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Jason R. Schultz P.C

How to Read Your Auto Insurance Policy


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11/14/2013
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It might not be in the forefront of most people’s minds, but it’s important to understand the terms of your auto insurance policy, especially if you’re in an accident.

Understanding Your Auto Insurance Policy

The declaration page is probably the most important part of your policy because it provides the most significant information, summarizing the basics of your policy, like:

  • names of those insured;
  • policy period;
  • the premium; and
  • your deductibles.

A deductible is the amount you must pay out of your own pocket before insurance coverage kicks in. Not all coverage requires a deductible. Collision coverage – which covers vehicle repairs for your car regardless of fault – commonly requires one.

If your vehicle damage comes to $3,500 and your deductible is $500, then you will have to pay $500. Your insurance would cover the remaining $3,000.

Choosing a higher deductible will require a larger expenditure if your vehicle is damaged and you need to make a claim but will lower premiums. Your premiums are the amount you pay each month to maintain your insurance coverage.

Along with knowing how to read your policy, it’s just as important to understand your insurance company’s role in a car accident when you are not at fault. Although it may not require you to file a claim with your own insurer, there are circumstances in which it could become necessary depending on the types of coverage you have on your policy.

Your policy’s declaration page will also list the type of coverage you have on your vehicle, such as liability or uninsured motorist coverage. The coverage limits are also included. This is the maximum amount the insurer will pay for a covered accident.

If you’re preparing to file a claim for serious injuries and need legal assistance navigating the process, call Jason R. Schultz at (404) 474-0804.



Category: General


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