How to get cheap car insurance rates and low cost car insurance quotes
AUTOMOBILE INSURANCE GLOSSARY
LAPSE IN COVERAGE/POLICY LAPSE: The time when coverage is canceled because of failure to pay the premium or for other reasons that nullify the policy.
LENDER/LESSOR: The company to which you make loan payments is your lender. The company to which you make lease payments is your lessor.
LOSS PAYEE/LIEN HOLDER: This is usually the financial institution that loaned you the money for your automobile. This institution has an insurable, legal interest in your vehicle, which means if you sustain damage in an accident; loss payments are made to you and the loss payee on your policy.
MEDICAL PAYMENTS: Medical expenses that are the result of a car accident are covered by your automobile policy. Additionally, injuries to passengers in your car or while driving another person's car are covered. Injuries sustained by you or your family as pedestrians and funeral expenses are also covered.
MULTI-CAR DISCOUNT: If you insure more than one vehicle under the same policy you may receive a discount from your insurer. Not all insurance companies offer this discount.
MVR - MOTOR VEHICLE RECORD: A MVR or Motor Vehicle Record is comprised of information relating to your driver's license, convictions, warrants, and accidents.
NAMED INSURED: The person, corporation, or business named in a policy constitutes the "named insured." However, others who are not named may also be protected by the policy.
NO-FAULT INSURANCE: In many states those involved in a vehicle accident may receive benefits directly from their insurance company for medical and hospital expenses. In paying these benefits No-fault Insurance does not take into consideration who was at fault in the accident; however in most states a victim may sue the party at fault if damages exceed a specific state mandated level.
NON-OWNED AUTO: A vehicle used principally for business that is not leased, owned, or borrowed by the insured.
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