🧠Insurance Lingo: Explained by Monsters!
Deductible
The part you pay before your insurance jumps in like a superhero.
Premium
Just a fancy word for your insurance payment. Like a subscription to not go broke.
Liability
Covers damage you cause to others. It's your "Oops, that was me" coverage.
Collision Coverage
Covers your car if you hit something. Even if it's your fault. Even if it's a tree.
Comprehensive Coverage
Pays for non-crash stuff — like hail, theft, deer attacks, or alien abductions (maybe).
Underwriting
The behind-the-scenes math party where they decide your rates based on your risk profile.
Binder
A temporary proof of coverage — it's like a hall pass until your full policy is issued.
Policy Term
The start and end dates of your coverage. Basically, how long you’re protected.
Declarations Page
Your policy’s cheat sheet. Lists what’s covered, what it costs, and who it’s for.
Gap Coverage
If your car is totaled and you owe more than it’s worth, this pays the "gap" to your lender.