Each coverage type has its own limits and deductibles. You can choose a higher or lower deductible to increase or decrease your premium. It’s important to consider the balance between premium savings and out-of-pocket expense when choosing your deductible.
Some factors that can influence your premium include your age, driving record and location. The make, model and year of your vehicle can also affect your premium, as can safety features and whether you have a good credit score.
The minimum requirements for auto insurance vary by state, but most drivers choose to have more than just the minimum coverages. This additional protection can be helpful in the event of an accident that requires large sums of money to cover medical bills, property damage and legal fees. The experienced professionals at your local Farm Bureau can help you determine how much coverage you need and assist you in obtaining it. They can also answer any questions you have about underwriting and rating. Underwriting refers to the process by which an insurance company sorts applicants into groups based on their risk and then decides whether to accept, reject or limit coverage for each group. Rating refers to the way an insurer calculates your actual premium based on their experience with each group.
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An insurance policy is a legal contract that transfers your risk of significant loss to an insurer in exchange for premiums. It includes a description of the coverage promised and an explanation of exclusions and conditions.
Bundling policies typically saves money and simplifies management of your various insurance needs, but cost shouldn’t be the sole factor in selecting the right policies for your risks.
The Insuring Agreement
The insuring agreement is a section that clearly specifies what perils or risks the insurance company will cover in exchange for premium payments. It is the main part of a policy document and will be referred to by both the insurer and the insured in case of a claim. It should be read carefully to ensure that it accurately represents what the policyholder wants from their coverage.
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Depending on the type of insurance being purchased, the insuring agreement may include one or more clauses specifying what is covered, along with exclusions and conditions. The insuring agreement is usually a section early in the policy, after the declaration page but before other sections that state exclusions, conditions, and definitions. Reviewing the insuring agreement and understanding its specific terms is a best practice to minimize disagreements with an insurance carrier or, should a dispute arise, a court about coverage.
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