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Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Replacement Cost
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
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.
Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
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.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Insured
The person(s) entitled to coverage in case of an accident or loss.
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