Trying to Decipher your Auto Insurance Policy?

We know that speaking “insurance” is not for everyone, which is why we try to speak and explain your policy using NON insurance language. Some of you might have a desire to learn more, so here is a list of the most common auto insurance terms and their definitions.

Insured: That’s you. The people or the person covered by the insurance policy.

Deductible: This is the amount of money you must pay out of pocket for damages before your insurance kicks in

Premium: That’s your annual or monthly payment.

Collision coverage: This is specific to auto insurance and is the coverage that pays for damage to your vehicle as a result of a collision (crash) with another vehicle or object.

Comprehensive coverage: This is again specific to auto insurance, and covers the damage to the glass, or damages as a result of fire, theft, vandalism or collision with a FALLING object. (not FALLEN, but FALLING—the tree branch that falls on your car, NOT the tree branch in the road you hit).

Accident Forgiveness: This coverage can be added to the majority of policies, depending on your safe driver insurance plan rating. In the event of an at fault accident, this coverage keeps your safe driving plan at what you were before the accident, WHILE you are with that company. If you change insurance companies, your surcharges may show up.

Disappearing deductible: This is an added coverage that will reduce your deductible to a certain amount every year you are accident free.


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