Premium: price of your insurance policy.Policy: contract between you and your insurance company.Limits: maximum amount of protection for a specific coverage.Coverage: protection and benefits provided to you. To better understand your policy, there are several insurance terms you should know: Specific coverages and limits may also be required by a lienholder or lender. Coverages have different limits and may have deductibles. Your auto insurance policy consists of multiple coverages that provide protection in different situations involving your vehicle. An auto insurance policy can provide coverage for: You can choose the amount of protection by selecting your coverages and limits. What is car insurance?Ĭar insurance helps provide financial protection for you, your family, other passengers, and your vehicle. Learn about types of auto insurance coverage with GEICO. Understanding the different types of coverages can help you find the right car insurance policy for your needs and budget. With so many different coverages, it's hard to know what's right for you.
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