Understanding Your Auto Insurance Policy
Understanding your auto insurance policy is essential for making sure that you have adequate coverage. While every policy is unique, there are certain terms that consistently pop up.
Your Auto Insurance Contract is Made Up of Five Sections
1). Declarations Page
Is unique to you and contains information that is specific to your household.
2). Insuring Agreement Page
Outlines the coverage options and limits that you purchased.
3). The Exclusions Section
Tells what is not covered by your policy.
4). The Conditions Page
Outlines the legal responsibilities of both you and your insurer.
5). The Definitions Page
Which may be referred to as the “fine print,” defines the terms and gives an overview of the rights of the policyholder and the insurer.
Key Points to Remember When Building Your Auto Insurance Policy
As you’re building your auto insurance policy, remember that a low monthly rate is only part of what makes a policy a good fit for you. A bare-bones auto insurance policy with a high deductible might come with an attractive premium, but it will probably leave you in trouble financially if you ever have to actually use it.
Remember that you are only covered up to your policy limits. If your policy says that you have $25,000 in bodily injury coverage and you are responsible for a collision that left someone with a $100,000 medical bill, you’ll be responsible for covering $75,000 out of your own pocket.
Questions You Should Ask Your Agent
Your auto insurance needs are unique, and your policy should be also. Knowing the right questions to ask your auto insurance agent as you’re building a policy can help ensure that you get great coverage at a great price.
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Health Insurance Deductible
A deductible is an amount you pay before the Insurance Company starts paying. Health insurance plans will have different deductibles. You’ll be expected to pay the whole medical bill out of your own pocket until you’ve paid your deductible.
Out of Pocket Maximum
Your out-of-pocket maximum is the most you’ll have to pay for covered services in a policy period (one year), each January 1st it starts over again, and that includes cost of medications too. After you reach this amount, your health insurance plan will pay 100%.
Qualifying Life Event
If you experience a major life change, then such a change is often considered a qualifying life event. Such life events affect your existing health insurance coverage and can make you eligible to change your coverage during the special enrollment period.
Auto Insurance Quotes
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Choosing the Right Auto Insurance in 6 Easy Steps
Nevada drivers are required to carry auto insurance, but in most cases, state minimum coverage isn’t enough. Building the right auto insurance policy can protect you when you really need it versus just getting the cheapest plan possible, helping you to save money and reduce stress.
Step 1: Do Your Research When Buying a New Vehicle
If you’re buying a new vehicle, upfront costs aren’t the only costs to consider. You should ask your agent for a pre-quote for how much your new vehicle will cost to insure. Some vehicles are more likely to be stolen or cost more to repair in an accident and are therefore more expensive to insure. On the other hand, safety features and anti-theft devices can bring down insurance rates. Your auto insurance agent can help you figure out which vehicles are the most affordable to insure.
Step 2: Auto Insurance Discounts
Depending on your payment history, your occupation, what type of vehicle you’re insuring, whether you’re eligible for discounts like military discounts, occupational discounts (like being a Nurse, etc.) good student discounts, or early shopper discounts, etc., your premium will vary widely from one insurer to another. Speaking to your auto insurance agent about possible discounts can help you make sure that you are taking advantage of all the available discounts.
Step 3: What Insurance Coverage Do I Need?
Talk to your auto insurance agent about your driving habits, such as whether your vehicle is strictly for personal use or whether you also drive for business purposes, including rideshare companies.
Step 4: Who Can Drive My Car?
If anyone in your home has access to the vehicle and are licensed drivers, or anyone else that has regular access to the vehicle (friend, relative, or neighbor) should be on your policy.
Step 5: What Types of Insurance Coverage Should You Choose?
In addition to Nevada’s state minimum coverage requirements, there are several other types of auto insurance add-on coverages that may benefit you. These may include: collision, comprehensive, rental car coverage, uninsured/underinsured motorist, medical payments, and roadside assistance/towing.
Step 6: Begin to Build Your Auto Insurance Policy
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Different Coverages That Are Available
A good auto insurance policy isn’t just one that’s easy on your bank account; it’s one that provides adequate protection in a variety of circumstances. Oftentimes, when a policyholder is unhappy about how a claim is settled, it’s because they didn’t fully understand the coverage that they do (and just as importantly, don’t) have. Your Nevada Insurance Enrollment auto insurance agent can help you understand the different types of auto insurance products that are available and help you build a policy that meets your needs.
♦ Liability Insurance
Liability auto insurance is among the most important types of coverage that you will have; in fact, it’s so important that it is required in most states, including Nevada. This type of insurance covers any losses incurred by the other driver in an accident that you are responsible for, up to your policy limits.
♦ Collision Insurance
While liability insurance covers the driver who isn’t at fault in a collision, collision auto insurance does the opposite: it covers the policyholder’s own repairs when they’re responsible for a collision.
♦ Comprehensive Insurance
Comprehensive auto insurance covers losses that aren’t from a collision, such as damage from natural disasters, vandalism and theft.
♦ Medical Payments Coverage
Medical payments coverage is optional coverage that is used for medical expenses following an accident.
♦ Uninsured/Underinsured Motorist Coverage
Uninsured/underinsured motorist coverage can be added to a policy to ensure that if you’re in an accident and the at-fault driver doesn’t have insurance or doesn’t have enough insurance, you won’t be left footing the bill.
♦ Gap Insurance
If you’ve financed your vehicle, there’s a good chance that at some point during the lifetime of the loan, you’ll owe more on your vehicle than it’s worth. Gap coverage pays out the difference between what your vehicle is worth and what you owe on it in the event that it’s totaled or stolen, letting you pay your loan balance in full.
♦ Mechanical Breakdown Coverage
Mechanical breakdown coverage is similar to an extended warranty offered by car dealers. Different levels of coverage are available, but most provide protection for your vehicle’s brakes, drivetrain, transmission and fuel system.
Before altering your policy, talk to your auto insurance agent to make sure you understand how the changes could affect you.
Contact Nevada Insurance Enrollment Today
Auto insurance can be confusing, but we’re here to help. Give us a call today to discuss your policy and to make sure that it will give you the financial protection you need if you’re involved in an accident.
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