Auto Insurance Glossary

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What does it mean when a policy is “fully paid up”?

When your auto insurance policy is fully paid up, your coverage is up-to-date. As a result, you won’t have to pay any more premiums until your next renewal date.  Most insurance companies allow drivers to pay their premiums monthly, biannually, or annually. If you choose the paid up option, that means you will pay your...

When your auto insurance policy is fully paid up, your cover...

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What is PIP in Auto Insurance?

We know that understanding auto insurance when you’re deciding what coverages to buy can be complicated. And when it comes to personal injury protection (PIP) insurance, you probably have questions. What is PIP coverage? How much PIP coverage should I get? Where can you buy it, and how much does it cost? Read this article...

We know that understanding auto insurance when you’re deci...

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What is an Insurance Binder?

If you are getting ready to buy a new car (or home), you may need to provide the seller or finance company with proof of insurance. However, some auto insurance companies take a couple of days to process paperwork for a policy. Therefore, the company may issue an insurance binder for you to use temporarily....

If you are getting ready to buy a new car (or home), you may...

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What is an auto insurance deductible and how does it work?

Understanding auto insurance is essential to ensuring that you can obtain the right coverage at an affordable price. One aspect of auto insurance that we know can be confusing is the auto insurance deductible. So what is a car insurance deductible, and how does a car insurance deductible work? Furthermore, when do you pay the...

Understanding auto insurance is essential to ensuring that y...

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What Is a Car Insurance Deductible? How Much Should It Be?

Separate from your monthly or annual auto insurance policy payments, car insurance deductibles are agreed-upon amounts policyholders pay for certain types of claims before the insurance company steps in. Only specific auto insurance coverages have deductibles, like collision and comprehensive insurance. So if you invest in full coverage insurance, knowing how deductibles work is vital...

Separate from your monthly or annual auto insurance policy p...

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Non-Cancellable Auto Insurance Policy (What It Is + How It Works)

Here’s what you need to know… A non-cancellable auto insurance policy is one where you are guaranteed future coverage Non-cancellable insurance policies are generally only available as individual policies Rates for non-cancellable insurance are not likely to change unless you make changes to the policy In your search for insurance, you may have run into...

Here’s what you need to know… A non-cancellable ...

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Guaranteed Renewable Auto Insurance (What It Is & How To Get It)

Key Takeaways: A guaranteed renewable automobile insurance policy guarantees your future coverage The only way a guaranteed renewability policy can be canceled is if you fail to pay your premium A guaranteed renewal policy doesn’t guarantee a fixed rate Guaranteed renewability policies are often bought by consumers buying term life insurance Guaranteed renewable auto car insurance is a policy that guarantees your...

Key Takeaways: A guaranteed renewable automobile insurance...

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