Here are a few common terms you need to know when shopping around for auto insurance:*ASSETS- Material or monetary resources.
*BODILY INJURY- Liability coverage that covers other people (not your passengers) involved in a an accident.
*COLLISION- Coverage for damage to your vehicle resulting from an accident.
*COMPREHENSIVE- Non-accident-related coverage for your vehicle (element damage, theft, etc.).
*DEDUCTIBLE-The amount you pay before your insurance company starts paying.
*DEDUCTIBLE RISK-Opting for higher personal property damage deductibles in order to lower your premium.
*LIABILITY- Expenses you are responsible for if you're the party at fault.
*MANAGED COMPETITION- New system implemented on April 1, 2008 in Massachusetts where insurance companies are free to set their own rates.
*PREMIUM- The cost of an insurance plan.
*PROPERTY DAMAGE- Liability coverage for damage to another party's property.
*QUOTE- A price offered by an agent, like Consumer United, for an insurance policy.
*UNINSURED LIABILITY COVERAGE- The kind of coverage that protects you and your passengers if you're involved in an accident with an uninsured or underinsured motorist. This coverage is required in most states and should match the limits you have for bodily injury and property damage liability.
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