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Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
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.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
Cancellation
The termination of an insurance policy before its normal expiration date.
Premium
The money paid for an insurance policy based upon the coverage provided.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
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