Often, person to person it is difficult to keep up with the barrage of auto insurance lingo that will come your procedure from an insurance agent, so this article is going to break down the meaning of ten different auto insurance terms. This will ensure that the next time you are purchasing a policy you will be one hundred percent clear on what your coverage is all about.
The Blue Book
Many times I have encountered friends who hear the term blue book and immediately conjure up the belief that it is a “Who’s Who” book of the variety often flashed in retro-TV shows. However, for the purpose of auto insurance, the blue book is a book that contains the value of used cars and trucks taking into account depreciation. Your auto insurance company will spend the value from this book to determine the amount of insurance coverage you need.
Covered Person
A covered person in insurance is anyone who is stated as being covered on your insurance policy. This will include the person who purchased the policy, and in many cases a spouse or another close relative. In some cases, people assume that anyone who drives their car will be covered under their auto insurance policy, but this is not always the case. It is always best to check with your agent if you are unsure about who is and who isn’t a covered person on your policy.
Discounts
Yes, we all know what discounts are at the grocery store, but when it comes to car insurance they are slightly different. Many insurance companies have “discounts” that are based on measures you have taken to protect your automobile from situations such as theft.
Premium
A premium is not to be confused with a quote. The premium is the actual money that you pay for your insurance policy whereas a quote usually provides you with the premium you would pay for insurance with any given company.
Rental Reimbursement
Rental Reimbursement is typically a policy “add-on.” If you go for minimum coverage, you likely do not have rental reimbursement. If you do have it however, rental reimbursement means that while you have a covered claim you are provided with a rental car within your policies specified limit.
Limits
The term limits can be slightly confusing, as insurance policy minimum limits vary from state to state within the U.S. When you engage a policy, you choose the limit of the coverage the policy will pay in the event of an accident. You may choose to stay at the state mandated minimum level or opt for extra coverage.
Declarations Page
Declaration’s page actually refers to the section of your bill that most of us would consider a summary of our policy, because that is in fact what it is. It lays out all of the basic information related to our policy including coverage limits, vehicles, and extra coverage options.
Deductibles
A deductible refers to the amount you would pay upfront if you were in an accident. If you are willing to pay more upfront in this event, then you could have a lower premium or insurance payment. However, should an accident occur, the money will come from your wallet!
Full Coverage
Full coverage is not technically a type of coverage or a stated opinion. When a friend tells you they have full coverage on their vehicle they typically mean they have more than the spot requires or more than basic liability coverage.
Continuously Insured
To be continuously insured means that there has not been a span where you were without insurance coverage. If you have been doing consistent business with one insurer for a length of time, this can lead to a discount on your insurance policy if you have been a good driver.
These ten terms are not the only ambiguous or misunderstood terms on an insurance policy. If there are other terms you don’t understand then never hesitate to call your insurance provider or agent and ask for clarification. Being an informed consumer can establish you hassles in the future should you ever be in auto accident.
Source:
Personal experiences as an informed consumer. I have always asked questions and always derive answers.
Filed under Edmunds Insurance by on Feb 24th, 2011. Comment. 
Cars are critical in everyday life for making our lives uncomplicated The following actions will allow you order a auto at a great deal The measures will also allow you to shop for motor vehicle insurance policy wisely.
InstructionsThings you’ll require:
- Dealers
- Kelly book value
- DMV
- credit score scores
1 Prior to you order a automotive, do your homework; discover every thing about the procedure of investing in a car or truck and insurance coverage it This will stop you from being tricked by the dealer Know your credit score scores and enhance them just before shopping for a auto Low credit score scores will result to increased interest on a motor vehicle loan if you are financing the car or truck Low credit score scores can also trigger your insurance plan premiums to be high Contact DMV to make positive they have the correct driving record as this can affect insurance policies premiums.2 Generally order a auto you can afford Keep in mind, the additional high priced the automotive is, the larger the insurance coverage premiums Leasing a automobile is not a very good concept Also be careful about zero percent financing or money back deals provided by dealers Drive test a motor vehicle, do an inspection and a background check at carfax.com Read the warranty and know what is covered and what is not.three When shopping for insurance coverage, bear in mind not to opt for affordable insurance policies specifically if you have assets and investments If you get into automotive accident and the low-priced insurance coverage can’t cover all the damages, your investments and assets will be employed to cover the price Opt for greater deductibles to decrease insurance plan premiums Stop paying collision coverage on an old automobile .
Filed under Edmunds Insurance by on Nov 8th, 2010. Comment.
The Toyota Camry is a mid-dimension entrance-wheel-drive sedan that is extended on exterior styling and interior consolation It comes with a regular 2.4 liter 4 cylinder engine, but there is an solution for a three.5 liter V-6 with a six-velocity automated transmission The 4 velocity has the choice of a 5 pace manual transmission as effectively as an automated For the past twenty years, Toyota Camry has been 1 of the greatest-selling vehicles Loyal owners have come back for a third or fourth Camry mainly because of previous encounter that inspires a close following.
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Filed under Edmunds Insurance by on Nov 6th, 2010. Comment.
