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CAR INSURANCE

Knowledge is Power: Why You Should Always Read your Car Policy Document

Meeta Sabnis Meeta Sabnis 07 June 2016

Why reading your car policy document makes sense? How can it help you avoid confusion? Learn the essential factors that need to be considered in your car policy document.

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A policy document is not interesting reading material. But it is important that you read it. The policy document is a legal contract between you and the insurer. Your car insurance policy document mentions the vehicles insured, coverage, calculation of premium, and period of insurance.

You must thoroughly read and understand your car policy to avoid confusion when you need to file a claim.

Discrepancies on the Declaration Page

This page mentions the coverage, deductions, people insured, vehicle insured, and so on. This is where you accept the policy. A discrepancy could arise on this page if you did not read the policy document. This discrepancy may cost you when the need to make a claim arises.

For example, Jayant forgot to buy a zero depreciation cover while buying car insurance. Now, the insurance would not cover the repair of the items such as plastic, fiber, glass, etc. if he has to raise a claim. Had he read the policy beforehand, he could have got it rectified.

Making Sense of the Jargon

The car insurance document can be confusing. It uses a lot of jargon and legal language. Luckily, the ‘Definitions’ section explains all of this. You will find the definitions of important terms like ‘insured’s declared value’ (IDV), ‘family members’, ‘cancellation’, ‘deductible’, and so on. To understand the policy, refer to this section when reading the policy document.

Know your Coverage Details

The ‘Coverage’ section outlines in what circumstances the car insurance will offer coverage. This section lists out the conditions applicable while filing a claim as well as the various compensations offered. Make note of each point to ensure that there are no gaps in your coverage.

Be Aware of the Exclusions

Reading the section on exclusions is crucial. Here you learn about the limits of your coverage and in which cases you cannot make a claim. With this list, the insurer specifies the situations where you will not receive compensation for damages. If you know the exclusions, you can try to avoid those situations. Moreover, insurers may provide coverage for some of the exclusions at an additional cost.

Understand the Conditions

For an exhaustive list of terms and conditions, check the ‘Conditions’ section of your policy document. This mentions the procedure you should follow when a loss or damage occurs. For instance, you may have to report to the police in case of theft. This section even outlines what you should do if the insured passes away, what steps are to be taken, the documentation required and how to cancel the policy.

Know the Geographical Limits

The ‘Endorsement’ section informs you about the geographical area in which your policy is valid. You are not eligible to file a claim when driving beyond a pre-determined area. The section also provides for coverage beyond this area on payment of an additional premium. Thus, you can set up a customised policy using this section.

Meeta Sabnis
Written by Meeta Sabnis
Her mantra in life is to dream, and dream until you turn them into reality. A neurotic Kajol fan, Meeta loves spending time with her gorgeous twins, ensuring a childhood they’ll be proud of. Bargain hunting, crazy dancing and romancing alphabets are some of her other cravings. She’s currently a Content Writer at Coverfox.