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Premium
The money paid for an insurance policy based upon the coverage provided.
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
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.
Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
Negligence
The absence of ordinary care.
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.
Insurer
The insurance company providing the insurance.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Broker
A person who for payment of a fee procures insurance on your behalf.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
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