All about Leasing Equipment

Bodily Injury Limits mean what? the amount your policy would pay if you were at fault for injuring another person.

Property Damage Limit - the amount your policy pays if you are at fault for damaging other vehicles or property

Medical Payments Limit - your policy pays you or a family member doctor bills and out of pocket cost for injury regardless of fault - pain & suffering are not included.

Uninsured/Under insured Motorist Bodily Injury - if someone without insurance or with very little insurance injures you, your policy will pay what the other driver's insurance ought to have paid. This will not help with damage to your vehicle.

Liability Coverage means what? it means you have coverage only for damage you do to others. You will not have coverage for any damage that occurs to your vehicle or self.

Uninsured Motorist Property Damage would be what ? If an uninsured motorist hits you, this takes care of damage to your vehicle. (you usually wouldn't have this if you carry comp/collision on your vehicle)

Comprehensive & Collision Coverage & Deductibles are? Similar to a co-pay. Regardless of fault, it's the amount you will pay for damage to your vehicle, the insurance company will kick in the rest.

Comp - weather-related damage (hail, etc), hitting an animal, vandalism, airborne objects striking your car

Collision - impact w/another vehicle of object

Emergency Road Service Limits ? If you have to have your car towed a long distance, your insurance may cap the amount they will pay for the tow.

Rental Car Limits ? (Does this mean they give you a rental car ?) If your rental limits are $30/$900, your policy will cover $30 per day up to 30 days while your vehicle is being repaired.

Customized Parts and Equipment Coverage Limits means what? If you have aftermarket equipment installed on your vehicle - like fancy rims or DVD players or stereo equipment, you might want to buy extra coverage for it.

Loan/Lease Gap Coverage is what kind of thing? If you owe $5000 on your car and it's totalled and the actual cash value of your car is only $4000, Gap coverage would cover the difference to pay your loan off. Be careful, as some of them have limits built in, especially if you're way upside down on the loan when you bought your new car.
References :

Actually, YOUR AGENT is the person to go to, for definitions. You're asking for a TON of questions, and each answer will generate MORE questions.

If you're trying to buy your insurance without an agent, online, that's the main drawback.

Some policies will define these things slightly differently, and in some states, they will also have different definitions.

Kudos to anyone who actually defines all of these accurately - it would take pages and pages. So, if someone DOES attempt to define these, keep in mind, it's not a FULL definition, and you need to either read your policy, or talk to your agent, for a full definition.
References :
agent, 21+ years

Read the definitions in your policy.

You policy will explain each coverage in easy-to-understand Engish.

If you have any questions about what you have read, call your agent.

If you are insured through one of those internet or TV only companies, my suggestion would be that you switch to a local agent. You can go to his/her office anytime during normal business hours, or make an appointment.

It's really nice to know that you have a real face to see when you visit his/her office; not just some voice out there in cyberspace, that you couldn't talk to the same person on two calls in a row.

Most companies who have local agents will also have a toll-free number to call after hours.
References :
Retired agent, 30 yrs.