It is difficult to know all the ins and outs of car insurance in
Waukegan IL. After all, the subject is not taught in school, and most
people receive no formal instructions on buying coverage even though
it is legally required for those who drive. With these facts in mind,
customers should consider the facts below when purchasing an auto
Below is a glossary of commonly used
phrases and words in auto insurance.
* The term is the period for which
the policy remains in effect (typically one year).
* The declarations page is the page
which summarizes coverage.
* Endorsements are policy changes
such as roadside assistance and additional drivers.
* Exclusions are scenarios where the
company will deny a payout. Examples include: damages sustained when
using the car for income purposes, intentional damages, or damage
arising from a catastrophic event.
In auto insurance, the premium is the
amount the driver agrees to pay for car
insurance in Waukegan IL. A quote is the
estimated cost of the policy to be issued. Quotes are neither binding
nor exact, and they can change based on the company’s inquiries
into a person’s driving history, credit score, and other factors.
Deductibles are the amount the customer pays before the insurance
kicks in, and limits are the maximum the company will pay for a
certain type of claim.
The minimum required amount of auto
insurance varies by jurisdiction, but almost all states require
drivers to have liability insurance to cover property damage and
bodily injury caused by the policyholder. Liability coverage comes
with a statutory minimum, which is often expressed as
$XXXX/$XXXX/$XXXX. The first number denotes bodily injury for a
single person, while the second is a per-accident figure and the
third is a per-accident amount for property damage.
injury protection, or PIP, protects the policyholder from bodily
injury expenses incurred in an accident, regardless of fault. PIP is
used in no-fault areas, where every driver must be able to pay his or
her own medical bills. It is important for drivers to note that they
can buy coverage in excess of the state minimum.