|
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
Cancellation
The termination of an insurance policy before its normal expiration date.
Broker
A person who for payment of a fee procures insurance on your behalf.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
|
Did You Know?