ERIE, Pa., May 8, 2018 /PRNewswire/ -- You know if you
have a car, you need insurance. But do you know what is in your
auto insurance policy that protects you?
"It may look like a lot of legal jargon, but there are several
key points in your auto insurance policy you should go over with
your agent and understand," said Jon
Bloom, vice president of personal auto, Erie
Insurance.
Understanding your auto insurance policy doesn't have to be
complicated, but Erie Insurance points out a few terms that you
should look for in all that paperwork.
- What's your "policy period" - A policy period is when
your insurance policy coverage begins and ends. A policy period can
range. Some companies offer six month policies, other's offer
coverage for a year at a time.
- Limits and coverages – Limits and coverages tell you the
types and amounts of coverage available. On an auto insurance
policy, it would cover things such as bodily injury and property
damage liability.
- Annual Premiums – This will show you the cost for your
auto insurance.
- Collision vs Comprehensive -
Comprehensive insurance provides financial protection for
your car from loss to due to fire or theft. While collision
insurance protects you from things like hitting a car or backing
into a pole.
- Underinsured vs. Uninsured - Uninsured or
underinsured motorist coverage (optional in some states) is for
your protection. Uninsured motorist coverage applies for injuries
resulting from an accident with a hit and run driver, or a driver
who does not have auto liability insurance. Underinsured
motorist insurance is for an accident with another driver who
doesn't have enough auto liability insurance coverage to cover the
entire cost of your injury claim.
Check out the infographic, provided by Erie Insurance, for more
about these important terms and phrases. Your agent can advise you
on your options and help you better understand common insurance
terms and phrases, this can help when determining the coverage that
is right for your needs.
Contact a local Erie Insurance agent to learn more or to get an
auto insurance quote today.
About Erie Insurance
According to A.M. Best Company,
Erie Insurance Group, based in Erie, Pennsylvania, is the 10th largest homeowners
insurer and 12th largest automobile insurer in the United
States based on direct premiums written and the 15th largest
property/casualty insurer in the United States based on
total lines net premium written. The Group, rated A+ (Superior) by
A.M. Best Company, has more than 5 million policies in force and
operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE
500 company.
News releases and more information about Erie Insurance Group
are available at www.erieinsurance.com.
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SOURCE Erie Insurance