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Financial Literacy - Insurance
TOOLS AND RESOURCES
Insurance toolkit
Glossary terms, calculators, work sheets and lots of strategies are provided to help you comprehend insurance.
Understanding insurance needs

Glossary of auto insurance terms

Auto insurance can be confusing. Use this glossary to learn the jargon you need to know to make sure your auto insurance coverage is just right.

14 must-know auto insurance terms
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1. Auto insurance score -- Like a credit score, this score is based on information found in a consumer's credit file. Insurance companies consider auto insurance scores when pricing policies. Having black marks on your credit report could really bump up your auto insurance costs. Other factors that affect the cost of your auto insurance include your age, marital status, driving record, the type of car you drive and whether you live in an urban or rural area.

2. Bodily injury liability -- The part of an auto insurance policy that pays for injuries you may cause another driver or pedestrian. It includes medical expenses and loss of wages.

3. Collision -- The part of an auto insurance policy that pays to get your car repaired after a collision with another vehicle or an object such as a fire hydrant or utility pole. It is collision insurance that will get your insurance company to seek out another driver's insurance company to pay for repairs if they were at fault. A deductible amount will apply.

4. Comprehensive -- This part of an auto insurance policy covers damages to your car caused by something other than a crash. A vandal breaks in, a tree falls on it or floodwaters engulf it. A deductible amount will apply.

-- Posted: Aug. 20, 2007
 
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