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Automobile Insurance

Some basic vocabulary

Actual Cash Value What the automobile is currently worth.
Benefit How much an insurance company pays when a claim is filed.
Bodily Injury Liability Pays medical expenses for injuries to someone else.
Claim A policyholder submits a bill to the insurance company to help pay for covered expenses
Collision This covers damage to your car when you hit something
Comprehensive This covers damage to your car when something hits it.
Deductible What you have to pay before the insurance company pays anything when you need to ask the insurance company for money.
Exclusions Certain events where the insurance company doesn't pay anything.
Full Coverage Your car is covered in the case of an accident when it comes to damage that needs to be repaired.
Limits The largest amount of money your insurance company will pay out for your losses
Medical Payments or Personal Injury Protection (PIP) Covers medical expenses to you and people in your car.
No-Fault Insurance No one driver needs to be identified as the one who caused the accident in order for insurance companies to have to pay out.
Property Damage Liability Pays for damage you do to someone else's property with your car.
SR-22 Shows that someone has liability insurance.
Premium The cost of the policy
Uninsured Motorist Coverage This covers medical costs and property damage to you and people in your car when another driver doesn't have any automobile liability insurance.
Underinsured Motorist Coverage When the other person's insurance doesn't pay for all of your medical expenses and damage to your property, your insurance will cover what the other company will not pay.
Created by: dlemay