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Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
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.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
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.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
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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