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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.
Cancellation
The termination of an insurance policy before its normal expiration date.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Medical Payments Coverage
Covers the medical costs (up to the specified limit you choose) resulting from an auto accident for you, your family, and others in your car. It pays regardless of fault.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
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