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Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
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.
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.
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.
Insurer
The insurance company providing the insurance.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Premium
The money paid for an insurance policy based upon the coverage provided.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
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