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Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Salvage
Property taken over by an insurer to reduce its loss.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Medical Payments Coverage
Covers the medical costs (up to the specified limit you choose) resulting from an auto accident for you, your family, and others in your car. It pays regardless of fault.
Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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