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Stay Protected with the Right Car Insurance Policy

By Andrea Nicole


Posted on Jun 19, 2020


Stay Protected with the Right Car Insurance Policy

car-insurance-policy

Source: ICount

 

Let’s be real. Many people would not even dare to read the first statement of a car insurance policy since it is heavy on technicalities. After all, it is a legal contract. It’s not like a famous fiction you see online where your imagination is unfurled. Nonetheless, taking the time to read and understand it may benefit you more than you know.

A car insurance policy might be a nightmare to some, but it can prevent your pockets from getting empty. It can provide financial protection in case you or another driver who used your car encounter an accident, injuring someone or harming other people’s property. If you haven’t bought your insurance policy yet, it is better to consider or understand the coverage first before you settle it.

 

car-protection-policy

Source: MyFirstUK

 

In case you have purchased a second-hand car, you must register it under your name the moment you get a hold of its deed of sale. Into the bargain, you should ask for the issuance of an endorsement. You may opt to buy a new insurance policy. However, it would require more effort than having the old car policy transferred in your name.

Concerning the entirety of your car insurance policy, you should be aware of what is covered in your chosen protection. A car insurance policy has a declaration page where information about the limits and who is insured are included. It is the part where you can see details unique to your policy. Information such as address and vehicle details are also inputted in this section.

On the other hand, the general insuring agreement part of the policy states that the insured should pay the premium for the insurance company to settle the coverage. There are different insurance services so buying whatever you stumble upon would not be a wise choice.

Many companies use a standardized policy which is referred to as the insurance services office's personal auto policy form. Liability coverage, medical payments coverage, uninsured and underinsured motorist coverage, coverage for damage to your auto or car, duties after an accident or loss, and general provisions are most likely what you would see in the said form.

  • Liability Coverage: When there are claims against you, this is your needed protection.
  • Medical Payments Coverage: Regardless of negligence or liability, this protection covers all the medical expenses incurred.
  • Uninsured and Underinsured Motorist Coverage: When you are injured by a driver who does not have enough insurance or a victim of hit-and-run, this protection is needed for the insurance company to cover the losses.
  • Coverage for Damage to Your Car: This protection covers any losses or damage in your vehicle.
  • Duties After an Accident or Loss: These are your responsibilities after an accident or loss. If left unfulfilled, your coverage might be lost.
  • General Provisions: These are the conditions that apply to your insurance policy.

Make sure to understand the insurance policy that you availed, so you won’t regret it later.


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