A plan that provides automobile insurance to individuals otherwise unable to obtain coverage due to their driving records. The price of this type of insurance is higher than standard automobile coverage.
Insurance Encyclopedia
Automobile Fleet
A group of automobiles under the same ownership and management. For insurance purposes a fleet usually consists of five or more self-propelled units and generally qualifies for certain premium reductions and rating plan.
Automobile insurance
An automobile owner’s protection against various risks such as bodily injury liability, medical, property damage, collision, comprehensive, and uninsured motorists.
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Coverage on the risks associated with driving or owning an automobile. It can include collision, liability, comprehensive, medical, and uninsured motorist coverages.
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A type of insurance which protects the insured against losses involving automobiles. Different coverage can be purchased depending on the needs and wants of the insured e.g., the liability coverage of bodily injury liability, property damage liability and medical payments and physical damages of collision and Package policy.
Automobile Insurance Plan
One of several types of “shared market” mechanisms where persons who are unable to obtain such insurance in the voluntary market are assigned to a particular company, usually at a higher rate than the voluntary market. Formerly called “Assigned Risk.”
Automobile insurance premium discounts
Some insurance companies reduce premium rates for drivers who have good driving records, have taken a driver education course, are between the ages of 50 and 74, car pool, buy homeowner’s or renter’s insurance from the same company, install antitheft prevention devices and receive antitheft prevention services, or drive cars with special safety features.
Automobile liability coverage
Coverage in which the insurer agrees to pay all sums for which the insured is legally obligated because of bodily injury or property damage arising from the ownership, maintenance, or use of an auto. Generally part of a commercial or personal auto policy.
Automobile liability excess indemnity
Provides excess limits for bodily injury (BI) and property damage (PD) liability for persons unable to secure more than minimum limits under their basic liability policy. This type of coverage stipulates that the primary policy must always be kept in force and is typically purchased by assigned risk plan policyholders.
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Provides excess limits for bodily injury (BI) and property damage (PD) liability for persons unable to secure more than minimum limits under their basic liability policy. This type of coverage stipulates that the primary policy must always be kept in force and is typically purchased by assigned risk plan policyholders.
Automobile Liability Insurance
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property.
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A form of liability insurance that is specifically designed meet requirements of Motor Vehicles Act in India to indemnify for loss incurred through legal liability for death and/or bodily injury and damage to property of others caused by accident arising out of ownership or operation of an automobile.
Automobile liability insurance (Vehicle Insurance)
Insurance that covers the insured in case of legal responsibility for damage caused by an automobile. Required by state law.
Automobile medical payments
Coverage applying to the medical, hospital, or funeral expenses of anyone injured while on or in an insured automobile. The coverage is not dependent on liability, being triggered simply by an accident. It may be included in either the Business Auto Policy or the Personal Auto Policy. See also Premises medical payments.