usionews@gmail.com.
Best regards
Jim Waltrip
http://www.usinsuranceonline.com
Closing the Gap: Auto Insurance Terms Defined for The Smart Shopper
As anyone who has shopped for auto insurance - or filed an
auto insurance claim - knows, car insurance agents and
companies use terminology all their own. Below is a list
of definitions to give you the expertise to close the gap:
auto insurance comparisons and dealing with claims doesn't
have to feel like negotiating in a foreign language!
Actual cash value: The market value of your car as it
stands today.
Anti-theft device: A device that deters thieves or burglars
from stealing your car. Some insurance companies offer a
discount if you have one in your car.
Assigned risk insurance: In states requiring insurance
coverage for its drivers, it's a law that requires
insurance companies to accept a certain number of high-risk
drivers onto their policies. Such policies can be pricey,
but they do exist.
Auto replacement coverage: Supplement that allows for your
entire vehicle to be completely repaired or replaced,
regardless of cost to the insurance company.
Bodily injury liability coverage: Covers another party's
personal injuries if you caused a crash.
Binder: Temporary auto insurance that protects you until
your new policy comes into force.
Betterment: Parts damaged in an accident may be replaced
with parts in better condition than the car already had;
the driver may be asked to pay the difference in cost.
Collision coverage: Pays for damage to, or replacement of
your car in the event of an accident; sometimes required by
car lenders.
Comprehensive insurance: Covers events not covered by
collision insurance, for example, natural disasters, theft,
and vandalism.
Deductible: The amount you pay for an incident before your
insurance policy kicks in. The higher the deductible, the
lower the rate.
Gap car insurance: Covers the difference between what you
still owe on your car and its actual cash value as totaled
in a wreck.
Good driver plan: An incentive offered by some insurance
companies for maintaining a good driving record over a
designated time period.
Lien: A claim on property as security for an owed debt.
Liability insurance: Covers losses to people and property
damaged by your found negligence; is a required minimum in
many states.
Passive restraint system: A safety system, such as an
airbag or seatbelts, that works on its own to protect
drivers and passengers from bodily injury. Some insurance
companies give discounts for their presence in the car.
No-fault auto insurance: In some states, this type of
policy replaces liability insurance. It covers damages to
your own party or automobile, regardless of who was at
fault. It allows for more expedient accident-related health
care. In some states (i.e., where it's not the basic
requirement) it's referred to as Personal Injury
Protection. Sometimes no-fault insurance comes with a limit
to claims (as part of a limit on torts claims).
SR-22 auto insurance: Also known as a Certificate of
Financial Responsibility or CFR, it's that card you carry
in your car verifying that you are covered by the state's
minimal insurance requirement. Some states let you know
whether or not you have an acceptable amount of automotive
insurance.
Total loss: When the cost of repairing a damaged automobile
exceeds its actual cash value.
Uninsured motorist coverage: Covers you when the other
party in an accident doesn't have liability insurance
coverage to pay for damages to your car or body.
----------------------------------------------------
US Insurance Online CEO Jim Waltrip is a self-taught
software developer and entrepreneur with a passion for
building things: teams of employees, software, and new
systems. Jim started US Insurance Online with business
partner Ryan Patterson in May 2005. Visit
http://www.usinsuranceonline.com for insurance shopping
help and for free insurance quotes.
