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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.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
Replacement Cost
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
Premium
The money paid for an insurance policy based upon the coverage provided.
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