Auto Insurance Declaration Page Explained

Insurance is a topic that bores many people. For example, when was the last time you read your entire auto insurance policy, including the declaration page? Probably less than 1% of customers read through it. The terminology alone can be difficult to understand, and this stops a lot of people on the very first page. There are two important sections on your policy packet that you should read through and check. Get a free rate check-up with good to go insurance online or over the phone today.

The first one is the insurance I.D. card. This is an important document that proves you are legally insured for the vehicle you drive. Look it over and make sure it matches your automobile; the name is correct and the address. If there is any incorrect info, contact your car insurance company right away and get the changes made. If everything checks out, but the ID card in a safe place in your vehicle, so it is easily accessible in the event you are pulled over by a law enforcement officer.

The other critical part of your ins policy packet is the declarations page. This documents several important things you need to understand completely. Let’s go over it, so your auto insurance declaration page is explained in a way that you understand.

So what exactly is this declaration page? All the important data about your coverage is contained on it. This includes:

* Your Full Name

* Date of Birth

* Home Address

* License Number

* Vehicle Info

This includes the make, model, and year of the automobile. The VIN or “vehicle identification number” will also be stated

* Lender or Finance Company

If your car is financed, the lending company’s information will be included in the page

* Coverage

The insurance plan you purchased and the type of coverage will be declared in full. This will help you for reference purposes in the future if you should add or cancel your coverage amounts.

* Premiums

This is the actual cost of your policy you are required to pay to keep it active and in good standing.

* Discounts

Any discounts you received like “safe driver” or “good student” will be noted on the declaration page. The page should be easy to navigate with key components bolded, so it’s easy to read. You should keep it in a safe and secured area, for easy access in the event you need to file a claim or change your insurance limits on the policy. If you lose it, contact your goodtogo insurance agent and get it replaced immediately.

Benefits of an Insurance Declaration Page
One of the useful things about this page is for reference purposes. If you forget what coverage you bought or what it covers, it’s all conveniently laid out for you. If you recently purchased a new car ins policy, you should review every word of the declaration page to make sure it is 100% accurate. If not, you need to contact the carrier and get it fixed.

If you get into an accident, you need to have this page with you to go over the claim process and get the benefits your policy requires. For example, if you purchased rental car ins and your vehicle is damaged, make sure you get this benefit covered.

If you make changes to your policy, such as adding on your teenager as a driver, you will receive a new declaration page. When you get it, make sure it is accurate and look over the new changes you made. Simple things like an incorrect name spelling should be fixed and a new “Dec page” should then be sent out.

Vehicle Lenders Will Verify your Car Insurance
If your automobile is financed, the lending company will demand proof of auto insurance. The lenders will not want to look at your insurance I.D. card but will want to see your declaration page in full. They will check to see if the coverage you have is matched with the amount needed by the lending institution to satisfy the terms of the loan. The lending firm will also check to see if they’re noted as a loss payee. Your insurance carrier will normally send a copy to the finance company, but you should always double-check to make sure it was received.

Buy your Car Insurance Plan Online
Now that your auto insurance declaration page is explained in full, how about getting your premiums lowered? The top spot for getting low rates is online. With direct pricing from insurers like good to go auto insurance, you can save hundreds on a new policy in only a few minutes. You can also have your declaration page emailed to you, so you can print it out and save it on your computer. Get a quote today and get a cheaper car insurance plan online that saves you more money.