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Whether you have a policy for car insurance in NJ, Pennsylvania or Maryland auto insurance, the information contained on this page provides essential details about your low cost insurance policy with IFA.
Each policy issued by IFA has a Policy Number. This is a quick and easy way for us to access your account and information attached. Keeping your policy number handy when you contact IFA will make all your dealings with us faster and simpler.
The Named Insured is the person who is covered by your auto policy. Most car insurance policies in NJ, MD and PA will list one or two names here. However there can be other people that your policy extends to, such as:
- A spouse that shares the same household listed under your residential address.
- Other family members related by blood, marriage or adoption who reside in the household.
- A son or daughter who is away at college, but still considers the address on your policy as "home" - i.e. he or she intends to return there in the future.
Your policy terms can further clarify who is covered by your policy. Some restrictions and limitations can apply, so it is important to read this information thoroughly.
The Effective Dates define the coverage period of your policy. Your auto policy will renew automatically so long as you continue meet IFA’s Acceptance Criteria as an eligible operator and have continued to make policy payments.
Model Year refers to the year your automobile was produced. The age of your car and the model type can affect your premium.
Trade Name is the name of the automobile manufacturer. For example, Ford or Toyota.
The specific Model of your car refers to the name of the style of car you drive. For instance, two different Ford models are the Taurus and the Windstar.
Body Type is a further description of your car model. Different models may come in 2 or 4 door varieties; have different engine sizes or additional features that are reflected in the body type description.
The Vehicle Identification Number or VIN is a 17 digit number unique to your
car. This number is encoded with the make, model, body type and year of the insured
Liability Class or Usage is a way of classifying how you use your car. This can have an effect on your premium. Insurers typically classify your vehicle usage as follows:
- Pleasure (or occasional use) - if you don't use the car in your occupation, profession or business. There are often annual mileage restrictions (less than 7,500 miles) that go along with this classification.
- Work/School - if you use your car mainly to commute to work or school. Usually insurance companies also want to know how many miles your one way commute is.
- Business - if you use the car in your occupation, profession or business.
- Farm - if you use this vehicle on a farm or ranch.
A Physical Damage class is assigned to each car. This classification is a general indication of the cars safety rating and cost to repairs in the instance of an accident.
DRSP is the number of DMV violation & insurance points on your driving record.
Liability pays for injuries and losses to other people caused by your car. This can include medical and funeral expenses, reimbursement for lost income and compensation for pain and suffering. It can also cover any legal expenses incurred.
For instance, in the case that $250,000 was the maximum amount of bodily injury liability coverage that your policy provides to any one person for a given accident, if one person has a $300,000 claim against you, your policy will only pay up to $250,000, and you will be responsible for the remaining $50,000.
Property Damage Liability is the portion of your policy that covers both your legal costs and the cost of property damage caused by your auto.
Each policy has a limit, for instance $100,000. In the instance that the cost of damage was $125,000 you would be responsible for the remaining $25,000.
Medical Payments covers medical expenses as well as funeral expenses for any injuries sustained in an accident. This coverage also extends to any passengers in your car. Some policies offer an extension which offers the same coverage if you or your family are injured as a pedestrian.
Uninsured / Under insured Motorist will cover you for loss of income as well as pain and suffering in the instance you are involved in an accident caused by an uninsured or under insured driver.
Although it is against the law to drive without insurance, it's estimated that 10% of the drivers in the U.S. do not have liability coverage. Many others carry only the minimum amount of liability coverage required by state law. There are typically exceptions to this type of coverage. It's important to carefully review your specific policy for a complete list of rules, limitations and exemptions.
Collision coverage will pay for the damage or replacement of your car in the instance that you drive into something or overturn. Some people with older model cars that are fully owned choose to opt out of this portion of insurance.
Comprehensive coverage covers damages caused by forces of nature that usually include earthquakes, fire, wind, hail, water and floods. Losses from riots, vandalism and larceny are also covered by comprehensive insurance, as is damage caused by contact with a bird or an animal. If your car is stolen, its loss would be covered by Comprehensive coverage. There may be some exclusions or limitations to this, depending on your policy type.
Towing pays the cost of having your car towed from an accident scene up to a specified limit that you select.
Rental Reimbursement coverage is an optional coverage that pays back money spent on a rental car (up to a specific limit you select) if you are required to rent a car as a result of an accident or loss. Be sure to review your policy for any restrictions.
Personal Injury Protection / First Party Benefits pays for the medical expenses and other basic expenses of the driver and all passengers of the covered vehicle that occur as a result of an accident.
N.J. Property-Liability Insurance Guaranty Association Surcharge is organization that pays any claims for insurance companies that go out of business. The surcharge is a tax mandated by the State.
Loss Payee / Additional Insured is the lien holder, or institution responsible for the financing of your car. The reason the lien holder is named on the policy is in the event that the car were ever declared a total loss, the lien holder could be due money.
Full Policy Premium is the total cost of your auto insurance coverage for the specified effective dates. In this example, the policy is effective for 1 year, so the premium buys a year's worth of coverage.
Auto Insurance Discounts
You could be eligible for premium discounts if something about you or your car lowers the risk for the insurer. The discounts listed below are typically "built in" to your premium, instead of being listed separately, but it's always good to be aware of anything that affects your premium.
- a mature driver (typically over 65 yrs old)
- not driving a "sports" car
- a long time customer of IFA
- taken an approved defensive driver course
- a good student
- have safety enhancements in your car that reduce your risk of being injured in a collision, such as automatic seat belts and driver-side and passenger-side airbags.
- If you have an approved anti-theft system or recovery device.