Glossary of terms used in auto insurance quotes

To become fluent in insurance speak, it’s probably best to study for a law degree but, to get you started, here is a glossary of all the most commonly used words and expressions. This is the minimum liability insurance mandated by Michigan. Every state sets the minimum using three numbers: the liability for personal injuries when one person is injured, the total amount to cover personal injuries, and the amount to cover damage to property. Actual cash value This is the fair market value of your vehicle if it is totaled. It is usually based on the local prices in

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