What is an Auto Insurance Policy Declaration Page?
An auto insurance policy declarations page consists of information such as:
- Name of insurance company - the insurer
- Policy number - used to reference the policy
- Policy periods - effective date and expiration date
- Named insured and address - the policyholder
- Description of included vehicles - year make and model of listed vehicles
- Coverage for each vehicle - type and limits of coverage
- Premium for each vehicle - the cost breakdown for each vehicle and each coverage
- Loss Payee, Lien holder, Additional Interest or Additional Insured - the finance or leasing company or person listed as owning the interest of the vehicle
- Endorsements - changes made to the policy or special conditions
Here is an example of a policy declarations page similar to ones used by auto insurance companies throughout the United States when issuing personal auto policies.
It is a good idea to review the information for accuracy and to keep a copy of your declarations page for your records. You can often get discounts by showing this document as proof of prior insurance or by having it available to show as proof of coverage upon request.
Declaration pages are issued upon inception of policy and upon renewal of the policy, in which case it is referred to as a "renewal declarations page". If a change is made to a policy, a revised or endorsement declaration page will be issued when the changes are made.
Many of the coverage descriptions may be abbreviated, however in the example above, the coverage is completely listed in thousands.
The above declarations page example has the following coverage:
- A combined single limit of $100,000 liability coverage (coverage towards others)
- Medical payments of $1,000 (medical coverage for policyholder and passengers)
- Uninsured Motorist Coverage of $25,000 which will pay for medical injuries as a result of another person having no coverage
- Collision and Other than Collision coverage with $100 deductibles. This will provide coverage for the policyholder's vehicles
- Towing and Labor Cost coverage for $25 per occurrence