Glossary for South Carolina
Auto Insurance Terms
A - G
L - V
What auto insurance is designed to cover. Accidents may be considered either at
fault or not at fault. If you have at fault accidents on your driving record, your rates
will be higher.
Additional Insured or Additional Interest
A person or entity, other than the named insured, who is protected under the
named insured's auto policy. If an auto is leased, the leasing company may want to
be listed as an "additional insured" as well as a lien holder.
Anti-Theft Device
Devices designed to prevent theft or vandalism of a car, truck, motorcycle or other
vehicle. Some anti-theft devices can assist in the recovery of a stolen vehicle and
in most cases can reduce your auto insurance premium.
The legal definition for causing physical harm to another person.
**The information, pictures, and other content in this website about particular
insurance services is only provided for informational purposes. Any decisions
regarding your insurance needs should be discussed with a licensed insurance
agent.
A special type of car insurance coverage, which applies to collector cars, that could
not be otherwise insured through regular methods.
Collision Insurance
A policy that covers the damage to your own vehicle in the event of an
accident.
Comprehensive Coverage
A policy that covers the damage to your car, truck, motorcycle, or other vehicle
which was not caused by an auto accident. Some examples of non-auto accidents
include the following: theft and vandalism.
The minimum amount you will have to pay before your auto insurance policy begins
to reimburse you for your loss. Typically, policies with a higher deductible will
require lower premiums for you to pay.
Defensive Driver Course
Courses offered by South Carolina's Department of Motor Vehicles (DMV) or by other
approved companies that teach safe automobile driving. Upon completion of such a
course, you may become eligible for lower auto insurance rates.
Driver Education
A course accredited by South Carolina's Department of Motor Vehicles (DMV),
consisting of at least 30 hours of professional classroom instruction.
The date on which your auto insurance policy begins to cover you against losses and
is not necessarily the day you agree to the coverage or pay for the coverage.
Often required when buying or leasing a new car. A gap auto insurance policy
insures you for the difference between what you owe on your car and what your
insurance company says it's worth.
Insurance coverage to protect against claims alleging that negligence or
inappropriate action resulted in bodily injury or property damage.
Longevity
Insurance companies often reward their long time customers with lower auto
insurance premiums. An insurance company may provide a discount after an
insured has been with the company for a specified amount of time.
Medical payments coverage, also called personal injury protection, or PIP,
covers the cost of injuries to you, your family, and your passengers.
Multi-Car Discount
Discount often given when insuring multiple vehicles under the same auto
insurance policy. You will usually save over having separate policies for each car.
An individual identified on the auto insurance policy as an excluded driver. This
option is most often utilized for teen-aged family members, whose inclusion in the
policy would raise the premium substantially.
Insurance companies often use your occupation and the distance that you drive to
work every day to calculate risk.
The cap amount an insurance company will pay for all claims arising from a single
incident. In an auto accident, it comprises bodily injuries sustained by all parties.
When Bodily Injury auto insurance coverage is purchased in split limits, the second
limit is the "per occurrence" limit.
Example: $50,000 per person and $100,000 per occurrence
Per Person Limit
The cap amount an insurance company will pay for any one person's injuries arising
from a single incident. In an auto accident, it comprises bodily injuries sustained by
each person. When Bodily Injury auto insurance coverage is purchased in split
limits, the first limit is the "per person" limit: Example: $50,000 per person and
$100,000 per occurrence
Personal Auto Policy -PAP
Personal auto insurance policies are the most common type of auto insurance sold.
They include coverage for liability, medical payments, uninsured/underinsured
motorist coverage, and physical damage protection.
Personal Injury Protection or PIP
Coverage usually includes benefits for medical expenses, loss of income, essential
services, accidental death, funeral expenses, and survivor benefits. This insurance
coverage is currently required in less than 15 states.
Premium
The cost of your auto insurance coverage policy.
Property Damage Liability
Coverage for physical damage caused to property when the insured person is liable.
A requirement by a state regulatory entity (usually the state Motor Vehicle
Department) for an insurance company to certify on a driver's behalf that the driver
has the ability to pay future claims up to the state required limit. The certification is
done by means of a form called an SR-22.
Uninsured motorists bodily injury insurance coverage pays for an insured person's
bodily injuries for which an uninsured or hit-and-run motorist is legally liable, but unable
to pay. This insurance coverage must be available for purchase in most states but is
usually not required to be purchased.
Underinsured Motorists Bodily Injury
Underinsured motorists bodily injury insurance coverage pays for an insured person's
bodily injuries for which a person with not enough insurance is legally liable. This
insurance coverage must be available for purchase in most states but is usually not
required to be purchased.
The Vehicle Identification Number is a 17 digit number that is unique to your car. The
VIN tells the company, the make, model, body type and year of the insured vehicle.
The Vehicle Identification Number is located in several places, including the title to
your vehicle, your vehicle registration, your insurance card, your auto insurance
policy, the dashboard of your vehicle, and the driver side door of your vehicle.
South Carolina
Personal Insurance
Russell-Massey & Company, Inc.
Copyright 2009-2017, All rights reserved
Website Builder: InsuranceWebsiteServices.com
Russell-Massey
& Company, Inc.
General Insurance
South Carolina Auto Insurance Information
800-849-7475 toll free
803-779-7854
Serving South Carolina Since 1955
Russell-Massey & Co.
1320 Elmwood Avenue
Columbia, SC 29201
Richland County, SC
Toll Free: (800) 849-7475
Office: (803) 779-7854
Fax: (803) 799-6546
Russell-Massey & Co.
409 Lexington Avenue
Chapin, SC 29036
Lexington County, SC
Office: (803) 941-3650
Fax: (803) 941-3654