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The market value of your car.
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A representative of an insurance company whose
job is to determine and "adjust" the
amount of a loss and decide how much the company
will pay for it.
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An acknowledgment that the insurance for which
you applied is in force, whether or not you have
paid for it or received a policy.
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If you don't pay your premiums, an insurance
company can cancel your personal auto policy
by giving 10 days' written notice. The company
is required to give you 30 days' written notice
if it is canceling your policy for any other
reason.
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This coverage pays for physical damage caused
when your car collides with another car or object
or if it overturns.
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This coverage pays for damage to your vehicle
not covered by collision coverage, such as fire,
theft, or vandalism.
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Many personal auto and homeowner insurance companies
look at consumer credit information to decide
whether to issue an insurance policy and how
much to charge.
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The deductible is the amount you agree to pay
on each loss before your insurance company pays.
Generally, the larger your deductible, the smaller
your premium.
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After an accident, and after repairs have been
made, if a vehicle is worth less than it was
before the accident, its value has diminished.
That difference in market value is called diminution
of value. Most auto insurance policies exclude
coverage for diminution of value. If your damages
are being paid by the "at-fault" driver's
insurance, you may be owed compensation for diminution
of value. You must prove that the value of your
vehicle diminished as a result of the accident.
Evidence might consist of photos, Blue Book estimates,
appraisals, a receipt for the fair market value
sale of the vehicle, etc.
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If a judge convicts you of driving uninsured,
you will need to file proof of future financial
responsibility with Oregon Driver and Motor Vehicle
Services (DMV) for three years or face suspension
of your driving privileges. This is in addition
to any fines you must pay. Your insurance company
can make a financial responsibility filing for
you by sending an SR-22 insurance certificate
to the DMV to show that you have liability insurance.
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This coverage pays for losses to other people
and their property caused by negligence on your
part.
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A person less likely than the average person
to make a claim. A preferred risk usually qualifies
for a lower premium.
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An estimate of damages you provide to an insurance
company to support your claim. Insurance companies
often use this document to figure how much they
will pay.
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An SR-22 is a certificate from an Oregon-licensed
insurance company certifying that you have purchased
motor vehicle liability insurance as required
by the state's financial responsibility law.
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The basic role of an insurance company: examining
and accepting or rejecting risks, and classifying
the ones that are accepted to determine premiums.
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Coverage for bodily injury to you and your passengers
caused by an uninsured or underinsured driver.
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Coverage for damage to your auto caused by an
uninsured driver, "phantom vehicle,"
or a hit-and-run driver.
Actual cash value (ACV)
Actual cash value (ACV)
