Auto Insurance Coverage, Car Insurance

The expiration of a right or privilege when one party does not live up to its obligations during the time allowed. A lapse in auto insurance coverage may result in paying higher premiums for a new policy, because insurers have determined that drivers who maintain continuous coverage are less likely to make an insurance claim that those who let a policy lapse.

Liability insurance
Coverage for sums that an insured becomes legally obligated to pay because of bodily injuries or property damage, or financial losses caused to other people.
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Medical Payments Coverage
Part of a standard auto insurance policy that provides coverage of medical expenses and funeral bills incurred by you and your passengers in the event of an accident, regardless of who is at fault.
Motor Vehicle Report (MVR)

Record of moving violations and license status. Not every traffic incident actually appears on your MVR. Some states only record 75 percent of incidents on an average MVR.
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No-Fault Insurance
Auto insurance laws in some states require companies to cover losses, regardless of who caused the accident. Personal Injury Protection is the basic coverage that pays for your own medical, hospital and funeral expenses, as well as those of your passengers and any pedestrians. Lost wages and other accident-related expenses may also be covered.
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Payee
An insured individual or a beneficiary who receives a loss payment from an insurer. On an auto insurance policy, a Loss Payee is the institution that financed the loan or lease of the vehicle. In the event of a total loss, the insurance company makes payment to the Loss Payee first.