Automobile Insurance

28 Comprehensive coverage—Pays for damage to your car caused by something other than a collision, such as fire, theft, vandalism, windstorm, flood, falling objects, etc. Declarations page—Usually the first page of an insurance policy. It lists the full legal name of your insurance company, the amount and types of coverage, the deductibles, and the vehicle(s) insured. Deductible—The amount of the loss that you must pay before your insurance company pays anything. Only comprehensive and collision coverage have deductibles. Endorsement/rider—A written statement that changes the coverage or details of an insurance policy. Exclusion—These are the specific things that your insurance policy does not cover or limits coverage for. For example, your policy may not cover certain kinds of dangers, people, property, or locations. Gap coverage—This pays the difference between the fair market value of your new car and the balance you owe on your loan or lease. Insured—The person who can receive covered benefits in case of an accident or loss. Also called the policyholder. Insurer—The company that issues your insurance. Liability coverage—Insurance that helps pay for the injuries and damage to others from accidents that are your fault. Limit—The most money that your insurance company will pay for your loss. Medical payments coverage—Covers limited medical costs for you or others in your car, when you are in an accident.