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Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
Broker
A person who for payment of a fee procures insurance on your behalf.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Replacement Cost
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
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.
Insurer
The insurance company providing the insurance.
Misdemeanor
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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