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ATV Insurance Key Terms

 

Finding good ATV Insurance can be overwhelming and daunting; especially when agents and brokers use jargon that you may be unfamiliar with. We at ATV Insurance Rates want to help make things easier for you. We have compiled a list of key terms that you should know. Knowing these terms will help your search for good ATV Insurance Coverage easier.

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Act of God

An unforeseeable, violent, and direct act of nature, the effect of which could not have been prevented. Examples: earthquake, flood

 

Actual Cash Value

The fair market value of the vehicle considering all factors that might reduce or enhance the value of the vehicle in question.

 

Additional Insured

An individual other than the named insured who is covered by the terms of the policy. Such additional insured person may be “named” or “unnamed”.

 

Adjuster

Representative of the insurance company handling the claim settlement. The adjuster may be a paid employee or an independent adjuster engaged by the insurer.

 

Agent

An insurance agent who ties up with one or more insurance providers to sell their policies and receives compensation from the insurer.

 

All Risk Policy

An insurance policy that covers potential loss caused by all perils except the ones specifically excluded by the terms of the policy.

 

Apportionment

The process that helps evaluate and decide what amount each policy will pay in case there are multiple policies involved in a loss.

 

Appraisal

An estimation of the market value of the vehicle usually done by an independent expert.

 

Broker

An independent individual, firm, or agency that acts on behalf of the insured persons with insurance providers.

 

Certified Copy

Reproduction of an original document that is attested by a recognized authority as true and authentic copy.

 

Claim

Claim refers to the right of an insured person to be indemnified by the insurance provider for the amount of loss suffered.

 

Collision

When an automobile strikes against another automobile or object. Collision insurance covers against the loss caused in such collision.

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Comprehensive Personal Liability

A type of liability insurance for individuals that covers the risk of the policyholder becoming liable to pay for any damages or injuries caused to another person.

 

Contributory Negligence

A number of accidents occur as a fault of two or more parties involved in the occurrence. Both parties may be held liable for contributory negligence.

 

Coverage

The nature of protection provided under a specific insurance policy. At times, “coverage” and “insurance” are used interchangeably.

 

Deductible

A mutually agreed specified amount of money to be deducted from the total loss and assumed by the insured person.

 

Depreciation

Reduction in the value of the vehicle due to aging, usage, or obsolescence.

 

Direct Billing

A system of collecting insurance premiums whereby the insurer directly bills the insured rather than the premiums being collected by the agent or broker.

 

Disability

Inability of a person to perform his or her normal occupation and activities due to an injury or illness.

 

Disclosure

Act of bringing something in knowledge of others.

 

Driver Training Credit

Premium rebates granted to drivers by some insurance providers with a view to encouraging driver education. Rebates are granted to such insured drivers who have successfully completed an approved drivers’ training program.

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Exclusion

Any such risks, perils or other items specified in the insurance policy as not covered.

 

Extended Coverage Insurance

An endorsement that expands the scope of coverage provided under the primary policy. Coverage for risks such as windstorm, hailstorm, smoke, or riots typically falls in the extended coverage domain.

 

Fire Insurance

Coverage for losses arising from fire or lighting as well as collateral damage caused by smoke and water.

 

Gross Negligence

A degree of negligence usually considered to be higher than ordinary negligence, resulting in bodily injury and/or damage to property.

 

Hit and Run Accident

Collision accident on the road where the at-fault driver escapes from the site of accident without identifying himself or herself.

Now that you know the terms, get out there and find the ATV Insurance you need. We can help you by finding the best rates from the top insurance carriers. Contact us now and request a free, rapid ATV Insurance QuoteWe’ll help you find the best options to fit your needs!

ATV INSURANCE KEY TERMS

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ATV Key Terms | Insurance Key Terms for ATV