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Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Insurer
The insurance company providing the insurance.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
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.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
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.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
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