Understanding Auto Insurance Declarations: Your Policy’s Blueprint In New York – The car insurance declarations page is the first page of your auto policy and it explains all the key details of your policy, such as how much your car insurance premiums are and the type of coverage your policy includes. You can think of the declarations page as a summary of your auto insurance policy.
The Statements page (also called the Dec page) contains your premium, how often you pay it, and the deductible you have to pay for each component of the coverage. It will also list your car, its make, model and vehicle identification number, and its owner if you lease it.
Understanding Auto Insurance Declarations: Your Policy’s Blueprint In New York
Your car insurance declarations page will contain important information about your auto insurance policy, such as the cost and coverage types and amounts. Popular insurance companies like GEICO, Progressive, and Allstate will present you with a declarations page when your policy starts:
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If you don’t have your declarations page, you can call your car insurance company to request a copy. You can also access it online through your insurance company’s website or app. When you change your coverage or renew your policy, the insurer must send you a new declarations page.
The December page lists all the basic information about your car insurance policy and reads like a summary (meaning it doesn’t go into exhaustive detail). At the top of the December slip you will find the policy number that must be quoted when making a claim. Some December slips will also list your previous policy number; Since you may have to get a new policy up to every six months or a year, it may change frequently.
The December page contains information about your policy, such as the car insurance policy period, a period of months that starts on one day, the effective date, and ends on another, the termination date. These dates will each be written as the exact day, month, and year. Some policies even cover the start time, usually one minute after midnight on the policy start date.
The auto insurance declarations page will describe all relevant aspects of the policy. These people will be:
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Your statements page lists information about your premiums and how you should pay them (monthly, bi-annually, annually). Your premium is determined by many factors, from personal characteristics (age, gender, location) to your driving history (whether you’ve had a DWI/DUI or other traffic violations) to the type of car you drive and how often you drive it. manage it. The most important factor in determining your car insurance premium is how much coverage you need.
A deductible is the amount you must pay out of pocket when filing an auto insurance claim before the insurance company pays the rest. Deductibles will be listed on your December page next to the appropriate types of car insurance, but not all car insurance components require you to have a deductible. Typical deductibles are $100, $500 and $1,000.
Coverages are what you buy when you buy a car insurance policy, and your December page lists all the types of coverages that make up your auto policy. In addition to listing each type of coverage you buy, the December sheet lists how much of that coverage you bought. This is called limits of liability, which means the car insurance company’s liability to you. If you have $100,000 in coverage for one type of coverage, this is the maximum amount—the limit—that the car insurance company is obligated to pay.
Your declaration sheet describes your policy limits per person and per accident limits, sometimes both for the same type of coverage. (For example, $100,000 per person and $300,000 per accident.) After the insurance company pays the limit of liability, you must pay any remaining out-of-pocket costs.
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If you have multiple vehicles, they will be awarded the coverage amount specified for each vehicle. It is possible to buy less coverage for one insured vehicle and more for another. You might consider buying less coverage for a car if it’s old and not worth replacing, but you should always make sure you have the coverage you need.
Everyone has different coverage needs, making it easy to find a car insurance policy that meets all of your coverage needs while still being affordable.
You can purchase coverage in some optional components of car insurance. This may increase your premium slightly. Depending on the auto insurance company, some of the types of car insurance listed above will be considered optional and will be listed on your policy declarations sheet. Keep in mind that if you’re leasing a car, the lien holder may require you to purchase collision and comprehensive insurance.
Other optional coverages follow. If you don’t see any of these listed on your declaration page but are interested in adding them to your policy, talk to your car insurance company.
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Endorsements, or riders, are optional, additional policy terms attached to your base auto insurance policy that enhance some coverage. Your declarations page can include any riders you add. When this happens, the endorsement can be marked with a unique code used by the car insurance company for reference and the title of the rider.
Sometimes recommendations are not included in your statement sheet. For information on how much you pay for each endorsement and how it affects your coverage, you should find the rider terms in your policy. Sometimes they are at the end of the policy, but other times they adhere to the terms of the policy.
All auto insurers offer car insurance discounts. These discounts will be listed on your policy statement sheet, sometimes (but not always) with the amount by which they reduce your premiums.
When you renew your car insurance policy, we will send you a new declaration form. All information will be updated to reflect changes to your policy: new premium and policy period, new discounts (if you’ve been driving safer, for example), new or increased coverage, any new insured vehicle or driver and any new endorsements, etc.
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If your premium has changed, sometimes the statement will indicate the percentage or dollar amount by which it changed, in addition to listing the new premium.
Car insurance policy periods usually last six months or one year. If you’re looking to get a better rate, you can easily compare quotes from different insurers online. Keep your statement sheet handy so you can quickly compare your coverage.
Although it is more common to use your insurance card as proof of insurance, you can also use a copy of your December page to prove insurance if needed.
If you combine home and auto policies, each policy will have its own separate declarations page. This means that you will have one December page detailing your auto insurance policy and another December page with information about your home insurance policy.
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Depending on your insurance company, you may be able to get a copy of your statements page online through their website. If your insurer doesn’t offer an online option, you can call them and ask them to email you. Mail or have a copy sent to you.
Zach Siegel is a former managing editor who oversaw our mortgages, taxes, loans, banking and investment verticals.
Cara McGinley is a former senior editor and licensed home insurance adjuster, specializing in homeowners and renters insurance. As a journalist and insurance expert, his work and insights have been featured in Forbes Advisor, Kiplinger, Lifehacker, MSN, WRAL.com and elsewhere.
Ian Bloom, CFP®, RLP®, is a Certified Financial Planner and member of the Financial Review Board. Prior to that, he was a financial advisor at MetLife and MassMutual. General policy declarations are placed in a separate section of the property or casualty insurance policy and contain all the basic information that defines the policy. These declarations include the name of the insured, the amount of coverage and the terms of the policy. Declarations also include the name, description, and location of the item or items covered.
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General policy declarations are a key part of every insurance contract. These include the dates on which coverage begins and ends, as well as the amount of premium required. Insurance companies’ premiums are based on the information provided in the declaration.
General policy declarations also contain instructions for canceling policies and making changes to coverage. You will also find information on deductibles, policy limits and policy assignments.
Both personal lines insurance and commercial lines insurance include a policy declarations page at the beginning of the policy document that summarizes key policy information. Personal lines insurance covers individuals against loss and includes various types of insurance such as homeowners, auto, health, life and disability insurance. A commercial lines policy protects the business against loss. Examples of these are insurance, builder’s risk insurance and professional liability insurance.
General policy declarations are all placed on one or two pages at the beginning of the insurance policy. often referred to
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