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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.
Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
Venue
The specific county, city or geographical area in which a court has jurisdiction
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