordable car insurance, but nobody wants to pay the price. That may not have made much sense to you, but the insurance buyer has to be better informed. There has to be some time spent on educating yourself enough to make intelligent decisions about your next insurance purchase. Too many folks avoid all responsibility when it comes to buying car insurance. You do not need an insurance course to understand the fundamentals involved in rating car insurance. Look at the declarations page on your car insurance and you will find all that you need to know.
The Declarations Page
1. Policy Period: This is the specific time period that the policy is effective. Some car insurance policies have an annual renewal, and others have a six-month renewal. Do not shop for car insurance if your declarations page indicates that your policy period has expired. That could cause you to be placed on a substandard carrier. Shop at least one month before your insurance is set to expire.
2. Vehicles: Your vehicles will affect your physical damage rate. When shopping, make sure that you give the quoting company the vehicle identification numbers of all of your vehicles. This is usually on your declarations page.
3. Drivers in Household: Every resident relative with a driver’s license should be listed on the policy unless they have other insurance.
4. Liability Limits: These are the limits for bodily injury and property damage insurance. This is very important coverage and not a good place to cut costs if you are a property owner. This portion of your policy pays benefits to the party that you may have injured in an auto accident. It also pays for the damage to their vehicle.
5. Physical Damage: This is your collision and comprehensive benefit that you see on your declarations page. This is coverage for your automobiles. Your deductible selection will raise or lower the rate.
These are some of the many policy benefits that you will find on your declarations page. Ask your insurance company about discounts and the tort option. Learn all that you can, and you can help make your car insurance more affordable.
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