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31. Gap Insurance

Optional coverage that will pay you the difference between the value of the automobile at the time of a total loss and the amount remaining on the auto's loan.

32. Garaging Location

Location where your insured car is parked most often. This location is usually designated by the policyholder's primary residence ZIP Code. If you typically keep your auto in a city other than the one where you live, notify your insurer as your garaging location can affect your premiums.

33. HEV

Abbrieviation for "Hybrid Electric Vehicles". HEVs are powered by a battery and fuel combination. By utilizing less fuel, HEVs emit less pollutants and get increased fuel mileage over regular automobiles.

34. Homeowners Insurance

In the event your vehicle is stolen or vandalized, report it to your auto insurance carrier. Note, however, that any items stolen from your car are typically covered by your homeowner insurance policy.

35. Income Loss

Sometimes included as part of your policy's Personal Injury Protection or First Party Benefits plans. This coverage protects you in the event you are unable to work because of accident-related injuries. This coverage assists you in recovering part of your lost wages and other costs that may be incurred while you make an effort to go back to work.

36. Indemnity

Legal principle which stipulates a policyholder should not collect more than the actual cash value of a loss, but rather should be restored to approximately their same financial position before the loss.

37. Insurance Claim Report

This report provides information regarding auto insurance claims filed by you or other insured drivers. These reports are issued by independent consumer reporting agencies that collect claim data from multiple insurance carriers. A common agency which issues these reports is C.L.U.E. (the Comprehensive Loss Underwriting Exchange).

38. Insurance Rebating

Providing any valuable consideration, such as all or part of the commission, to the prospective policyholder or insured as inducement to buy or renew a policy. Insurance rebating is prohibited by law.

39. Insurance Score

This is a score based on analytical models which objectively measure the relative likelihood of future insurance losses based upon your personal credit history. These scores and analyses of their importance are issued by independent consumer reporting agencies.

40. Insured

The person covered by the automobile insurance policy. Examples: the policyholder (also called the "named insured"), resident relative and someone using the vehicle with permission.

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