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Today's Terms
Total Loss
Definition:
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.
Liability Insurance
Definition:
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Vehicle ID No. (VIN)
Definition:
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
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