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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.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
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.
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.
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