Actual Cash Value the fair market value of 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.
Collision (Auto) reimburses you for damage to your automobile sustained in a collision with another car or with any other object, movable or fixed, (for example, you accidentally backed into another object while pulling out from a parking stall and causing damage to the bumper and fender of your covered automobile).
Comprehensive (Auto) provides coverage for any direct and accidental loss of, or damage to, your covered automobile and its normal equipment, to include but not limited to fire, theft or malicious mischief.
Deductible the amount of the loss which the insured is responsible to pay before benefits from the insurance company are payable. You may choose a higher deductible to lower your premium.
Depreciation a decrease in value due to age, wear and tear, etc.
Endorsement amendment to the policy used to add or delete coverage. Also referred to as a “rider.”
Exclusion certain causes and conditions, listed in the policy, which are not covered.
Liability Insurance coverage for all sums that the insured becomes legally obligated to pay because of bodily injury or property damage, and sometimes other wrongs, to which an insurance policy applies.
Medical Payments will pay reasonable expenses incurred for necessary medical and /or funeral services because of bodily injury caused by accident and sustained by you or any other person while occupying a covered automobile.
Replacement Value the full cost to repair or replace the damaged property with no deduction for depreciation, subject to policy limits and contract provisions.
