| Classic Car Insurance Miami, Definitions Shopping for a Florida Car insurance Quote? We're here to make life a little easier Florida. Car Insurance Specialists & Florida Independent Agents |
Agreed value- the amount the insured and company agree to at the policy inception date. That is, if a vehicle is
written at a $10,000 value, $10,000 will be paid minus any deductible if applicable in the event of a total loss.
Classic collectors is able to provide agreed value coverage upon request in most states at no extra cost to the
insured! Agreed value ensures the value of your vehicle. We acknowledge the appreciating value of your classic
auto.
Stated amount- a total loss is adjusted to the lesser of:
The amount shown on the declaration page
The actual cash value of property
The amount necessary to repair or replace the property
Stated amount coverage accounts for any depreciation, which might occur during the policy term. Newer vehicles
which cannot yet be considered classic autos based on age are generally written on a stated amount basis
Bodily injury- coverage for when someone is injured or killed in an accident that’s your fault. Your coverage pays
for that person medical expenses and loss wages.
Property damage- coverage for damages you cause to someone’s personal property when you have an accident
that’s your fault. The personal property that you might damage includes such things as vehicles, houses, fences,
and walls.
Medical payments- pays medical and funeral expenses for injuries that you or your passengers sustain while
riding in your vehicle, regardless of who is at fault. (not available in all states)
Personal injury protection- includes a broader range of coverage than provided by medical expense coverage.
Pip can include payments for loss wages and funeral expenses. PIP options vary by state.
Uninsured/underinsured motorists- provides coverage for you if you have an accident with someone who
either has no insurance or lacks the proper amount of insurance. This coverage also protects you if you’re struck
by a hit-and-run driver.
Comprehensive- reimburses you when your car is damaged by theft, vandalism, hail, flood, fire, earthquakes,
windstorms and/or animals.
Collision- reimburses you when your car is damaged as a result of a collision with another car or with an object,
such as a tree or a brick wall. The damage can also be the result of overturning your car. Your reimbursement for
the damage covers the amount of money it takes to repair or replace your vehicle, minus any deductible you
agree to pay.
Towing coverage- towing and Labor costs for autos disables on roadways are included in the physical damage
rate. Towing and Labor costs from the insured’s garage or storage location are not covered.
Spare parts coverage- spare parts coverage on our policy covers extra parts of the insured’s vehicle such as a
second set of wheels, or a hard top roof to a convertible. Spare parts doesn’t mean those parts needed in the
event of a vehicle breaking down.
Trip continuation coverage- coverage for expenses incurred up to a limit of $75 a day, $500 total for lodging
and transportation starting 48 hours after disablement of vehicle is included in the physical damage premium.
Lawsuit threshold- persons subject to the lawsuit threshold are barred from asserting claims for non-economic
loss unless they meet at least one of nine types of injuries. If you are subject to the lawsuit threshold, you must
establish that you have sustained one of the following injuries before your claim for money damages will be
recognized:
Death
Dismemberment (loss of arms, legs, fingers, or toes)
Significant disfigurement
Fracture (broken bone)
Loss of a fetus (unborn child)
Permanent consequential limitation of use of a body organ or member
Significant limitation of use of a body function or system
A medically determined injury or impairment of a non-permanent nature which prevents the injured person from
performing substantially all of the material acts which constitute that person’s usual and customary daily activities
for not less than 90 days during the 180 days immediately following the occurrence of the injury or impairment.
No lawsuit threshold- insured’s may bring a claim for any injuries sustained in an automobile accident, without
regard to type or severity of injury.
Non-stacking coverage- restricts or limits the uninsured motorist coverage available to you on your policy. If you
elect the non-stacking coverage and are involved in an accident with an uninsured motorist, usually you will only
be able to select one policy to make your claim.
Stacking coverage- allows you to add together, or stack, multiple policies of uninsured motorist coverage on
multiple vehicles for a higher total coverage. It allows you to obtain coverage from another policy in certain
circumstances where the vehicle you are occupying may not have uninsured motorists coverage.
Full tort- in Pennsylvania, purchasers of motor vehicle insurance can choose “full tort,” which gives the insured
the unrestricted right to seek money damages for all injuries sustained in an accident caused by another driver,
including economic loss, pain and suffering and other non-monetary damages.
Limited tort- in Pennsylvania, purchasers of motor vehicle insurance can choose “limited tort,” which restricts
their right to seek money damages for an accident caused by another driver. Under limited tort, the insured can
only seek money damages for economic loss, including medical bills. The insured is prohibited from seeking
damages for pain and suffering, except under certain limited circumstances.
written at a $10,000 value, $10,000 will be paid minus any deductible if applicable in the event of a total loss.
Classic collectors is able to provide agreed value coverage upon request in most states at no extra cost to the
insured! Agreed value ensures the value of your vehicle. We acknowledge the appreciating value of your classic
auto.
Stated amount- a total loss is adjusted to the lesser of:
The amount shown on the declaration page
The actual cash value of property
The amount necessary to repair or replace the property
Stated amount coverage accounts for any depreciation, which might occur during the policy term. Newer vehicles
which cannot yet be considered classic autos based on age are generally written on a stated amount basis
Bodily injury- coverage for when someone is injured or killed in an accident that’s your fault. Your coverage pays
for that person medical expenses and loss wages.
Property damage- coverage for damages you cause to someone’s personal property when you have an accident
that’s your fault. The personal property that you might damage includes such things as vehicles, houses, fences,
and walls.
Medical payments- pays medical and funeral expenses for injuries that you or your passengers sustain while
riding in your vehicle, regardless of who is at fault. (not available in all states)
Personal injury protection- includes a broader range of coverage than provided by medical expense coverage.
Pip can include payments for loss wages and funeral expenses. PIP options vary by state.
Uninsured/underinsured motorists- provides coverage for you if you have an accident with someone who
either has no insurance or lacks the proper amount of insurance. This coverage also protects you if you’re struck
by a hit-and-run driver.
Comprehensive- reimburses you when your car is damaged by theft, vandalism, hail, flood, fire, earthquakes,
windstorms and/or animals.
Collision- reimburses you when your car is damaged as a result of a collision with another car or with an object,
such as a tree or a brick wall. The damage can also be the result of overturning your car. Your reimbursement for
the damage covers the amount of money it takes to repair or replace your vehicle, minus any deductible you
agree to pay.
Towing coverage- towing and Labor costs for autos disables on roadways are included in the physical damage
rate. Towing and Labor costs from the insured’s garage or storage location are not covered.
Spare parts coverage- spare parts coverage on our policy covers extra parts of the insured’s vehicle such as a
second set of wheels, or a hard top roof to a convertible. Spare parts doesn’t mean those parts needed in the
event of a vehicle breaking down.
Trip continuation coverage- coverage for expenses incurred up to a limit of $75 a day, $500 total for lodging
and transportation starting 48 hours after disablement of vehicle is included in the physical damage premium.
Lawsuit threshold- persons subject to the lawsuit threshold are barred from asserting claims for non-economic
loss unless they meet at least one of nine types of injuries. If you are subject to the lawsuit threshold, you must
establish that you have sustained one of the following injuries before your claim for money damages will be
recognized:
Death
Dismemberment (loss of arms, legs, fingers, or toes)
Significant disfigurement
Fracture (broken bone)
Loss of a fetus (unborn child)
Permanent consequential limitation of use of a body organ or member
Significant limitation of use of a body function or system
A medically determined injury or impairment of a non-permanent nature which prevents the injured person from
performing substantially all of the material acts which constitute that person’s usual and customary daily activities
for not less than 90 days during the 180 days immediately following the occurrence of the injury or impairment.
No lawsuit threshold- insured’s may bring a claim for any injuries sustained in an automobile accident, without
regard to type or severity of injury.
Non-stacking coverage- restricts or limits the uninsured motorist coverage available to you on your policy. If you
elect the non-stacking coverage and are involved in an accident with an uninsured motorist, usually you will only
be able to select one policy to make your claim.
Stacking coverage- allows you to add together, or stack, multiple policies of uninsured motorist coverage on
multiple vehicles for a higher total coverage. It allows you to obtain coverage from another policy in certain
circumstances where the vehicle you are occupying may not have uninsured motorists coverage.
Full tort- in Pennsylvania, purchasers of motor vehicle insurance can choose “full tort,” which gives the insured
the unrestricted right to seek money damages for all injuries sustained in an accident caused by another driver,
including economic loss, pain and suffering and other non-monetary damages.
Limited tort- in Pennsylvania, purchasers of motor vehicle insurance can choose “limited tort,” which restricts
their right to seek money damages for an accident caused by another driver. Under limited tort, the insured can
only seek money damages for economic loss, including medical bills. The insured is prohibited from seeking
damages for pain and suffering, except under certain limited circumstances.
Florida insurance glossary - terms your should know.
Florida Auto Plus Insurance, the first place to call for an affordable quote.
Local map and directions: 9742 Banyan Street Miami, Fl 33157
It's easy to remember
1-877-WIZ-AUTO (949-2886)
www.WizardInsurance.com
Florida Auto Plus Insurance, the first place to call for an affordable quote.
Local map and directions: 9742 Banyan Street Miami, Fl 33157
It's easy to remember
1-877-WIZ-AUTO (949-2886)
www.WizardInsurance.com