|
Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
|
Did You Know?