Regardless of how important an auto insurance policy may be, it can be one of the most difficult things to understand – let alone, gather the patience to read through entirely.
Not only can an auto insurance policy seem confusing, it can almost seem redundant. Most of the time, readers are unsure if they’re even reading it and understanding it correctly! Unfortunately, even after reviewing a policy, when crunch time arrives after an auto accident, you may find out the hard way that something wasn’t covered in your policy, leaving you hopeless and helpless.
Reading your auto insurance policy is easy when you know what to look for and what areas to pay attention to.
One of the most important pages to read when going through your auto insurance policy is the declarations page. This page is a great place to start and can give you the short, easy-to-understand version of your policy. It will tell you the period of your policy, the amount of your premium, a short description of what your insurance covers, and how much the company will pay for each claim.
Read the area of the policy that explains the necessary requirements to qualify for insurance. If you are in an accident but have not reached a certain requirement of your policy or deductible, then your insurer may claim the policy is void and you will receive nothing for your claim.
Make sure to thoroughly read through the policy’s exclusions or any of the exceptions to what is covered under your insurance. While some things may not be covered in your insurance, other things may be covered but with an exception. When you understand these areas, you will understand how to deal with an issue when the time comes.
While all kinds of insurances are important, it is crucial to know who is covered under your auto insurance policy. If you and your spouse both drive a vehicle, then both parties should be listed under the ‘insured’ portion of the document. This will protect both parties in the case of an accident. Allowing someone who is not listed under your policy to drive your vehicle can be a problem should an accident occur.
Reviewing the policy’s insuring agreement will give you a better understanding of the amount of coverage you will receive from your insurance company in the event of an accident. For example, there are four main components to an auto insurance policy: medical payments, uninsured and under insured motorist and damage to your auto, including collision and comprehensive coverage and liability. This article is a great read if you want to know how these different components can be handled in the case of an accident.
Pay close attention to the wording of the policy. Watch out for simple words such as ‘and,’ ‘or’ and ‘however’. These are words that can back up your claim or entirely destroy it. It’s easy to skim through a document and think you are covered for a number of issues, only to find out there was an ‘or’ instead of an ‘and’.
Reading through your auto insurance policy doesn’t have to feel like an impossible feat and shouldn’t be your first concern after getting into an auto accident. At Fetterman & Associates, PA we want what is best for you – not your insurance agency. You can find out what we will do for you.
If you have been in an auto accident and are having trouble understanding your policy, contact us today at 561-845-2510. We are experienced West Palm Beach personal injury lawyer who want you to feel comfortable and confident after a tragic auto situation occurs and will do everything necessary to get you the compensation and help you deserve.
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