Bodily Injury Liability: Physical injury or death to a third party for which the policyholder is legally liable. This coverage is commonly referred to as "BI" and is usually written together with Property Damage Liability (see definition below). Collision Coverage: This coverage pays for the damage and loss of use of the Get car quotes from RAC, voted 'Best Online Motor Insurance Provider' in the UK by Your Money Awards, to see if you can get cheap car insurance. Absolute liability*. The liability of a wrongdoer's automobile insurance company to pay someone harmed by the wrongdoer, even if the wrongdoer has violated the terms of the insurance policy, for example, by driving with an expired licence. This is subject to a limit, usually $200,000, and the requirement that the wrongdoer 22 Aug 2016 While insurance is mandatory for everyone who drives a car, the requirements vary from state to state. Bodily Injury Liability. Consider dropping collision and/or comprehensive coverage when the annual premium equals or exceeds 10 percent of your car’s cash value. The most common way to satisfy the financial responsibility for operating an automobile in California is by purchasing automobile liability As a consumer it is important to familiarize yourself with automobile terms, so you can understand what coverage the insurance company offers for your protection Auto Physical Damage motor vehicle insurance coverage (including collision, vandalism, fire and theft) that insures against material damage to the insured's vehicle.
Commercial is defined as all motor vehicle policies that include vehicles that are used in connection with business, commercial establishments, activity, Trying to understand all the terms used in relation to automobiles, particularly automobile can be a daunting task In many cases, terms relating to your. Understanding your auto insurance doesn't have to be difficult. Increase your knowledge and better understand your coverages by browsing our glossary of auto terms. Still have questions? Your American Family agent is the perfect person to ask! 15 Sep 2015 Comprehensive coverage (physical damage other than collision) Pays for damage to or loss of your automobile from causes other than accidents. These include hail, vandalism, flood, fire, and theft. Contract In most cases, the term "contract" refers to an insurance policy. 8 Nov 2011 When it comes to shopping for auto insurance or dealing with a claim, there are a lot of terms used that may leave you feeling a little confused and overwhelmed. Understanding the basic terms used in the industry can help you to successfully shop for and purchase the right policy and also help If your insured vehicle is damaged due to an event other than a collision, Comprehensive coverage will pay for the damage.
This includes damages from fire, theft, windstorm, flood and vandalism. If your vehicle is stolen, Comprehensive covers transportation and loss of use expenses when applicable. 1 Jul 2016 Tired of vague or confusing car jargon? Here's what those terms in your auto policy actually mean in plain English. Auto insurance terms can be confusing. This glossary of auto terms from State Farm can help you better understand your coverage. Automobile Liability Coverage if an insured is legally liable for bodily injury or property damage caused by an automobile. back to top. Balance Sheet An accounting term referring to a listing of a company's assets, liabilities and surplus as of a specific date. Benefit Period In health the number of Antique automobile. A private passenger automobile that is 25 years old or older and has been restored, maintained or preserved by antique automobile hobbyists. Antique, vintage and classic automobiles can be covered with classic car We've compiled a list of definitions for the most commonly used auto insurance terms. You'll learn the difference between collision coverage and comprehensive coverage, what bodily injury liability provides, when you need an SR-22 insurance document, and more.
Consider this as your course in “Auto 101.” Plymouth Rock Assurance provides a glossary of auto terms and offers customers a detailed description about definitions and industry phrases. 29 Sep 2016 Let GAINSCO help demystify common car terms. Use these auto terms and definitions to get a better understanding of your policy. There is a large range of specific auto insurance terms. This glossary will cover terms and definitions that are beneficial to know. Discover which type of auto will provide the coverage you need. Use this guide to learn how to choose the best car for you. There are lots of technical words and phrases you'll come across in a car policy. Use this glossary to better understand what each auto insurance term means. Our Car Insurance glossary is an online guide to help you understand everything you need to know about getting a great policy plan that suits you. Call us on 13 19 20. When searching for the best auto insurance coverage, it helps to understand industry terms like liability and full coverage. This Glossary can help you understand some of the words and phrases you may see when using United Auto website.
To help you make sense of the jargon used to describe car insurance, here's our guide to motor terminology. 12 Sep 2017 10 common car terms every consumer should know because they appear on your premiums and explain your rates. A. Accident Forgiveness. With Accident Forgiveness (not available in CA, CT, and MA) on your GEICO auto policy, your insurance rate won't go up as a result of your first at-fault accident. Actual Cash Value. The fair market value of property; technically, replacement cost less depreciation. Actuary. A statistician Do you know what an SR-22 Form is? What about PIP or No-Fault? Find out the definition of important terms. Auto insurance coverage can be confusing, but it doesn't have to be. To help you make informed decisions about your auto coverage, take a look at some of the common auto terms and definitions. Still have questions? Review these frequently asked questions or contact your ERIE auto agent But, you need to at least understand the basic auto terms because they spell out what you are and aren't covered for in your policy.
Here is a translation of some basic insurance lingo: $25/50/15. You will see three numbers when you are buying liability coverage. They represent (in the thousands) your liability .