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Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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.
Premium
The money paid for an insurance policy based upon the coverage provided.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Broker
A person who for payment of a fee procures insurance on your behalf.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
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.
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