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May 5, 2003
TOP 10 VEHICLES WITH THE LOWEST INSURANCE LOSS RATES 1999-2001
Although auto insurance costs vary widely depending on where you
live, how many accidents you've had in the past, how many miles you
drive each year and so on, the kind of car you drive also helps insurers make
decisions about you. More...
April 20, 2002
THE 10 MOST EXPENSIVE CARS TO INSURE
That hot new car you've been eyeing will cost you some cold hard
cash to insure. If the thought of cruising in a rugged 2002 Mitsubishi
Montero Sport sends thrills down your spine, get ready for some eye-popping
statistics. More...
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Anti-Theft Device
- A device that is capable of tracking and recovering the automobile, usually
through a homing device. This type of system will contact a response center to
begin the process of recovering the stolen automobile.
Auto Insurance - This is insurance which protects the insured against
losses involving the use of automobiles. Various coverages may be bought
depending on the desires of the insured. Such coverages include the liability
coverages of bodily injury, property damage, and medical payments, and the
physical damage coverages of collision and comprehensive.
Bodily Injury Coverage - This coverage pays when an insured is legally
liable for bodily injury or death caused by an insured's vehicle or an
insured's operation of most non-owned vehicles. This coverage would also pay
for a legal defense if an insured were sued.
Business Auto Coverage Form - The most recent commercial auto insurance
coverage form to be used. It can be underwritten as a monoline policy or as
part of a commercial package.
Business Auto Policy - This is a policy which covers Liability and
Physical damage on commercial automobiles.
Collision Coverage - Auto Insurance that covers loss to an insured's own
automobile caused by its collision with another vehicle or object but which
does not cover bodily injury or property damage liability resulting from the
collision.
Comprehensive Coverage - Usual name for physical damage coverage
resulting from losses caused by events other than collision including fire,
theft, vandalism, falling objects and various other perils. Continuously
Insured Refers to insurance coverage being in effect from an insurer or
multiple insurers at all times, without a break or lapse in coverage at any
time for any reason.
Declaration Page - This is the report from your insurance company which
includes the types, limits, and costs for each coverage as well as the vehicles
covered by the policy. It also would include the types of coverage for each
vehicle covered by the policy and other pertinent information.
Deductible - This is the amount an insured agrees to pay in the event of
a loss.
Drive Other Car Endorsement - This is a coverage that can be added to an
auto policy providing auto coverage for individuals named in the endorsement
while they are driving autos not owned by the individuals and not named in the
policy. Otherwise known as DOC coverage.
Employers Non-ownership Liability Insurance - This coverage insures the
employer for liability from the use by employees of their own autos on company
business.
Extended Non-Owner Liability - This is an endorsement to a personal auto
policy that provides broader liability coverage only for specified named
individuals. This endorsement provides cover for non-owned autos provided for
the regular use of an insured, use of autos to carry individuals or property
for a fee, and broader coverage for autos used in the course of business.
Financial Responsibility Clause - This clause states that an auto policy
conforms to the financial responsibility laws of any respective state in which
the insured is using the insured automobile.
Fleet Policy - This is an insurance policy that applies to a multiple
number of vehicles, usually five or more.
Garage Coverage Form - This is a commercial auto insurance form that is
used to cover automobile dealers, repair shops, service stations, and garages.
Garaging Location - This is the zip code where an automobile is parked
when not being used and usually corresponds to the primary residence of the
insured.
Good
Student Discount - This is a discount awarded to students with high
scholastic achievement. Hired Automobile- This coverage applies to autos an
insured leases, hires, rents, or borrows, but not to autos owned by employees
or their families.
Limits - The most an insurance company will pay for a specific insurance
coverage. Individuals can choose the limit, which meets their needs. Many
states have laws that specify the minimum limits an insured must purchase.
Livery Use - The use of an automobile for hire to carry individuals.
Livery use is excluded in auto policies unless coverage for it is specifically
stated.
Motor Vehicle Record - The driving record of an individual which
includes accidents and traffic violations. It is also known as an MVR. Named
Insured- It is the first individual in whose name the auto insurance policy is
issued.
Named Non-Owner Policy - It is an auto insurance policy issued to an
individual who does not own an automobile, but who drives loaned or rented
automobiles.
No-Fault Insurance - Several states have laws permitting the individual
automobile accident victim to collect monies directly from their own insurance
company for medical and hospital expenses regardless of whose fault the
accident was. The laws vary from state to state. However, most states will
allow the individual to sue the party at fault if the amount of damages is
higher than a certain stated limit.
Occasional Driver - An individual who is not the primary or principal
driver of the automobile.
Personal Injury Protection or PIP - These policies refer to no-fault
benefits in states that have enacted mandatory or optional no-fault auto
insurance coverages. Generally, PIP includes benefits for medical expenses,
loss of work income, accidental death and funeral expenses.
Physical Damage - Damage to an automobile resulting from perils such as
collision, theft, fire or any damage to the automobile itself.
Policy Expiration Date - The date when an insurance policy expires.
Radius of Operation - This is usually used to develop rates for autos
used in a business endeavor. The larger the radius the higher the rates.
Safe Driver Plan - This is a plan for which points are given for traffic
violations and certain types of accidents, with each point adding a percentage
surcharge to the rating factor that is used for determining rates.
SR-22 - This is a document required by the court for individuals
convicted of certain types of traffic violations that shows proof of financial
responsibility.
Threshold Level - This is the level at which an insured may start a tort
action under a modified No-Fault Auto Plan.
Towing Costs - This is an optional auto coverage that pays the cost up
to a fixed amount for the towing of an inoperable vehicle.
Transportation Expenses - This is coverage for transportation expenses
incurred by the named insured only when the theft of the insured's automobile
occurs. There is a daily and maximum dollar limit.
Underinsured Motorists Coverage - This is coverage in an auto policy for
which the insurer will pay claims up to certain limits for bodily injury
damages, if the limits of liability under the liable motorist's policy are
completely used up and the liable motorist can't pay the full amount for which
he is liable.
Unsatisfied Judgment Fund - Also known as UJF, many states have laws,
which provide for reimbursement to a person injured in a car accident who has
not been able to collect from the responsible party.
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