A
- Actual cash value (ACV)
- What your vehicle was worth just before a loss, considering age, mileage and condition. Often used to value a car after a total loss.
- Adjuster
- The person who investigates a claim and helps determine what the insurer will pay.
C
- Claim
- A formal request to your insurer to pay for a covered loss.
- Collision
- Coverage for damage to your own vehicle from a crash, regardless of fault.
- Comprehensive
- Coverage for many non-crash events to your own vehicle, such as theft, hail, fire and hitting an animal.
D
- Declarations page
- The summary page of a policy: who and what is covered, for how long, and the limits and deductibles.
- Deductible
- The amount you pay toward a covered loss before the insurer pays.
E
- Endorsement
- A written change or add-on to the standard policy.
- Exclusion
- A situation or type of loss the policy says it will not cover.
L
- Lapse
- A gap in coverage, for example if a payment is missed and the policy is cancelled.
- Liability
- Coverage for harm you legally cause to other people and their property.
- Limit
- The most an insurer will pay for a covered loss.
N
- Named insured
- The person or people listed on the policy as the main policyholders.
P
- Premium
- The amount charged for the policy for a period of time.
S
- Surcharge
- An extra charge added to a premium, often tied to a recent accident or violation.
U
- Underinsured motorist
- Coverage that can help when another driver is at fault but has too little insurance.
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