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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.
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.
Salvage
Property taken over by an insurer to reduce its loss.
Broker
A person who for payment of a fee procures insurance on your behalf.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
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.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
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