Auto Insurance Definitions Simplified

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Auto insurance terms can be confusing, to say the least. Below are auto insurance definitions in layman’s terms.

Anti-Theft Device – Anything on your auto that reduces the chance that it will be stolen or that makes it easier to find if it is stolen. Examples include:

* Car alarms

* Keyless entry systems

* Starter disablers

* Vehicle identification number etchings

* Auto tracking systems

Bodily Injury Liability – The amount your insurance company will pay if you injure or kill someone else with your auto.

Collision Insurance – Coverage from your insurance company for repairing or replacing your auto if it collides with another vehicle or object.

Comprehensive Coverage – Coverage from your insurance company for repairing or replacing your auto if it is damaged by anything other than a collision or is overturned.

Claim – Any request for payment under the terms of your insurance policy.

Deductible – The amount you pay out of pocket before the insurance company begins to pay on a loss.

Good Student Discount – A discount that insurance companies give students who earn high grades in school.

Insurance Comparison Website – A website that allows you to quickly and easily get auto insurance quotes from multiple insurance companies (see link below).

Medical Payments – The amount your insurance company will pay for medical and funeral expenses caused by an auto accident.

Multi-car discount – A discount that insurance companies often give if you have more than one vehicle insured on the same policy.

Multi-policy discount – A discount that insurance companies often give if you have more than one policy with the same company.

Per Occurrence Limit – The maximum amount an insurance company will pay for all claims from a single incident.

Per Person Limit – The maximum amount an insurance company will pay for one person’s injuries caused by a single incident.

Property Damage Liability Insurance – The amount your insurance company will pay for damage you cause to someone else’s car or property.

Where to Get Cheap Auto Insurance Rates

Visit http://www.LowerRateQuotes.com or click on the following link to get cheap auto insurance rate quotes from top-rated companies and see how much you can save. You can get more insurance tips in their Articles section, and get answers to your questions from an insurance expert by using their online chat service.

The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written a number of articles on auto insurance definitions.

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