GEICO does NOT currently offer gap insurance.
Glossary Of Insurance Terms And Definitions
Accident Forgiveness
With Accident Forgiveness (not available in CA, CT, and MA) on your GEICO auto insurance policy, your insurance rate won’t go up as a result of your first at-fault accident.
Actual Cash Value
The fair market value of property; technically, replacement cost less depreciation.
Actuary
A statistician who computes insurance risks and premiums. Actuaries keep GEICO profitable and financially stable by setting prices, assessing trends, and determining how much to hold in reserve to pay claims.
Adjuster
See Claim Examiner or Auto Damage Adjuster.
Adverse Carrier
Term used to refer to the other party’s insurance company.
After-Market Parts
See Competitive Auto Repair Parts.
Agent
An individual who acts as a representative for the company and sells insurance, usually on a commission basis. This individual could be an ‘exclusive’ or ‘non-exclusive’ agent.
Agreed Price
The price or cost of repairs agreed to by the AD (auto damage) adjuster or independent appraiser and the body shop representative.
Amendment
A change to the basic policy contract. An amendment alters the policy; an endorsement adds to it.
Anti-lock Braking System (ABS)
A computer-controlled high pressure system that assists the vehicle’s normal braking system. ABS allows all wheels to slow at the same rate, thereby preventing loss of control.
Anti-Theft Device
A device that deters auto theft. Autos equipped with these devices may entitle you to a discount on your insurance premiums.
Appraisal
Process that determines the value of property, or the extent of damage, usually performed by an impartial expert.
Arbitration
A process of settling a dispute through an impartial party. It is used as an alternative to litigation.
Assigned Risk (AIP)
A driver or vehicle owner who cannot qualify for insurance in the regular market. He or she must get coverage through a state assigned risk plan which specifies that each company must accept a proportionate share of these drivers/owners.
Assured
Means the same as an insured, policyholder, or someone who has an insurance policy.
At-Fault
The party that is legally liable for the damages in an accident.
Auto Damage (AD)
Division of the claims department that handles auto claims.
Auto Damage Adjuster
The auto damage adjuster is responsible for writing the repair estimate for your vehicle. This adjuster will also answer your questions about the repair process, your rental vehicle, or your total loss settlement.
Auto Insurance
Auto Insurance provides protection from losses resulting from owning and operating an auto. The insurance covers losses to the insured’s property and losses for which the insured is liable as a result of owning or operating an auto.
Auto Repair Xpress®
GEICO program that maximizes convenience. It allows you to complete your vehicle’s repair process at one location. Shop Representatives are on site to facilitate the repair process. Rental vehicle arrangements are available on-site through Enterprise Rent-A-Car. All work is guaranteed for as long as you own the vehicle.
Auto Theft
The theft of an auto is a type of loss that is covered under comprehensive coverage.
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