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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.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Salvage
Property taken over by an insurer to reduce its loss.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
Policy
Written contract of insurance.
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.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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