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Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Cancellation
The termination of an insurance policy before its normal expiration date.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Broker
A person who for payment of a fee procures insurance on your behalf.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Misdemeanor
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
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