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Auto Insurance Policy

traffic under bridge Find the right auto insurance policy for you; know what you need, what you want, and how to get it.

All drivers in America are required to be covered by a car insurance policy of some sort. A minimum amount of liability coverage is required by law in each state.

On top of the liability, there are a number of additional options for auto insurance coverage.

Your policy is a legal contract between you and the insurance company. The policy holds the details of the agreement, like how much you agree to pay, and exactly what you are entitled to in the event of an accident or other loss.

Who Is Covered By My Auto Policy?

Auto Insurance Policies cover the people in your home. Generally, each policy covers:

You
Your husband or wife
Children and other relatives who live with you
Any legal drivers that you give permission to drive your car.

The Declarations Page

The declarations page is the portion of your policy that spells out the details of your contract. Be sure to read them over carefully so that you are certain it is what you want.

If anything is left out, and you don't catch it, too bad for you. It won't matter down the road if you had requested certain coverage if it is not listed in the fine print.

Here are some of the facts you should review:

Name of the insurance company
Name of the policyholder(s)
Policy number
Policy period
Description of the vehicle/vehicles insured
Coverages purchased
Limits and Deductibles you agreed to
Premium charged for each coverage
List of additional forms that make up the policy

Your policy will also include the following elements:

Insuring Agreement
General Conditions
Mutual Conditions
Definitions
When and Where the Coverage Applies
Conditions if the Vehicle is Financed
Exceptions and Endorsments of the Policy

Additional Types of Auto Insurance Policies

Apart from the general car insurance policies available to the average driver, there are more specific policies for special circumstances.

Depending on your situation, you may want to consider checking into a policy dedicated to meet your unique needs:

Whatever type of auto insurance policy that you need, be sure to shop around for the best prices, ask for discounts, and review your policy carefully.

Insurance is an important part of your personal financial plan. Learn more about different types of insurance, and many other personal financial planning topics to ensure that your financial future is secure.

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