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Auto Insurance Terms

A

Adjuster – a person, who controls various options connected with the claim and set payments in accordance with your policy.

Appraiser – a person, who takes into consideration all the damages after an accident and determines sum to be paid under your city-state items.

Agent – a person, who provides and sells assurance products and policies.

Accident report blank – a special form reffered to as a police report. It tells to the individual insurance agent about details of a crash, participants involved and general parts of an accident, for example.

Auto liability insurance – type of protection, which make you legally responsible for different faults of an auto crash. It covers you in case you caused a crash and there can be physical or asset loss to other people. Terms for auto protection.

Anti-theft device – special equipment, which helps to prevent theft actions with your car. They can be active or passive. Active devices give a signal to a response center automatically. Passive anti-theft devices use different complicated vehicle alarms to prevent an auto accident. Such terms will be mentioned in car policy agreements.

B

Binder – contract of a short-term that suggests transient insurance coverage until you recive your regular assurance policy.

Bodily injury liability – coverage, that provides some medical expenses and crash damages to other participants of an accident if you are a as culprit of it. Terms could be mentioned in auto policy agreement.

C

Claim – a report to your insurance agency when an auto accident happened. In other words, it is a request to pay for your charges, damages and other financial responsibilities of the company.

Commission – a definite amount of quotes offered by your policy, which assurance corporation reimburses to your local agent as a compensation for his work.

Collision coverage – payment suggested by your insurance company to cover damages in the situation your car collided with another object/auto. Notice, that this reach covers only your car loss, but not the object your vehicle collided with.

Comprehensive coverage – this sweep covers all the damages after an accident not connected with the collision. They may be payments in case of vandalism, fire, storm, theft actions and some other situations. Terms as well as comprehensive coverage can distribute to the situation your auto is stolen.

D

Deductible – sum of money policyholder must be ready pay out of his pocket after a moment you relegated a claim. The higher your deductable, the lower your premiums.

Depreciation – when due to its age, breaking or obsolescence your car's value becomes lower.

Direct auto insurance – type of insurance also known as online insurance. It gives to customers an opportunity to purchase some assurance products and coverages through the company's official website, without agents' support.

E

Endorsement – any extra variations with policy that include, for example, adding one more skinner or auto to your policy, changing your personal information or data about your deductibles and limits.

Exclusions – term describes specific events that are not covered with protection policy. Any situation (exclusion) will be fixed after an accident in your assurance policy.

Extraordinary medical coverage – type of protection required in case you have crash-related injures and they need medical treatment of a long period. Since the moment you depleated the limit of your basic medical sweep, terms means that extraordinary medical coverage starts.

F

Financial responsibility – reffered to an auto insurance it means that you have the fiscal maintenance to pay for some losses you cause during an auto crash. Terms are used in auto policies only.

First party – insured person in any assurance agreement.

Full coverage – definition used by policyholders to describe what insurance options they have. Such terms means full coverage car insurance which generally shows that your city-state has not only responsibility coverage.

G

Gap insurance – type of protection that pays the difference between real cost of your vehicle and what is owed on your auto.

Garaging location – is a place you park the assured vehicle most of the time. Your garaging location can be indicated with the help of your primary residence's ZIP code. Terms - for auto and home policies

I

Income loss – part of a personal policyholder's injury coverage that provides to insured person protection if he is unable to work after an auto crash.

Insured – an individual who is under auto insurance policy coverage.

Insurer – any assurance organization who suggests an insurance, pays for your accident casualties and provides quotes/premiums.

L

Liability coverage – provides assurance for losses in the situation the auto caused casualties to other accident participants or their asset.

Limits – the maximum number of premiums your insurance company ready to reimburse in case of an accident.

Loss – a definite amount an assurance agency pays on the claim. Terms are used to describe amount of claim by auto or home policy.

M

Medical payment coverage – these terms mean type of payment can support you in reimbursement your medical bills. Also this reach covers you and members of your family when driving in others' auto or being a pedestrian.

N

Named insured – a person who is the first in the insurance agreement and is as the main participant when contact with assurance agency.

Non-renewal – siuation when an insurance company is not going to renew your policy.

O

Occasional driver – an individual who is not the main driver of assured car.

Out-of-pocket expenses – costs you are ready to pay in addition to that coverages your protection company reimburses when you file a claim. Terms are connected with auto and home protection.

P

Personal injury protection – type of sweep that covers medical-related expenses in case of an auto crash.

Policy – is a special agreement between unsured and insurer (assurance agency) that states rules of protection.

Physical damage coverage – type of vehicle protection that covers your insured car.

Premium – the cost paid by insured person to an assurance organization for obtaining policy.

Principal driver – a person who drives an auto more often than the others skinners.

Q

Quote or quotation – an evaluation of the rate of protection which your insurance company provides to you. To get a quote be accurate with your driving, fill in attentively information blank and etc.

R

Rate – also known as premium and is the sum of money insured person pays for his assurance policy.

Rental car coverage – additional payments by insurance company for rental auto you can take in case your personal car is under repair after an accident.

Replacement cost – a definite sum of money needed to replace damaged or even stolen auto with a new one.

Roadside assistance – special service team that suggests different road emergencies in case of an accident.

S

Secondary coverage – covers expenses and casualties not already covered with general sweep.

T

Temporary auto insurance – coverage that can be offered for a short period of time.

Total loss – situation when someone's car or another wheel property damaged so that it can not be repaired.

U

Utility vehicle insurance – type of protection that covers losses with utility cars. It is well known as SUV insurance.

V

Vehicle identification number – or VIN, is a combination of 17 numbers written on the skinner's dashboard to identify model, auto's year production.

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