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Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Policy
Written contract of insurance.
Underinsured Motorist Coverage
Pays for bodily injury or wrongful death caused by an underinsured motor vehicle (that is, a vehicle which is insured, but at an amount that is less than your uninsured motorist bodily injury (UMBI) limits).
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
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.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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