Glossary of Motorcycle Terms
Actual Cash Value
Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence.

A temporary agreement declaring that the policy is in effect. The binder declares the policyholder in compliance with motorcycle insurance requirements and is used in certain cases to protect him or her when it is not possible to issue or endorse the policy immediately.

A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy.

Insurance salesperson that searches the marketplace in the interest of clients, not insurance companies.

Broker Agent
Independent insurance salesperson who represents particular insurers but also might function as a broker by searching the entire insurance market to place an applicant's coverage to maximize protection and minimize cost. This person is licensed as an agent and a broker.

Collision Insurance
Covers physical damage to the insured's motorcycle (other than that covered under comprehensive insurance) resulting from contact with another inanimate object.

Comprehensive Insurance
Motorcycle insurance coverage providing protection in the event of physical damage (other than collision) or theft of the insured motorcycle. For example, fire damage or a cracked windshield would be covered under the comprehensive section.
Deductible - Amount of loss that the insured pays before the insurance kicks in.

Liability Insurance
Insurance that pays and renders service on behalf of an insured for loss to others arising out of his or her responsibility, due to negligence, imposed by motorcycle insurance law or assumed by contract.

The written contract effecting insurance, or the certificate thereof, by whatever name called, and including all clause, riders, endorsements, and papers attached thereto and made a part thereof.

The automatic re-establishment of in-force status effected by the payment of another premium.

Replacement Cost
The dollar amount needed to replace damaged personal property or dwelling property without deducting for depreciation but limited by the maximum dollar amount shown on the declarations page of the policy.

Uninsured Motorist Coverage
Endorsement to a personal motorcycle policy that covers an insured collision with a driver who does not have liability insurance.

If you need motorcycle insurance in the US, then Culver Insurance Services has you covered. We invite you to please contact us if we can answer any questions you might have about either existing policies or getting new coverage. Dial 1 (800)-780-9395 and speak with one of our agents today.

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