Car Insurance Terms and Glossary

We've compiled an inventory of terms and their definitions to raised assist you navigate the sometimes confusing world of insurance

Accident - this is often an unexpected sudden event that causes property damage to an automobile or bodily injury to an individual . The event could also be an at-fault or not-at fault and it's going to be report or unreported. An accident involving two vehicles could also be termed a collision.

Accident report form - this is often the report filed by police, often called the police report, containing the important information regarding the vehicle collision. And, This report will include the names of all individuals involved, vehicles involved, property damaged and citations that were issued.

Adjuster - this is often the one that will evaluate the particular loss reported on the policy after an accident or other incident. they're going to make the determination on what proportion are going to be paid on the auto policy by the Insurer.

Agent - this is often a licensed and trained individual who is permitted to sell and to service insurance policies for the auto insurance firm .

At Fault - this is often the quantity that you simply , the policy holder, contributed or caused the auto collision. And, This determines which insurance agency pays which portion of the losses.

Auto Insurance Score - this is often a score almost like credit score that evaluates the knowledge in your credit line report. These scores are used when determining pricing for your auto policy . the utilization of this information to work out policy pricing does vary from state to state.

Automobile Insurance - this is often a kind of policy that covers and protect against losses involving automobiles. Auto Insurance policies include a good range of coverage's counting on the policy holders needs. Liability for property damage and bodily injury, uninsured motorist, medical payments, comprehensive, and collision are a number of the common coverage's offered under an auto policy .

Binder - this is often a short lived short-term policy agreement put in situ while a proper permanent policy is put into place or delivered.

Bodily Injury Liability - this is often the section of an policy that covers the value to anyone you'll injure. It can include lost wages and medical expenses.

Broker - this is often a licensed individual who on your behalf sells and services various insurance policies.

Claim - this is often a proper notice made to your insurance firm that a loss has occurred which can be covered under the terms of the auto policy .

Next, Claims Adjuster - This person employed by the insurance agency will investigate and settle all claims and losses. A representative for the insurance agency to verify and ensure all parties involved the loss, get compensated fairly and properly .

Collision - The portion of the policy that covers damage to your vehicle from hitting another object. Objects can include but aren't limited to; another vehicle, a building, curbs, guard rail, tree, telegraph pole or fence. A deductible will apply. Your insurance firm will follow the opposite parties policy for these cost should they be guilty .

Commission - this is often the portion of the auto policy that's paid to the insurance broker for selling and servicing the policy on behalf of the corporate .

Comprehensive - this is often some of the policy that covers loss caused by anything aside from a collision or running into another object. A deductible will apply. This includes but isn't limited to vandalism, storm damage, fire, theft, etc.

Covered loss - this is often the damage to yourself, people or property or your vehicle that's covered under the auto policy .

Declarations Page - this is often the a part of the policy that has the whole legal name of your insurance firm, deductible amounts. This page is typically the front page of the policy .

Deductible Amount - this is often the portion of the auto policy that's the quantity the policy holder must ante up front before the insurance firm contributes and is required to pay any benefits. This amount are often within a good home in price and varies from approximately $100 - $1000. The larger amount you pay during a deductible the lower your normal monthly/yearly policy will cost. this is often the portion of the auto policy that might be applicable only to comprehensive or collision coverage.

Discount - this is often a discount within the overall cost of your policy . Deductions are often given for a spread of various reasons including an honest driving record, grades, age, legal status , specific features and safety equipment on the car .

Total Loss - this is often complete destruction to the insured property of a policy holder. it's been determined that it might be an excellent sum of cash to repair the item instead of replace the insured piece of property to its state before the loss.

Towing Coverage - this is often the portion of the auto policy that covers a specified amount for towing services and related labor costs.

Under insured Driver - this is often the portion of an auto policy which covers injuries to you caused by a driver without enough insurance to buy the medical expenses you've got incurred from the accident. this is often portion of the policy can vary state by state as some states include damage to the car during this section.

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