What’s Under the Hood? 10 Insurance Terms You Need to Know

Flickr/Jerry Bunkers

Flickr/Jerry Bunkers

Have you ever taken your car into the shop and felt your eyes glaze over as the mechanic explains the problem has to do with the intake manifold, which is affecting the crankshaft…er…sorry…what was that?

Not to perpetuate a well-worn stereotype, but there are all kinds of topics that have complex terminology we often don’t fully understand. If you’re familiar with cars, maybe you get tongue-tied when the topic turns to investing, or perhaps computers. Or, if you’re like many people, you shut down when it comes to insurance.  According to the State of Insurance Report conducted by TD Insurance, 31 percent of respondents don’t ask questions about their insurance policy because they think it’s too complicated, while another 23 percent fail to do so because they’re embarrassed about their lack of knowledge.

It seems like the easy way out – until you file for a claim and find out you’re not covered.

Say what?!

You might need a new whatchamacallit for your car, but a nasty insurance surprise is something we can all live without. Check out 10 insurance terms you should know, and how to use those terms to read – and understand – your policy in my new article on GoldenGirlFinance.com.


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