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Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a 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.
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Policy
Written contract of insurance.
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.
Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Broker
A person who for payment of a fee procures insurance on your behalf.
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