When looking for policies from Allied Auto Insurance, you may notice a lot of unfamiliar lingo and jargon being used; many of which are car insurance terms you should know. These words that you don’t know may make the search for car insurance difficult.
SkyBlue Insurance is an authorized agent representing Allied Auto Insurance. We want to make things easier for you. Listed below are some car insurance terms you should know and their definitions.
Actual Cash Value: An amount equivalent to the fair market value of the stolen or damaged property immediately preceding the loss. For real property, this amount can be based on a determination of the fair market value of the property before and after the loss. For vehicles, this amount can be determined by local area private party sales and dealer quotations for comparable vehicles.
Anti-theft Device: A device that deters auto theft. Autos equipped with these devices may entitle you to a discount on your insurance premiums.
At-fault: The party who is legally liable for the damages in an accident.
Cancellation: The termination of insurance coverage during the policy period. Also see: Flat cancellation
Claim: A notice to an insurer that a loss may be covered.
Claim Adjuster: A person responsible for investigating and settling a claim.
Claimant: The first or third party. That is any person who asserts right of recovery.
Collision Deductive Waiver: This coverage waves your collision deductible if you are hit by a negligent uninsured motorist.
Comprehensive (auto): Provides coverage for any damage not caused by a collision.
Deductible: The amount of the loss which the insured is responsible to pay before benefits from the insurance company are payable.
Flat Cancellation: The cancellation of a policy as of its effective date, without any premium charge.
Liability (auto): Covers bodily injury and property damage to someone else.
Material Misrepresentation: The policyholder/applicant makes a false statement of any important fact on their application.
Misquote: An incorrect estimate of the insurance premium.
Policy Limit: The maximum amount a policy will pay.
Premium: The amount of money an insurance company charges for insurance coverage.
Quote: An estimate of the cost of insurance.
Surcharge: An extra charge applied by the insurer. For automobile insurance, a surcharge is usually for accidents or moving violations.
Hopefully knowing some of the car insurance terms you should know will make the auto insurance application process a little less daunting. If you’d like to know how much coverage you can get on an Allied Auto Insurance policy, go online now and get an instant Allied Auto Insurance quote.
Need Multiple Lines of Insurance?
If you need more than one type of insurance coverage, you’re in luck. Allied Insurance offers affordable ways for you to get multiple types of insurance. With Allied Bundled Insurance, you can cover your home, your vehicles, your boats and more on one policy; which makes it easier to manage multiple lines of insurance. If you are interested in Allied Bundled Insurance, contact us now at 1-800-772-7758 or go online and request a rapid Allied Bundled Insurance quote for free!