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Today's Terms
Salvage
Definition:
Property taken over by an insurer to reduce its loss.
Replacement Cost
Definition:
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
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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