Auto Replacement Coverage
A supplemental auto insurance coverage that guarantees your car will be completely repaired or replaced, even if the costs exceed its depreciated value.

Extended Coverage
A clause added to an insurance policy that provides additional coverage for risks not covered in a basic policy.

Replacement Cost
Insurance which pays the amount needed to replace damaged personal property or home property without deducting for depreciation.

Gap Insurance
An auto insurance option that covers the difference between a car’s actual cash value when it is stolen or crashed and the amount the consumer needs to pay the lease or finance company. It is Mostly used for leased cars.

Flood Insurance
Flood damage coverage is available from the federal government but is sold by licensed insurance agents. Flood coverage is often excluded under homeowners policies. However, flood damage is covered under the comprehensive portion of a car insurance policy.

Quote
An estimate of the premium charge, based upon the information provided for the coverage(s) requested. This quote may not be the final or actual premium, and the premium charged is subject to underwriting adjustments by the insurer.

Pro Rata
Distribution of the amount of insurance in one policy, among the several objects or places covered, in proportion to their value or to the amounts shown. The distribution of liability among the several insurance companies having policies on the risk.

Major Medical Insurance
A type of health insurance that provides benefits for most types of medical expenses incurred up to a high limit, subject to a large deductible.

Insured Mortgage
A mortgage insured against loss to the mortgagee in the event of default and failure of the mortgaged property to satisfy the balance owing plus costs of foreclosure.

Personal Injury Protection
This is a mandatory no fault coverage for automobile insurance providing benefits including, but not limited to, medical expenses, loss of income resulting from an automobile accident, and essential services.