What is an Insurance Declaration Page?
A car insurance declaration page is a glorified table of contents. It not only lists the different pieces of your policy, but also includes pertinent information about each individual who is insured, such as the personal information on each individual, the policy limits, and the timeline of your insurance policy. The declaration page on your insurance policy states your coverage details, limits, and deductibles. It also lists your policy period, named insured, rated operators, premium payable, and applicable discounts. The car insurance declarations page explains how much your car insurance costs and how much you’re getting for what you pay. Source URL, Source URL, Source URL
Why Do You Need It?
There are a few scenarios in which your car insurance declaration page will come in handy.
- Purchasing a new vehicle: You can’t drive your vehicle off the lot until your insurance company sends your insurance declaration page to the dealership, proving that you are insured.
- Shopping for new insurance: If you’re unhappy with your insurance and are looking for a new provider, knowing what you’re getting from your current insurance and for what price can help you compare new quotes.
- Understanding your insurance: Not everyone is as passionate about insurance as we are. If you’re interested in better understanding what your auto insurance offers, your declaration page can provide a thorough summary.
You may only need your car insurance declaration page a handful of times in your life, but when you do need it, you’ll be thankful that you understand its benefits, where to find it, and the information it provides.
What Does It Include?
Your declarations page also includes your insurance company’s name, contact info, the name of the policy owner and insured, the address where your car is registered, and the term of coverage, usually six months. Also included are your car’s year, make, model, and VIN. The opening page of your insurance policy document, which includes information about your vehicle, coverage limits, and features. Source URL, Source URL
The declarations page of your insurance policy details the exact dollar amount of your deductible. Whether your deductible applies to a claim depends on the specific trigger, which can vary by state and insurer.
Why is it Important?
All providers have their own individual format for a declaration page. However, they usually comprise of the same elements. The form contains all of your insurance details and is typically divided into the following sections:
- Coverages – Details about which types of coverage you have will be listed here, including comprehensive, uninsured motorist, collision, and bodily injury coverage.
- Deductibles – The amount you have to pay upfront, before your carrier steps in to cover damages or injuries.
- Coverage limits – Your policy also has coverage limits and it’s important to understand what these are so you can be adequately protected for your personal situation. These limits indicate the maximum amount of money that an insurer will pay out if you make a claim. Limits include liability protection, collision-repair, and medical payments.
- Policy Periods – Here you will find your policy’s term and length of coverage. There should be clearly listed start and end dates. Be aware that most policies expire at 12:01 am on the day of expiration. Shop around or renew in advance to avoid a coverage lapse.
- Named insured – This is the primary driver of the vehicle. The address and other contact information will be listed as well as the policyholder’s information (if they are not the main operator).
- Rated operators – If any other individuals will be driving the vehicle besides the primary operator (named insured), they should be listed here. This is an important section to double-check as an undisclosed driver may result in a claim denial.
- Excluded Drivers – Those in the household who are not covered under the policy will be listed as excluded drivers. If they operate the vehicle and are in a collision, the damages will be out of pocket.
- Loss payee – Any lenders or lien holders will be listed here when a car is purchased through a loan or is being leased.
- Premium payable – Your premium rate can usually be paid either month-to-month or yearly. Ask about potential discounts for paying ahead.
- Vehicle information – All cars on the policy will be listed here along with their make, model, VIN, and year.
- Discounts/Notes – Typically this section includes applicable discounts, driving record information (accidents or violations), annual mileage, car location, etc.