When was the last time you actually sat down and read every component of your auto insurance binder?

If your response was “Last Saturday night,” well, we won’t make any comments about how you really need to get out of the house more often.

Reading through an insurance binder is a lot like reading through the manual of a copy machine – something you do only when you really need to, and rarely before you do.

But unlike a manual for a copy machine, there’s a very good reason why you should read and thoroughly understand everything that’s contained in your insurance binder – it’s a legal agreement you’re entering into with your insurance company.

Most people think that their insurance binder is all about what the insurance company will do for them in case of an accident or theft of the vehicle, and this is certainly true. The vast majority of everything contained in that binder is all about them; what they’ll pay for, what they don’t pay for, how much, under what circumstances, and so on.

But there are some components of your insurance binder that also cover exactly what is expected of you, and this means more than just your monthly payment. For example, there are some persons who may drive your car that are not covered by your insurance. You may also be getting a discount for certain things such as always wearing your seatbelt, always using a theft deterrent system, and so on. Failure to do any of these may make your policy void and you are then liable in case of an accident, theft or injury.

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