Amount specified in the policy that the insured must pay before the insurer pays on a covered loss up to policy limits. The deductible is variable in amount; by increasing the deductible, drivers may reduce their premium.
Defensive Driver Course
Classes endorsed or sponsored by state motor vehicles divisions to educate drivers and enhance driving skills. By taking a course, a driver may be eligible for a premium discount. Traffic school classes required in lieu of a fine for a moving violation are not eligible.
Additional elective coverage that extends protection of the insured to include non-owned vehicles, such as rental vehicles or the cars owned by others.
Classes which provide professional instruction that are State accredited and endorsed. A standard of 30 hours of instruction is typical to meet the rules in most states.
Behind the wheel instruction by a professional instruction and which has been accredited by the State. Typically, at least 18 hours of instruction is required.
Effective Date/Inception Date
The date that coverage begins on an insurance policy.
Options and additions made to a policy that modifies, changes, or enhances the original policy.
Each insurance policy contains a section that lists what is NOT covered under the policy and may include property, persons, or situations.
The date policy coverage ends. A time of day may be associated with the expiration date. For example, an expiration date may be expressed as 5/1/2006 at 12:01 a.m. which means coverage terminates at one minute after midnight on the date noted.
Extended Non-Owner Liability
Additional provision to the policy that provides broader liability coverage for specific individuals named in the policy who will drive any non-owned car or trailer. It may also cover non-owned cars, commercial vehicles, and persons driving company cars who do not own vehicles themselves.
Similar to a credit report for insurance companies. Rating organizations such as Standard & Poor's provide analysis of the insurance company's financial health and ability to meet financial obligations to policy holders.
Financial Responsibility Laws
State law sets financial responsibility for owners and operators of cars and demands proof that they can compensate others for losses for which they are liable. Proof of insurance typically satisfies this statutory demand.
First Party Benefits
Regardless of fault, this pays the insured and others covered under the policy in the event of injury. Benefits may include medical expense, loss of income, funeral and death benefits. Also called Personal Injury Protection.
If your vehicle is totalled, this optional coverage is available to cover the "gap" between the current value of your vehicle and the amount still owing on the car loan. Gap coverage pays the difference.
Good Student Discount
Because of a statistical correlation between good grades and safe driving among young drivers, students who maintain a specified grade point average—usually a B or higher—are eligible for this premium discount.
Information from Coverage For My Car