Why Its Important To Read Your Auto Insurance Policy
If you own an automobile, you have auto insurance
. The majority of us have it, but do we know what it means? After the car insurance quotes have been made and the documents have been signed, the insurance policy usually gets filed away until the day we need it. An important question to ask is: If we pay for the policy every month so that we are protected, shouldnt we know what the policy says?What is your level of basic coverage?
The number one complaint of insurance agents is that people dont read their policies. The general car-owning public are usually blissfully unaware of what lurks in their filing cabinet, until they get in a fender-bender, or worse. Then upon trying to make a claim, they find out that the policy doesnt hold quite as much power as they thought, or that they could have used it a few times already. Find out what youre covered for and how much youre covered for before you make that claim. Knowing your deductibles is important as well if you have a higher deductible, you wont want to make a claim unless its absolutely necessary.
Find out which special situations arent covered, and those that are..
In every insurance policy, there is fine print. The fine print usually lists a number of special circumstances in which you are not covered, and sometimes, those in which you are. Are you covered when renting a car? How about when borrowing or lending a car?
There are also special situations in which your deductible can be waived. If an accident is proven not to be your fault, the deductible may be waived, although this is not the norm for most insurance agencies.
Is there anything you dont understand?
Like most documents you will sign in your lifetime, an insurance policy is filled with industry terms that you or I may have trouble understanding. If you come across ant words or phrases that dont quite make sense, it is important to contact your insurance agent or visit their website to see if they have the terms listed. Any good insurance agent will sit down with you and describe in detail what you need to know.
What optional benefits do you have?
Did you know that in Alberta, your car insurance rates can include glass coverage? Did you know that collision coverage is optional? You may know what your basic coverage is, but what about things you can choose. Find out what optional insurance coverage you have, what you can get and what you would like; compare and see if you need to give your agent a call.
Renewal Time
It may sound simple, but many people dont know when their renewal date is for their insurance. It is usually every six months or one year, depending on the insurance company and your specific policy.
The next time you have a few minutes and youre wondering what to do, dig out your car insurance policy and have a look at what youre paying for.
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