Auto & Homeowner's Insurance Glossary

Definitions offered in this section are meant to provide generic insurance information to consumers. They are not complete descriptions of all terms, exclusions and conditions applicable to the products and services offered by Electric Insurance. The terms and conditions of the policies issued are controlling in all cases. Product availability varies by state.

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	Garaging Location	When is a garage not a garage? In this case, it refers to where you usually keep your car when you're not driving it, whether in a building or not. If you normally keep your vehicle in a town other than the one you live in, you must notify your insurance company.
	Good Student Discount	Since studies have proven a link between good grades and good, safe driving, some insurance companies offer reduced premiums to students with high scholastic ratings. To be eligible for reduced premiums, simply provide Electric Insurance with a recent transcript showing a B average or better. Good Student discount regulations vary among states and the discount is not available in all states.
	Group Affiliation	Electric Insurance is able to offer group discounts to certain companies, groups, or clubs.
	Guaranteed Replacement Cost	Guaranteed Replacement Cost coverage on homeowner's insurance means that your home will be repaired to its value at the time of loss, regardless of the amount of coverage carried. For example, you estimate your home to have a full replacement value of $162,000 and you insure it for $162,000. If you have guaranteed replacement cost endorsement on your policy and the home is lost in a fire and the house costs $168,000 to rebuild, the policy will pay $168,000.