Auto Insurance terms starting with T

4 terms

1. Third Party An individual other than the policyholder or the insurance company who has suffered a loss and may be able to collect compensation under the policy, due…
2. Total Loss When the cost to repair a vehicle approaches or exceeds the vehicle’s actual cash value.
3. Towing and Labor Coverage Reimburses you when your vehicle breaks down or is damaged and must be towed to a repair shop or to another location.
4. Towing Coverage An optional coverage of an automobile policy that pays a specified amount for towing and related labor costs.