Insurance policies are confusing, even without all the new terms to learn. Today, we’re going to get you a full overview of the declarations page, including what it is and what it does.
What Is an Auto Insurance Declarations Page?
The declarations page is a standard part of any auto insurance policy. It provides basic information about your policy, including who is covered, the types of coverage you carry, and the limits of the policy. You’ll also find essential details such as your policy number and vehicle information.
How Do I Get My Declarations Page?
Once you purchase your policy, your insurance company will automatically send your auto insurance declarations page over to you. You can choose to receive the information by fax, email, or regular mail. Most policies also allow you to easily obtain your declarations page by logging into your account online.
What Information Is Included In My Insurance Declarations Page?
The declarations page of any policy has quite a lot of information. You’ll find details on all the critical parts of your policy.
Personal details about every covered driver are listed on your auto insurance declarations page. You should include every person that drives the car, even if they do so infrequently. Remember to update your policy to reflect any changes to your household driver information.
Details About Covered Vehicles
The declarations page also has essential information about each vehicle covered under your policy. This includes the vehicle identification number (VIN), year, make, and model. Since the coverage types and levels you carry on each vehicle can vary, you will also find itemized coverage details for each vehicle.
This section will list your policy number and important contact information.
The name and contact information of any loss payees are always part of the auto insurance declarations page. A loss payee is an institution or individual with interest in the vehicle, such as the lender or lessor who financed the purchase of a new car.
Auto Insurance Coverage Limits
Most states require all drivers to have auto insurance, but the coverage limits required vary widely. This section of your declarations page lists all of the coverage you purchased on your vehicle. This includes the type of insurance, such as liability, collision, or comprehensive, along with the amount of coverage you hold.
Examples of limits on your car insurance include a per-use or daily maximum allowed for towing or car rental. Your liability coverage limits that cover property damage and bodily injury are also found here.
Your coverage limits are often written together in the form: of personal injury limit/maximum injuries per incident/property damage.
For example, 20/50/15 indicates a $20,000 limit for personal injury, a $50,000 maximum coverage for expenses related to injuries, and a $15,000 limit for damage done to property.
These limits are per incident (accident).
Optional Riders and Endorsements
Riders and endorsements give you extra coverage for unusual circumstances or to fill in gaps from the standard policy. These are typically not required by states but offer conveniences, such as rental car reimbursement and key and lock replacement. If you decide to purchase any optional enhancements to your policy, they are also listed here.
The premium is the amount you pay for your policy. If you insure multiple vehicles on a single policy, the page shows the individual rates for each car plus the total. You can pay the entire premium at once or opt for monthly payments.
Another important part of your insurance policy that’s listed on the dec page is the deductible, the amount you are responsible for paying towards a claim before your insurance company pays the remainder covered by your policy.
You will have to choose a deductible for two different coverages—collision and comprehensive. Collision refers to any incident in which your car collides with another car or object. These tend to be bigger claims, and it’s not unusual to have a $500-$1,000 deductible for collision claims.
Comprehensive incidents tend to be lesser claims and include things like a broken windshield or hail damage. It’s common for deductibles for comprehensive coverage to be anywhere from $0-$500. Keep in mind that higher deductibles generally translate to lower premiums.
Depending on your situation, you may be eligible for discounts on your insurance rate. Many car insurance providers offer discounts for being a good driver, having anti-theft devices, bundling insurance for more than one vehicle, and more. Any discounts that you qualify for are listed on your auto insurance declarations page.
Finally, your declaration page will include your policy term. The term length is the date your policy is effective. It lists the date coverage begins and when it expires or ends. You must renew your auto insurance policy if you wish to continue coverage after the stated expiration date. The typical policy term is six months, although some last for 12 months.
When Will I Use My Declarations Page?
Aside from reviewing your insurance declarations page to get the basics of your policy, there are other uses for this page. You can use the declarations page to prove your new insurance policy to an auto dealer so you can drive your newly purchased vehicle off the lot. However, you should always carry your official insurance card or have a digital copy at the ready.
It’s also a great idea to keep this information nearby whenever you shop for car insurance. It contains all the essential details you need to obtain a quote and allows you to easily compare the information from your current policy with the new one.
When Does My Auto Insurance Declarations Page Change?
Every time you renew your policy, your auto insurance declarations page changes. Make sure you check the information after each renewal.
Remember that your declarations page is meant to give you a concise summary of the most essential highlights of your auto insurance policy; it isn’t meant to spell out every detail. You should always read your entire policy thoroughly to understand your policy coverage, terms, and other important information, like how to file a claim.
Declaration pages may sound very formal, but they are actually one of the most simple parts of your policy. This cover page provides all the essentials about your policy, including who and what is covered, your premium and deductible amounts, and how long your policy is effective. While it doesn’t take the place of the policy, the declaration page is a quick and easy to get an overview of your policy.
You might also be interested in: What Is PIP Auto Insurance? [And The Top Things 4 Covered]