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Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Salvage
Property taken over by an insurer to reduce its loss.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Negligence
The absence of ordinary care.
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.
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.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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