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Your car’s performance relies on a program of regularly scheduled maintenance, and so should your car insurance. Just as your vehicle requires periodic tune-ups in order to operate safely and efficiently, your auto insurance also needs to be periodically reviewed to ensure continuity of proper coverage you may require from time to time. Always consult with your local independent auto insurance agent for free auto insurance quotes and tips in Fort Lauderdale, Florida.
While reviewing your car insurance policy, be sure to pay careful attention to the following:
Declaration Page – This is usually the first page of the policy. The policy Declarations indicates the insured’s name and address, the policy term, the coverage limits and what is covered. Make certain you review the same and immediately correct and/or update any information if necessary, keeping in mind that even seemingly insignificant discrepancies may have a substantial impact on your policy. Be sure to never overlook any updates that need to be made.
Insuring Agreement – This specifies what the insurance company has agreed to cover in exchange for the premium. An insurance policy begins by first declaring what it covers followed by what it restricts, limits and excludes. You can’t just read the insuring agreement to comprehend the coverage your insurer is providing. Rather, you must read the policy in its entirety and then refer back to the insuring agreement as necessary. This will better assist you in identifying any potential coverage gaps.
Types of Coverage – Required minimum coverage may vary from state to state. In addition, coverage levels are often affected by the age and/or value of the vehicle. Note the following four types of common coverage that you should include in your insurance assessment:
- Liability coverage – Offering protection in the event an injury and/or property damage should occur. It is of tremendous importance to increase your liability coverage limits as your income increases. Therefore, always consult with an independent insurance agent to be certain you are adequately protected.
- Medical payments – This offers protection if medical expenses are incurred by anyone involved in an accident, regardless of who was at fault.
- Uninsured/Under-insured Motorist coverage – You will be thankful you upgraded this coverage in the event you are ever involved in an accident with a driver who has no insurance, has minimal insurance or is unidentified, as in the case of a “hit and run”.
- Comprehensive and Collision coverage. Collision covers damage to your auto caused by an accident. Comprehensive covers damage caused by anything other than collision. Both coverages are optional. However, if you have a car loan or you are leasing a car, you will be required to carry both collision and comprehensive coverage. If you own your car outright, the decision whether to carry this coverage will depend on the age and value of the vehicle.