Glossary for Florida
Auto Insurance Terms
A - G
L - V
What auto insurance is designed to cover. Accidents may be
considered either at fault or not at fault. If you have at fault accidents
on your driving record, your rates will be higher.
Additional Insured or Additional Interest
A person or entity, other than the named insured, who is protected
under the named insured's auto policy. If an auto is leased, the
leasing company may want to be listed as an "additional insured"
as well as a lien holder.
Anti-Theft Device
Devices designed to prevent theft or vandalism of a car, truck,
motorcycle or other vehicle. Some anti-theft devices can assist in
the recovery of a stolen vehicle and in most cases can reduce your
auto insurance premium.
The legal definition for causing physical harm to another person.
**The information, pictures, and other content in this website about particular
insurance services is only provided for informational purposes. Any decisions
regarding your insurance needs should be discussed with a licensed insurance
agent.
A special type of car insurance coverage, which applies to collector cars,
that could not be otherwise insured through regular methods.
Collision Insurance
A policy that covers the damage to your own vehicle in the event of an
accident.
Comprehensive Coverage
A policy that covers the damage to your car, truck, motorcycle, or other
vehicle which was not caused by an auto accident. Some examples of
non-auto accidents include the following: theft and vandalism.
The minimum amount you will have to pay before your auto insurance
policy begins to reimburse you for your loss. Typically, policies with a
higher deductible will require lower premiums for you to pay.
Defensive Driver Course
Courses offered by Florida's Department of Motor Vehicles (DMV)
or by other approved companies that teach safe automobile driving.
Upon completion of such a course, you may become eligible for
lower auto insurance rates.
Driver Education
A course accredited by Florida's Department of Motor Vehicles
(DMV), consisting of at least 30 hours of professional classroom
instruction.
The date on which your auto insurance policy begins to cover you
against losses and is not necessarily the day you agree to the
coverage or pay for the coverage.
A requirement by a state regulatory entity (usually the state Motor
Vehicle Department) for an insurance company to certify on a driver's
behalf that the driver has the ability to pay future claims up to the state
required limit. The certification is done by means of a form called an
SR-22.
Often required when buying or leasing a new car. A gap auto insurance
policy insures you for the difference between what you owe on your car
and what your insurance company says it's worth.
Insurance coverage to protect against claims alleging that negligence or
inappropriate action resulted in bodily injury or property damage.
Longevity
Insurance companies often reward their long time customers with lower
auto insurance premiums. An insurance company may provide a
discount after an insured has been with the company for a specified
amount of time.
Medical payments coverage, also called personal injury protection, or
PIP, covers the cost of injuries to you, your family, and your
passengers.
Multi-Car Discount
Discount often given when insuring multiple vehicles under the same
auto insurance policy. You will usually save over having separate
policies for each car.
An individual identified on the auto insurance policy as an excluded
driver. This option is most often utilized for teen-aged family members,
whose inclusion in the policy would raise the premium substantially.
Insurance companies often use your occupation and the distance that
you drive to work every day to calculate risk.
The cap amount an insurance company will pay for all claims arising
from a single incident. In an auto accident, it comprises bodily injuries
sustained by all parties. When Bodily Injury auto insurance coverage is
purchased in split limits, the second limit is the "per occurrence" limit.
Example: $50,000 per person and $100,000 per occurrence
Per Person Limit
The cap amount an insurance company will pay for any one person's
injuries arising from a single incident. In an auto accident, it
comprises bodily injuries sustained by each person. When Bodily
Injury auto insurance coverage is purchased in split limits, the first
limit is the "per person" limit: Example: $50,000 per person and
$100,000 per occurrence
Personal Auto Policy -PAP
Personal auto insurance policies are the most common type of auto
insurance sold. They include coverage for liability, medical payments,
uninsured/underinsured motorist coverage, and physical damage
protection.
Personal Injury Protection or PIP
Coverage usually includes benefits for medical expenses, loss of
income, essential services, accidental death, funeral expenses, and
survivor benefits. This insurance coverage is currently required in less
than 15 states.
Premium
The cost of your auto insurance coverage policy.
Property Damage Liability
Coverage for physical damage caused to property when the insured
person is liable.
A requirement by a state regulatory entity (usually the state Motor
Vehicle Department) for an insurance company to certify on a driver's
behalf that the driver has the ability to pay future claims up to the state
required limit. The certification is done by means of a form called an
SR-22.
Uninsured motorists bodily injury insurance coverage pays for an
insured person's bodily injuries for which an uninsured or hit-and-run
motorist is legally liable, but unable to pay. This insurance coverage
must be available for purchase in most states but is usually not
required to be purchased.
Underinsured Motorists Bodily Injury
Underinsured motorists bodily injury insurance coverage pays for an
insured person's bodily injuries for which a person with not enough
insurance is legally liable. This insurance coverage must be available
for purchase in most states but is usually not required to be
purchased.
The Vehicle Identification Number is a 17 digit number that is unique to
your car. The VIN tells the company, the make, model, body type and
year of the insured vehicle. The Vehicle Identification Number is located
in several places, including the title to your vehicle, your vehicle
registration, your insurance card, your auto insurance policy, the
dashboard of your vehicle, and the driver side door of your vehicle.
Florida
Personal
Insurance
Florida Auto Insurance Information
FCI Insurance Agency
& Auto Tag Service
8230 Griffin Road
Davie, Florida 33328
Broward County FL
(954) 434-6515
Fax: (954) 434-6524

Florida Auto Insurance Information
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