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Auto Insurance Glossary
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Additional Interest Insured
Another person or company who may be liable for an accident
involving an insured or an insured vehicle and who has been named as
an Additional Interest Insured under the policy.
BI/PD Bodily Injury / Property Damage Liability Coverage. For
example, 25/50/10 means $25,000 per person per accident for bodily
injury /$50,000 total per accident for bodily injury /$10,000
property damage per accident
Bodily Injury Liability Pays when an insured person is
legally liable for bodily injury or death caused by your vehicle or
your operation of most non-owned vehicles. This coverage also pays
for your legal defense if you are sued.
Common Exclusions: No coverage for (1) bodily injury/death
when you are using your vehicle to carry persons or property for
compensation or a fee; (2) liability assumed under a contract; (3)
bodily injury/death to an employee; (4) bodily injury/death caused
by an intentional act; (5) property owned by, rented to, or in the
charge of an insured person; (6) bodily injury/death to you or
relative; (7) bodily injury/death or property damage resulting from
a relative's use of a vehicle, other than a covered vehicle, owned
by a person who resides with you; or (8) bodily injury or property
damage resulting from your operation or use of a vehicle owned by
you, other than a covered vehicle.
Collision Pays for loss to your covered vehicle when it
collides with another object or overturns. We will also pay for a
collision loss to any non-owned vehicle, or to a vehicle you have
rented other than a vehicle rented for use in connection with your
business or employment, while that vehicle is in your custody, or
while you are operating it.
Common Exclusions: No coverage for damages or loss (1) to a
vehicle while being used to carry persons or property for
compensation or a fee; (2) resulting from intention acts, racing, or
preparing for a race or stunting activity; (3) customs parts or
equipment, including electronic equipment, in excess of the value
declared in the application; or (4) to tapes, compact discs, other
media or their carrying cases.
Continuously Insured Insurance coverage was in effect from an
insurer or more than one insurer at all times, without a break or
lapse in coverage for any reason.
Comprehensive Pays for loss or damage to your covered vehicle
caused by any event other than collision. This includes damages due
to events such as fire, theft, windstorm, flood, and vandalism. We
will also pay transportation and loss of use expenses under this
coverage if your motor vehicle is stolen.
Common Exclusions: No coverage for damages or loss (1) to a
vehicle while being used to carry persons or property for
compensation or a fee; (2) resulting from intention acts, racing, or
preparing for a race or stunting activity; (3) customs parts or
equipment, including electronic equipment, in excess of the value
declared in the application; or (4) to tapes, compact discs, other
media or their carrying cases.
Declarations Page The report from your insurance company
listing:
the types of coverage you have elected
the limit for each coverage
the cost for each coverage
the specified vehicles covered by the policy
the types of coverage for each vehicle covered by the policy
and other information applicable to the policy
Deductible The amount of each loss you agree to pay.
Generally, choosing a higher deductible will lower your premium.
Driver Status Provides information concerning whether the
driver has been rated or listed on the policy.
Garaging Location The ZIP code where your vehicle is parked
or garaged when not in use. This is usually your primary residence.
Good Driver A "good" driver is a driver who has been licensed
to drive for the previous three years has only one DMV point in the
last three years (one minor violation like speeding), has had, at
most, one at-fault accident that caused property damage only during
the past three years, and has not been convicted of certain
vehicle-related crimes during the past seven years. Any person who
claims to meet the definition of a good driver based entirely or
partially on a driver's license and driver's experience acquired
anywhere other than in the U.S. or Canada is presumed to be a good
driver if he or she has been licensed to drive in the U.S. or Canada
for at least the previous 18 months and otherwise meets the
definition of a good driver for that period.
Limits The most the insurance carrier will pay for a specific
insurance coverage. You may choose the limit which meets your needs.
Most states have laws that specify the minimum limits you must
purchase.
Loan Lease Payoff coverage requires Comprehensive and
Collision coverage and a loss payee. This coverage is only available
on new (current model year) vehicles.
Medical Payments Coverage Pays certain medical and funeral
expenses resulting from a motor vehicle accident. This coverage
protects anyone occupying your vehicle. It also covers you and
relatives who reside in your household while in other vehicles or if
struck as a pedestrian. These benefits are payable without regard to
fault. This coverage may not be available in states that require
Personal Injury Protection Benefits.
Common Exclusions are similar to those for Bodily Injury
Liability Coverage.
Named Insured The first person in whose name the insurance
policy is issued.
Occasional Driver The person who is not the primary or
principal driver of the vehicle.
Policy Expiration Date The date when your current insurance
policy expires.This date can be found on your current Declaration
page, insurance identification card, or recent cancellation notice.
This date is not to be confused with the date of your next payment
or the date when your renewal payment is due.
Policy Term The length of time that the policy is in force.
In most states, Progressive offers annual and semi-annual policies.
Primary Residence The place where you will reside for the
majority of your policy term.
Primary Use What your vehicle is mainly used for:
To/From Work if you use your vehicle to commute to and
from your work and/or school.
Business if your vehicle is used for one or all of the
following: used to make sales calls
used as vehicle for business trips to bank or post office, picking
up supplies, going to different locations
owned or leased by a partnership or corporation
that have a business listed as and additional interest on the car
Farm if your vehicle is used primarily on a farm,
ranch or orchard
Artisan if your vehicle is operated by you in a trade or
business where the vehicle is: owned or leased by an individual
operated solely by the named insured or other resident relatives
used to transport tools or other materials where such transport is
incidental to the insured's trade or business at no more than 2 job
sites per day not used to transport explosives or flammable
materials not carrying equipment weighing more than 500 lb. Artisan
occupations may include but are not limited to: appliance repair,
landscapers, blacksmith, painters, cabinet makers, photographers,
carpenters, plasterers, carpet installers, pool cleaners,
construction workers, pool maintenance, drapery installers, radio/TV
repairman, electrician, repairmen, exterminators, roofers, fence
installers, tree trimmers, furniture repair, upholsterers,
heating/ac repairmen, surveyors, interior decorator, welders,
janitorial services
Pleasure-no others apply
Principal Driver The person who drives the car most often.
Property Damage Liability Pays when an insured person is
legally liable for damage to the property of others caused by your
vehicle your operation of most non-owned vehicles. This coverage
also pays for your legal defense costs if you are sued. Common
Exclusions: Same as Bodily Injury Liability Coverage exclusions, but
the exclusions apply to damage to property.
Common Exclusions: Same as Bodily Injury Liability Coverage
exclusions, but the exclusions apply to damage to property.
Rental Reimbursement Pays expenses to rent a car if you have
a loss covered under Comprehensive Coverage or Collision Coverage.
Pays up to the limit selected per day to the maximum indicated.
Second Named Insured The named insured or listed agent on a
policy may request to designate any other person listed on the
policy as a "second named insured". The second named
insured has the same coverage under the policy as the named insured.
SR-22 A document required as proof of financial
responsibility by the court or under state law for persons convicted
of certain traffic violations.
Towing and Labor Reimburses you up to the limit selected for
emergency towing of your car.
Underinsured Motorist Bodily Injury Coverage Protects you,
your resident relatives, and occupants of a covered vehicle if any
of these insured sustain bodily injury, including any resulting
death, in an accident in which the owner or operator of a motor
vehicle who is legally liable does not have enough insurance.
Common Exclusions: No coverage for bodily injury/death
sustained by any person while using or occupying a (1) covered
vehicle while being used to carry persons or property for
compensation or a fee; (2) a covered vehicle without the permission
of you or a relative; or (3) a non-owned vehicle without the
permission of the owner.
Uninsured Motorist Property Damage Coverage Available in some
states, usually as an alternative to Collision Coverage. This
coverage pays you for damage to the covered vehicle that has been
sustained in an accident in which the owner or operator of a motor
vehicle who is legally liable does not have insurance. In some
states, it may also pay you for damage to personal property in the
covered vehicle at the time of an accident. This coverage is not
available in all states.
Common Exclusions: No coverage for property damage sustained
by a covered vehicle while (1) being used to carry persons or
property for compensation or a fee; or (2) a covered vehicle without
the permission of you or a relative.
VIN The vehicle identification number (VIN) on your vehicle.
This number is usually found on the dashboard of your vehicle on the
driver's side, and is usually listed on the vehicle registration and
title. The VIN number is a combination of letters and numbers 17
characters in length that can be used to identify the make, model,
and year of your car.
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INFORMATIONAL DISCLAIMER THE INFORMATION
CONTAINED ON OR PROVIDED THROUGH THIS SITE IS INTENDED FOR GENERAL
CONSUMER UNDERSTANDING AND EDUCATION ONLY AND IS NOT INTENDED TO BE
AND IS NOT A SUBSTITUTE FOR PROFESSIONAL FINANCIAL OR ACCOUNTING
ADVICE. ALWAYS SEEK THE ADVICE OF YOUR ACCOUNTANT OR OTHER QUALIFIED
PERSONAL FINANCE ADVISOR FOR ANSWERS TO ANY RELATED QUESTIONS YOU
MAY HAVE. USE OF THIS SITE AND ANY INFORMATION CONTAINED ON OR
PROVIDED THROUGH THIS SITE IS AT YOUR OWN RISK AND ANY INFORMATION
CONTAINED ON OR PROVIDED THROUGH THIS SITE IS PROVIDED ON AN "AS IS"
BASIS WITHOUT ANY REPRESENTATIONS OR WARRANTIES. |
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Offering auto insurance to
Springboro, Centerville, Franklin, Middletown, Carlisle, Monroe,
Lebanon, Cincinnati and Dayton. |
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