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Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Policy
Written contract of insurance.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
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