What is an Actual Cash Value in Car Insurance? An automobile’s actual cash value (ACV) is the market value of a vehicle at the time a claim is submitted. It is frequently used in a situation when the automobile is determined to be a total loss or “totaled”. The actual Read more
What Are Aftermarket Parts in Car Insurance? When your vehicle is damaged in an accident, you will need to take it to a reputable auto mechanic or dealership to have it repaired. If specific parts were damaged in the accident, these may need to be replaced. Replacement parts generally fall Read more
What is an Anti-Theft Device in Car Insurance? An anti-theft device is any device used to prevent or deter the unauthorized appropriation of items considered valuable. It includes anything that reduces the likelihood that your car will be stolen or broken into, such as a steering wheel locking device or Read more
What is an Assigned Risk in Car Insurance? Assigned risk is a type of automobile insurance plan designed to help high-risk drivers get automobile insurance coverage to put them in compliance with their state’s automobile insurance requirements. Companies who wish to sell insurance in a state will be assigned these Read more
What Is Bodily Injury in Car Insurance? Bodily injury insurance is one component of most types of car insurance policies. Bodily injury is a form of liability insurance, which means it provides financial protection for claims made against the policyholder if he or she causes an accident or damage to Read more
What Is Collision Insurance in Car Insurance? Collision insurance is insurance that helps pay for damages to your vehicle if you cause an accident that damages it. The most common way collision insurance can work for you is by covering the damage to your vehicle if you backup or otherwise Read more
What is Comprehensive Coverage in Car Insurance? Comprehensive coverage is an optional policy add-on that helps protect your vehicle against damage not resulting from a collision, which might include things like fire, vandalism, and falling objects. For example, a hurricane might cause a tree to fall on your car and Read more
What Is a Deductible in Car Insurance? A deductible is a portion of money the vehicle owner is responsible for when a claim is made. This is the portion you, as the car’s owner, have to pay before the insurance company covers the rest of your claim. Deductibles range in Read more
What Is Gap Insurance in Car Insurance? Gap insurance provides financial protection for instances in which your vehicle’s current worth is less than what you owe on a loan for that vehicle. Commonly used when a driver purchases a new car, gap insurance helps reduce the financial risks associated with Read more
What Is an Insurance Appraiser in Car Insurance? An insurance appraiser is a licensed professional who provides insight into the cause, type of repair, and the cost to repair after a covered incident occurs. Your insurance company hires an appraiser (or using an in-house professional) to come to your home Read more