DEFINITIONS
What you pay out of pocket before insurance reimbursement kicks in.
What is a Deductible?
Pays for damage to your vehicle caused by you striking something, a vehicle, a pole, tree.
What is Collision Coverage?
Statement, i.e., quotation, from the insurance company of the cost and coverage of the policy you negotiate.
What is a Quote?
What you pay the insurance company for covering your risk.
What is a Premium?
Pays for injuries and damages to others from an accident in which you are at fault.
What is Bodily Injury Coverage?
This person is hired by an insurance company to sell auto insurance policies.
What is an Agent?
Notification to the insurance company that you’ve suffered a loss.
What is a Claim?
Pays medical bills for you and your injured passenger, regardless of who was at fault.
What is Personal Injury Protection?
This is when you are buying from the insurance company online or over the phone, without the input of an agent.
What is Direct?
The cost in dollars of covered property damage or injuries defined in your policy.
What are Losses?
Pays for damage to your vehicle caused by something other than a crash or collision.
What is Comprehensive Coverage?
What is an Independent agent?
Maximum amount of protection in a policy for a specific type of coverage.
What are Limits?
Pays for injuries to you and your passengers from an accident by a motorist without enough insurance to pay your claim.
What is Underinsured Motorist Coverage?
This type of insurance professional that sells for only one company
What is a Captive agent?