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Wednesday, March 21, 2018

Compare Car Insurance Terms and Glossary | Motor insurance

No Car Insurance resource would be complete without a comprehensive insurance terms and conditions. We have compiled a list of terms and their definitions to better help you move to the sometimes confusing world of insurance

Accident - This is an unexpected sudden occurrence that causes damage to a car or damage to a person. The event may be false or incorrect, and may be reported or not communicated. An accident involving two vehicles can be called a collision.

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Accident reporting form - This is a police report, often referred to as a police report that contains important information about vehicle collisions. This report will include the names of all involved parties, involved vehicles, damaged property and quotations.

Adjuster - This is the person who will assess the actual loss reported as a policy after an accident or other incident. They will determine how much the Insurer will pay for an auto insurance policy.

Agent - This is a licensed and trained person authorized to sell and service insurance policies for an auto insurance company.

After defect - this is the amount that you, the policyholder, contributed to, or caused a car collision. It determines which insurance agencies pay part of the loss.

Car Insurance Indicator - This is an estimate similar to a credit score that evaluates the information in your consumer credit report. These figures are used to determine the price of your car insurance policy. Your credit portfolio badges can increase your insurance premiums. Using this information to determine the price of a policy differs from one country to another.


Car insurance - this is an insurance policy that covers and protects against car damage. Insurance covers a wide range of coverage depending on the needs of policyholders. Liability for property damage and personal injury, uninsured drivers, medical payments, comprehensive insurance and collisions are some of the common types of insurance coverage offered by insurance.
Binder - This is a temporary short-term policy agreement that is implemented while introducing formal or permanent policies.

Responsibility for personal injury - this is an insurance policy that covers the cost of anyone you could hurt. This may include loss of salary and medical expenses.

Broker - This is a licensed person who sells and offers various insurance policies on your behalf.

Claim - This is an official statement to your insurance company of the loss that may be covered under the terms of the insurance policy.

Claim Adjuster - An employee of this insurance agency will investigate and reimburse all claims and damages. A representative of the insurance agency, who inspects and provides all the parties involved in the damage, receives compensation fairly and correctly.

Collision - The part of the insurance policy that covers your car damage when approaching another object. Objects may include, but not limited to; other vehicle, building, enclosures, guard, tree, pillar or fence. A deductible tax will apply. Your insurance company will include the other party's insurance policy for these costs if they were to blame.

The Commission is part of a [car insurance] policy that is paid to an insurance agent to sell and serve policies for the benefit of the company.

Comprehensive - this is part of an insurance policy that covers losses caused by nothing but collision or running in another facility. A deductible tax will apply. This includes but is not limited to vandalism, storm damage, fire, theft, etc.

Paid Loss - This is a damage to yourself, other people or property or your vehicle covered by an auto insurance policy.

Declaration Sheet - This is a part of the insurance policy that includes the full legal title of your insurance company, full legal name, complete vehicle information, including Vehicle Identification Numbers or VINs, policy information, policy number and deductible amounts. This page is usually the first page of an insurance policy.

Deductible amount - this is the part of the auto insurance policy that the policyholder has to pay before the investment company is invested and he has to pay any benefits. This amount can range from a wide range of prices and ranges from around $ 100 to $ 1,000. The higher the amount you pay for a deductible price will be lower than the regular monthly / annual policies. This is a part of the auto insurance policy that would only apply to a comprehensive or collision coverage.

Discount - this is a reduction in the overall cost of your insurance policy. Discounts may be granted for various reasons, including good driving record, grade, age, marital status, peculiarities and vehicle safety equipment.

Emergency Road Service. This is part of an auto insurance policy that covers the cost of emergency services such as flat tires, car keys and towing services.

Confirmation - This is any written change to an auto insurance policy that involves adding or removing the policy cover.

Exclusion - This is a part of the insurance policy that includes all terms, including people, places or things that are not included in the insurance contract.


The first lot - it is the policyholder, the insured insurance policy.

Gap Insurance. This is a type of auto insurance that is provided to people who hire or have purchased vehicles with a value less than the loan amount. Gap Car Insurance covers the amount between the actual value of the vehicle and the amount remaining on the loan if care is stolen or destroyed.

High Risk Driver. If there are various negative marks in the insurance period, including driving under the influence, several road traffic offenses, etc., you may be shown the risk to the insurance company. It will increase your insurance policy or may make you an inappropriate cover.

Insured - the policyholder (s) to whom the insurance policy benefits in the event of loss or accident.

Insurer - Does the Auto Insurance Company, which undertakes to pay to the policyholder in the event of loss or accident.

Liability insurance is part of this auto insurance policy that legally covers the damage and injuries you caused to other drivers and their vehicles if you are guilty of an accident. If you are sued and brought to court, the liability cover will be applied to the costs incurred by you. For most countries, drivers will have to make some insurance coverage options, and this amount will depend on the state.

Borders - this is part of an auto insurance policy that explains and indicates the amounts of money that the insurance company will pay. In a situation where you meet these limitations, the policyholder will be liable for all other expenses.

Medical payment coverage - this is part of an auto insurance policy that pays for medical expenses and loses wages for you and all your vehicle's passengers after an accident. It is also called injury protection or PIP.

Motor Report - Vehicle Report or MVR is a record issued by the country in which the policyholder resides, it will list licensing status, all road traffic offenses, various suspensions and / or refractions in your entry. This is one of the tools used to determine the prices offered by the insurance agency. It is also used to determine how likely your claim will be to your policy period.

No-Fault Insurance - If you live in a country without penalty laws and regulations, your car insurance policy pays for your injuries, regardless of who caused the accident. Accident insurance states include; Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, Utah and Washington DC.

Do not renew - this is the end of the insurance policy for the specified expiration date. All coverage will expire from this date and the insurer will be released from the promised cover.

Personal Property Liability - This is a part of the auto insurance policy that covers damages or other losses incurred by the personal property of another person.

Personal injury protection or PIP - This part of your car insurance policy pays for any lost salary or medical expenses for you and all your vehicle's passengers after the accident. PIP is also called medical coverage.

Premium - This is the amount paid to you in a month, year, or other period agreed between the insurance company and the policyholder and paid directly to the auto insurance company. The premium depends on the type and amount of your car (s) and the type of choice you choose. Other factors that affect your insurance premium prices include your age, marital status, car driving and credit rating reports, the type of car you run, whether you live in urban or rural areas. The premiums vary according to the insurance company and place of residence.

The quotation is the amount or estimated amount the insurance will pay based on information provided to the agent, broker or insurance company.

Cancellation This is a cancellation of the insurance policy, dated from the date of its entry into force. This will reimburse the full premium that is charged.

Lease reimbursement - this is a part of the auto insurance policy that covers car rental costs of similar size if the vehicle subject to the vehicle is repaired from a reported incident.

Repayment costs - this is the amount of money that will be spent to replace the lost or damaged product as it is indeed a new replacement value. This amount of money would be based on a new identical item in the current domestic market.

Salvage - This is the property of auto-policyholders, which has been converted into an amount in eh's [insurance] agency in the final settlement of losses. Insurance companies will sell rescue assets in the hope of recovering some of their monetary losses due to losses and settlements.

The other half - this is the actual insurance policy of the insurance policy.

Supplement - this amount is included in your car insurance premiums following a road traffic offense or a misdemeanor accident.

Third Party - This is another person who is not a policyholder and a insurance company that has suffered a loss and may be able to obtain and receive reimbursement on behalf of the policyholder's neglect.

Total loss - this is the total destruction of the property of the policyholder. It has been found that this would be a great amount of money to repair the goods rather than replacing the insured thing against your own country before the loss.

Towing Coverage - This is a part of the auto insurance policy that covers a certain amount of towing services and associated labor costs.

According to the insured driver, this is part of the auto insurance policy, which concerns injuries caused by a driver without sufficient insurance to cover the medical expenses incurred in the event of an accident. The part of this policy may vary by country, because in some countries this section indicates a car damage.

An insured driver or driver is part of an auto insurance policy that relates to injuries caused by you when caused by a driver who was insured without liability at the time of the accident. Coverage of the insured driver or driver is in two different sections; uninsured driver injury and uninsured driver property damage. The insured driver's personal injury coverage covers your or any passenger's injuries in your car if an accident with an uninsured driver has occurred. 

Covering lost property in an insured vehicle covers the cost of damage to property for your car if there is an accident with an identified uninsured driver. The insured driver or driver's cover must be offered when you have acquired the necessary liability for the car. If you want to give up the uninsured driver or driver coverage, you must sign the waiver of the rejection. Most motorists in the country need an uninsured driver's cover. Car Insurance Some rules include damage to your car in this coverage area.

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