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Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Policy
Written contract of insurance.
Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Salvage
Property taken over by an insurer to reduce its loss.
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.
Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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