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Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Insurer
The insurance company providing the insurance.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
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