Collision Damage Waiver

Definition of "Collision damage waiver"

Special property damage coverage purchased by an individual renting an automobile under which the rental company waives any right to recover property damage to the automobile from that individual, regardless of who is at fault. A significant fee is paid by the individual to the rental company for this waiver for coverage that may already be provided by a personal automobile policy (PAP).

Search Real Estate Glossary

Related Real Estate Glossary terms

Collision

Physical contact of an automobile with another inanimate object resulting in damage to the insured c ...

Contingency

Event that may or may not occur in a given time period. For example, whether a specific person will ...

Mortgage Equations

Equations used to derive common measures used in the mortgage market, such as monthly payment, bal ...

Drainage Easement

The right to drain water through anothers property through a ditch, pipe, or trench. See also drai ...

Positive Leverage

When the return on borrowed funds exceed the after-tax interest cost. It is profitably using other p ...

Short Rate Premium

Premium charge for a policy that is going to be in force for less than the normal period of time. ...

Related Real Estate FAQ

What Is A Conventional Mortgage?

A conventional mortgage is a mortgage made by banks and other lending institutions that is not insur ...

What Are Closing Costs?

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. ...

What Does Travel Insurance Typically Cover?

Loss of luggage Loss of travel documents Cancellation and lost deposit expenses Medical expens ...

What Is A Wraparound Mortgage?

A wraparound mortgage is a new mortgage that includes the remaining balance on an old mortgage, plus ...

Do I Need Flood Insurance?

Over 90% of all presidential-declared disasters in the United States are flood related. Leveling for ...

What Is An Overall Debt Ratio?

An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-t ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Rent or Buy - the pros and cons What Costs Do Buyers and Sellers Pay On Big Day When Escrow Closes? How Does The Home Loan Underwriting Process Work? 10 Tips for Homebuyers Why Use a Real Estate Agent?

FAQ

What is a REALTOR®? What is equity? What is a treasury index? If I want to buy a house and I know the property and the seller already have an agent, can I act as my own agent and negotiate a lower fee? What do I need to know about Group Health Insurance?