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Salvage
Property taken over by an insurer to reduce its loss.
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Underinsured Motorist Coverage
Pays for bodily injury or wrongful death caused by an underinsured motor vehicle (that is, a vehicle which is insured, but at an amount that is less than your uninsured motorist bodily injury (UMBI) limits).
Insured
The person(s) entitled to coverage in case of an accident or loss.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
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.
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