Lyles Insurance
  • Home - Lyles Insurance
  • About Us
  • Contact Us
  • Blog
  • Request A Quote

Understanding Your Auto Insurance Declaration Page

4/22/2019

0 Comments

 


Get an Auto Insurance Quote with Lyles Insurance

Call me for a quote




Transcription

Slide 1:


Hello! I'm Dan Lyles with Lyles Insurance. This video is about understanding your auto insurance declaration page.
 
Slide 2:
 
A declaration page is basically a summary of the auto insurance coverage you have. It will show you which vehicles are covered, which drivers are insured, what coverage you have on each of the basic parts of an auto insurance policy (and the levels you're carrying on each part). And for those of you who financed your vehicle, it will also show if a lienholder is listed.
 
Slide 3:
 
It's very important that you know what coverage you have on your policy. You need to understand what each part of your policy covers and how much coverage you have on each part. And also, whenever you compare rates with other auto insurance companies, you need to know the levels you are carrying so you're able to compare apples with apples.
 
Slide 4:
 
It’s important that you understand the five major parts of an auto insurance policy. So let's go over each one briefly. Number one: Liability coverage. That pays the other guy if you're at fault and caused an injury or property damage in an accident. Number two: Uninsured and underinsured motorist coverage. This pays you if you get hit by someone, and it's their fault, and they either don't have insurance or they don't have enough insurance to cover all the damages. Number three: Medical payments. This pays for you and your passengers who get injured in an accident in your vehicle regardless of who was at fault in the accident. And numbers four and five go together: Comprehensive and collision coverage. Added together, they make up the physical damage coverage on your vehicle. Now I want to show you an actual declaration page so you can get an understanding and an idea what to look for and explain the levels of coverage.
 
Slide 5:
 
So here we see the outline of coverage part of a declaration page. And we'll start with liability (what you see highlighted there). And it shows when you're at fault in an accident, it will pay up to $100,000 each person maximum. Or if you injured more than one person, it can pay up to three hundred thousand. And it will also pay up to $100,000 for property damage.
 
Slide 6:
 
Next we have uninsured and underinsured motorist bodily injury coverage. And you see here, the limits are the same. $100,000 for each person maximum up to $300,000 total. One thing I want to point out here, you can only select those limits as high as you chose for body injury on the liability coverage. So if you skimp on your liability coverage and only go with, like state minimum, you're also going to be stuck with having low levels of uninsured motorist coverage as well. So keep that in mind when you're choosing levels of coverage.
 
Slide 7:
 

Next is medical payments coverage. In some states that might have a different name, such as medical benefits coverage or PIP (which is personal injury protection). Regardless of its name, they all mean about the same thing. And as you can see here, this driver chose to carry up to ten thousand dollars maximum per person.
 
Slide 8:
 
And for the last parts, comprehensive and collision coverage: In some states, you may see comprehensive listed as “Other than Collision”. But either way, they mean the same thing. And as you see here, they come with deductibles. This driver has chosen two hundred and fifty dollar deductibles for both comp. and collision. So that will be their out-of-pocket expense if they ever have to file a claim on their vehicle.
 
Slide 9:
 
So now I hope you have a better understanding of how to read the coverage levels on a declaration page. For those of you living in the six states I have listed at the top there. If you'd like to get an auto insurance quote, I'll be happy to run a quote for you personally myself. I've left a link to my website there which I’ll also post that under the video. Or, if you just want to get a quote by
Phone, I've also posted my phone number. Thank you for watching and have a great day! 



Related Blog Articles:

​Video: Why State Minimum Liability Auto Insurance Coverage Sucks!

​Video: Car Insurance with a Speeding Ticket: Shopping around is a must!

​Video: Uninsured Motorist Coverage Explained

Video: Why you shouldn't buy Auto Insurance directly from a company.

Why is there a cancellation notice on my auto insurance bill?

Should I choose a six or twelve month auto insurance policy?


0 Comments



Leave a Reply.

    Picture

    Author

    Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..

    Archives

    March 2021
    November 2020
    September 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    October 2019
    September 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    December 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    October 2015
    August 2015
    December 2014
    November 2014
    October 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    May 2012
    April 2012
    March 2012
    December 2011

    Categories

    All
    Things You Must Know When Buying Snowmobile Insurance In Michigan

    RSS Feed

Lyles Insurance copyright 2020
  • Home - Lyles Insurance
  • About Us
  • Contact Us
  • Blog
  • Request A Quote