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Auto Insurance or Car Insurance terms mean? Keep reading and we may help you understand better.
Note: The following outline of coverage is for your information only. Please see your policy for exact terms and conditions and exclusions and limitations.
Bodily Injury Liability:
Referred to sometimes as BI: Pays when you are legally liable for injury or death caused by our vehicle. Legal fees, bail bonds and court costs are also included. Pays up to the first limit for each person and up to the second limit, maximum, for all persons injured or killed in any accident when you are legally liable. Some policies are “Single Limit” which means Bodily Injury and Property Damage are all in one “Single” limit. $100,000 Single Limit means that the maximum coverage available for any one accident is $100,000 including BOTH BI and PD.
Property Damage Liability:
Liability: Referred to as PD sometimes: Pays when you are legally liable for damage to the property of others caused by your car. In a “Single Limit” policy the property damage would be limited to that amount, along with any bodily injury that would have to be paid.
Each Person Limit: Pays medical, dental, hospital and funeral expenses for you, household relatives and guest passengers injured in a car accident. Also protects you and household relatives in other vehicles or if struck as a pedestrian.
Referred to as UM sometimes: Pays damages that you, household relatives and passengers in the insured motor vehicles are legally entitled to recover because Bodily Injury or death caused by uninsured or hit-and-run motor vehicles. Pays up to the first limit for any one person and, up to the second limit for all persons injured or killed in an accident. This could also be a “Single” limit coverage.
Sometimes referred to as Other than Collision: Pays for loss or damage to Your car caused by fire, theft, vandalism, hail, windstorm, riot, falling objects, flood, etc. The deductible applies to all damage. Does not pay for Collision or Upset. That is paid under Collision if you carry Collision.
Collision or Upset:
Pays for loss or damage to Your car caused by collision with another object or by upset of the car. Payments are made on an “actual cash value” basis for the amount of each loss. Your deductible for this coverage applies first.
Towing and Labor costs:
Labor performed at the scene of the breakdown only such as changing a tire – Pays up to the limit on your policy for each claim for towing your car and any labor costs at the place of disablement. Does NOT pay for parts or subsequent repair costs.
Pays toward expenses to rent a vehicle if you have a loss that is covered under your Comprehensive or Collision coverage and your vehicle is disabled longer than 24 hours. Pays up to the first limit per day, but not more than the second limit for each loss.
Original Equipment Manufacturers:
Pays for Original parts versus after-market parts.
Lease Gap Coverage:
Additional coverage for your leased auto may be added to provide limits in excess of the actual cash value of your vehicle. This coverage would apply if the lease agreement makes you liable for the amount greater than the actual cash value of your car at the time of a covered theft or total loss.