What is a declarations page?
A declarations page is the part of an insurance policy that identifies the people and property covered by the policy and the length of time it is in effect. Insurers include this page near the beginning of the insurance contract. The declarations page also serves as proof of insurance.
Most insurance contracts have four sections that explain the responsibilities of the insurer when the policyholder files a claim. The declarations page is the first section, and it provides specific information about whom and what the policy covers.
This includes the property insured, such as a house or vehicle along with identifying information like the property address or vehicle identification number (VIN). It also specifies the deductible that the policyholder must pay and the full amount of the premium.
The remaining sections of the policy give detailed information about the insurance company’s obligation as well as the types of losses and property that the policy does not cover.
Policyholders should review all the information provided in the policy so they know if it meets their needs. Although many agents do explain and help customers choose coverage and limitations, caveat emptor applies to purchasing insurance.
Declarations page example
After you pay your premium, your insurance company gives you a copy of the full policy, including the declarations page. If you have an accident, you can refer to this page to find useful information that you need immediately following an incident, including your agent’s contact information and coverages.
This helps you estimate how much money you have to pay and is the first step toward resolving the situation. For example, if it costs $3,000 to repair your car after an accident, and you have a $1,000 deductible, the insurance company pays $2,000 toward the repair bill.
Have you recently suffered a loss and filed a claim with your insurance company? If the declarations page shows that the insurance company won’t cover the loss, it may be time to buy a new car. Compare rates and terms of auto loan lenders at Bankrate.com.