Whether you have a 6 month policy or a full year auto policy, you are receiving paperwork discussing the details of your policy. The Declarations page, “dec pages”, goes into detail about what your policy entails. This includes: name insured, covered auto(s), policy limits, deductibles (if applicable), premium, and policy period.
The name insured encompasses all individuals covered on this specific auto policy. Name insured is the individual the policy is filed under. Any family member related to the name insured is usually covered depending on the policy whether it’s through blood, marriage, or adoption. Call your agent today to see if this rule applies to your policy. In addition, the policy “dec pages” defines name insured and there are some policies that cover all these drivers no matter what car they drive.
The covered autos in a policy are the specific year, make, and models listed on the policy. The cars must be listed on your auto insurance policy. Cars can be added and removed by simply calling your insurance agent. Any vehicle that is used for business purposes such as livery (taxi) services would not be covered unless there is a specific endorsement added onto the policy. Please contact your insurance agent to assess your situation.
It is very common for any vehicle being driven by a named insured in any U.S. territory, Puerto Rico, and Canada will be covered. However, this is not always the case so double check with you agent when you drive a vehicle outside your home state or country.
The state law of Ohio requires every driver to have liability coverage on their vehicle. This will cover any bodily injury or property damage a name insured causes. Optional coverages include medical payments coverage which covers the “insured” and any other passengers in their car. Uninsured motorists’ coverage is also optional in Ohio as this coverage comes into effect when a driver causes bodily injury or property damage in an uninsured vehicle. Finally, comprehensive (comp) and collision are optional coverages that contribute to having “full coverage”. Collision insurance is self-explanatory as insures the drives for anything that the vehicle comes into contact with. Comprehensive is anything other Collison such as fire, theft, hail, etc. “Comp” and collision are made to cover your property damage.
Lets look at an example,
The policy will define property damage and bodily injured as the definition may vary.
Deductibles are located on the “dec pages” to notify the named insured how much he or she must pay out-of-pocket when a claim is filed. A policy with a high deductible will result in a lower premium. The premium is a directly affected by the deductible and fluctuates based off of the name insured’s claim history. An individual that files several claims a year and have the insurance company pay out cash to cover the damages then the insurance company will charge more money during the periodic payments.
The Declaration Pages will include the policy period which is the span of time of when the insurance policy is in effect. The expiration date is also important to keep in mind when it comes to financial budgeting.
The terms used throughout this blog are common insurance lingo that professionals use daily as these are relevant terms in the “dec pages” of a typical auto policy. Instead of throwing out your “dec pages” because you do not completely understand all the terms, confidently contact your insurance agent with probing questions that analyzes them.
Cleveland Insurance Agency
Brooks & Stafford is a Cleveland Insurance Agency that takes pride in providing advice for people regarding insurance. If any of this information has helped you out and has been relevant. Feel free to reach out 216-696-3000.