- The first page should be your declarations page, which summarizes the insurance policy. It lists your policy number, your coverage, dates of coverages, the cost of the coverage, deductibles, vehicles covered including their vehicle identification numbers, the name of the insurance company and any additional endorsements. When starting a new policy or renewing an old one, you should always review the declarations page carefully. No matter what verbal agreements your insurance agent makes, if it isn't on the declarations page, it isn't part of your policy. If you find a mistake, have your insurance agent correct it and send out a revised declarations page.
- Rates or premiums for insurance policies can depend on many different factors. Driving record, accident history, type of vehicle, age of driver and even credit history will affect your rates. Rating factors must be approved by each state's department of insurance. Most people don't realize that insurance companies cannot charge whatever they want. The department of insurance will not let an insurance company make too much profit. You should know the premium cost for your insurance policy before paying for it. Your total premium should be listed on your declarations page.
- The coverage section of your insurance policy explains what coverages and limits your insurance policy covers. The first coverage is usually liability coverage that has a per-person or per-accident limit for bodily injury and a per-accident total for property damage. Other coverages may include physical damage or theft of your vehicle with a deductible amount listed. Medical coverage may also be on your insurance policy for you or any passengers in your vehicle. Other coverages can include roadside assistance or free windshield replacement.
- Endorsements, also known as riders, listed on your insurance policy will include additional items not found in the coverages section of your policy. Endorsements can include custom parts or equipment coverage or even death benefits. Any item not covered in the coverages section must be listed here to be insured on your policy.
- The exclusions section of your insurance policy states specifically what will not be covered. This section can include individuals who are named exclusions and will not be covered in the policy if they are driving the vehicle. It can also include driving behaviors that will cause your insurance company to not cover a claim such as deliberately hurting someone or damaging property or using your vehicle to chauffeur another person for pay. The exclusions should be very clear on what will not be covered on your insurance policy.
