Auto insurance terms aren't just about coverages. When you know your car insurance terms beyond the basics, you can ask questions that help you get the best policy as well as a great rate. Liability - If you are liable for an accident it means that it was your fault. Your liability coverage on your policy is separated into bodily injury liability and property damage liability. If you are at fault for an accident these are the amounts your policy will pay someone else on your behalf.Limits - The limit is the most your policy will pay. If you are at fault in an accident and what you owe is more than the limit on your policy, you will have to pay the rest of the money out-of-pocket.Premium - The premium is how much your policy costs. Deductible - In reference to collision or comprehensive coverages on your policy, the deductible is the amount you pay before the insurance company pays the rest. It is similar to a co-pay on health insurance.Renewal - When your policy expires (after six months or a year in some cases) you will receive a renewal letter in the mail. Unless you are being non-renewed (dropped) from your auto insurance policy, your policy will automatically renew.Effective dates - The date your coverage began and the date your current policy ends.
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