Auto Insurance Companies

Get online insurance quotes from Geico insurance

Auto insurance companies are in the business of selling you insurance but they aren’t in the business of loosing money and that’s why rates vary depending on risks. Online insurance quotes such as those provided by Geico insurance can quickly help you find the best insurance rates available. Many other insurance companies are also ready to give you Free Insurance Quotes online.

Not only is it important to get the best rate you can it’s important to know that in the event of a claim your insurance company is going to honor it. The best way to ensure a claim is honored is to understand the insurance terms attached to your policy. Here is a brief list of the most common terms used by auto insurance companies.

ACV or Actual Cash Value
is the cost to replace the damaged auto less any depreciation that has accumulated. A Binder is a written or oral statement made by an insurance agency that provides immediate insurance protection, valid for a specific period. Bodily injury includes physical harm, sickness, disease, or death resulting from the accident.

A Claim
is the legal right you have against an insurer to demand appropriate compensation. Collision insurance is insurance which covers loss due to the insured vehicle striking another vehicle. Comprehensive insurance covers all property losses except collision.

Conditions
define the rights of both the insurer and insurance company. The contract is a legal agreement between these two parties. Declarations cover who is insured, what property or risk is covered, when and where coverage is effective and how much coverage applies.

Deductible
is the amount you are willing to pay before your insurance kicks in. Higher deductibles mean lower premiums. An endorsement is an addendum that is attached to the policy which modifies the original policy. An exclusion sets out what is not covered by your policy.

Financial responsibility law
is applicable in most states and it is the law that requires automobile owners to provide evidence that they are properly insured in the event of an accident.

Liability insurance
covers you for financial losses which arise out of the person's responsibilities to others imposed by law or contract. The limits of liability outline the maximum amount of insurance the insurance company will pay for a particular loss. The named insured is the name of the person the insurance policy is issued to.

An occasional driver
is a person who is not the primary or principal driver of the vehicle. Where as the principal driver is the person who drives the car most often.

Personal injury protections
covers you for injuries resulting from an accident regardless of who is at fault. Physical damage is the damage or loss to the insured's vehicle.

The policy expiration date
is the date that your insurance expires. It can be found on the policy and on all legal documents pertaining to your insurance. The policy term is the length of time the policy is in force for, usually 3, 6, or 12 months.

The primary use
is the definition of what the vehicle is mainly used for and your rates are directly tied to the primary use. To/From Work is the class if you use your vehicle to drive to and from your work and/or school. Business class allows for related business travel such as sales meetings or bank visits. The farm class is used vehicles used primarily on a farm. The artisan class is for vehicles involved in a trade that transports tools. Pleasure use is just that. It entails using the vehicle for only pleasure. Get Free Insurance Quotes

You can quickly understand why it is so important for auto insurance companies to supply you with the definitions of the insurance terms in your auto policy.

You must have a full understanding of these terms in order to know you have purchased the correct insurance, so don’t delay in becoming insurance smart! Then get Competitive Insurance Rates Competitive Insurance Rates online.

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