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How to Read an Auto Policy
The most important advantage when you have a claim
Your auto insurance policy is not one packet of information. It is made up of different separate sections (often times, different and separate documents). An insurance policy is composed of the following:
These documents refer to each other so it is always good to have them available.
Most consumers do not read their auto insurance policy until they have an accident or a claim. By then, it could be too late.
I would be willing to bet that you never read your auto policy - at least not from beginning to end. After all, there are better things to do. Insurance can be one of those boring and obscure subjects.
It sure is nice "bedtime reading."
In fact, most consumers do not even know where their policy is.
Do you know where your auto insurance policy is?
Okay, even if you know where your auto policy is located, do you have time to read it thoroughly? Probably not.
I know this because before I was "into" insurance, my policy and all other junk mail from my insurance company went into one drawer labeled "auto insurance stuff."
This was not the best way to organize my paperwork. It was not until I started to deal with auto claims that I realized the real importance of these documents.
This is why it might seem strange for you at first to see a full section entirely about "how to read your auto policy."
I am not assuming (or even implying) that you cannot read your policy or that you need a manual on how to do this.
I simply believe this section is important as it helps you:
- Understand why your policy should be readily available;
- Read through it so you know what the insurance adjuster is quoting for you;
- Understand what is covered and what is excluded;
- Understand the promise of coverage (the insurance agreement) the insurance company is bound by.
Reading a policy takes time since it does not read like a normal book (i.e. a policy can "jump" from page 1 to 18, and back to 5).
You need to know exactly what you are doing to be able to "put all the pieces together."
Read more here:
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