Car Insurance Terms Everyone Should Know and Understand Part 2

Hopefully you have already read part 1 of this article, which covers the primary insurance coverage and terms you should be aware of. Below are some additional car insurance terms that you should be aware of. You should familiarize yourself with your policy, especially the declarations page. Know whether you are covered before you are involved in an accident. The more information you have, the better you can protect yourself, your family, and your assets.

Declarations Page: Outlines your policy information including your information, the policy limits, type, cost, and dates of coverage.
Exclusions: Policy provisions that state what is not covered under the policy. It is important that you read your policy to familiarize yourself with what may not be covered such as household drivers who may be excluded.
Conditions: Policy provisions that state rules or obligations you must do in the event of a loss such as notifying your insurance company of the loss immediately. Your failure to meet one of the obligations may harm your claim so familiarize yourself with these provisions to protect your claim.

Deductible: A deductible is usually required for comprehensive and collision coverage (discussed in part 1). The amount varies and is set when you purchase your insurance. This portion is not covered by the policy and is generally subtracted from the amount you would otherwise be entitled to for the repair of your vehicle.

Car Rental: Optional coverage that pays the cost of a rental car while your car is in the shop for repairs following a motor vehicle collision. The amount paid per day is set out when you purchase the policy. If you do not have enough coverage to pay the entire cost of the rental car, you will be responsible for the difference. The coverage usually limits the number of days it will pay for a rental car.

Towing: Optional coverage that reimburses you for towing expenses. The amount that your insurance company will reimburse you is set out when you purchase the policy.

Endorsements: A document that notifies you of any changes in your coverage such as adding, deleting or modifying a coverage provision.

Premium Notice: A document that notifies you of any premium increases that arise out of an accident claim.

If you have any questions or want more information, please feel free to call our office at 816-471-5111. Also, order our FREE report: "What the Insurance Companies Don't Want You to Know: How to Protect Yourself & Your Assets by Purchasing the Right Coverage." This report will answer the questions below and more:

1. What are the state minimum liability requirements?
2. Why should I have more than the minimum requirements coverage?
3. Why is underinsured motorist coverage the most important insurance I can buy?
4. What do the terms and coverage mean?
5. What happens if I am hit by someone who is uninsured?
6. Will my rates go up if my insurance pays my medical bills even if the accident was not my fault.

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Kansas City Accident Injury Attorneys
1102 Grand Blvd., Ste 1901
Kansas City, MO 64106
Phone: 816-471-5111
Toll Free: 888-348-2616
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Kansas City Accident Injury Attorneys*
11900 College Boulevard, Suite 300
Overland Park, KS 66210
*By Appointment Only: Heather A. Lottmann & Victor B. Finkelstein

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Kansas City Accident Injury Attorneys
1102 Grand Blvd., Ste 1901
Kansas City, MO 64106
Phone: 816-471-5111
Toll Free: 888-348-2616
Get Directions

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