Terms for drivers ed

Assigned Risk Plan Insurance (known as ARP or SR-22)

minimum liability coverage; otherwise called (SR-22 insurance) by insurance companies

Blue Book

Information on vehicle pricing, including automobile trade-in value, as well as car ratings and reviews.

Bodily Injury Coverage

Pays claim against owner if someone is killed or injured and owner is at fault

Collision Coverage

Pays for the damage to YOUR car if you are at fault.

Comprehensive Coverage

Pays for damage from the following(when you are not driving at the time of damage), for example fires, flood, or water damage, Vandalism(theft, wind earthquakes, storms etc.

Deductible

A set amount of money that must be paid by the policy holder in case of damage to his/her car.

Depreciation

A decrease r loss in value, as because of age wear, or market conditions

Financial Responsibility Law

Law requiring the operator of an automobile to show financial ability to pay for automobile-related losses($$$ medical bills or property damage).

Leasing

Vehicle leasing(similar to renting a car for an extended time) is the loaning of the use of a vehicle for a fixed or indefinite period of time

10. Liability Coverage

This coverage pays for the damage to the other driver's property and/or their medical bills when you are at fault in a collision.

11. No-Fault Insurance Policy

Both parties pay for their own damages(their own collision coverage). Those injured in an accident receive direct payment from the company with which they themselves are inured.

Policy

A contract between the person insured and the insurance company

Premium

The amount of money that an insurance policy costs for a period of time(monthly, quarterly, semi-annual, or annual)