Insurance that covers the insured’s vehicle against damage caused by various sources; for example, vandalism or a fire.
Insurance Encyclopedia
Automobile policy
See: automobile insurance.
Automobile premium
Cost of automobile insurance coverage paid either monthly, quarterly, or annually to an insurance company that keeps the policy in force. Insurance companies base their premium rates on historical loss experience for similar risks.
Automobile reinsurance facility
One of several types of shared market mechanisms used to make automobile insurance available to persons who are unable to obtain such insurance in the regular market.
Automobile shared market
A program in which all automobile insurers in each state make coverage available to car owners who are unable to obtain auto insurance in the voluntary market.
Autonomous vehicle –
A vehicle able to maneuver without instructions or actions by a driver. Passengers and the driver can be engaged in other activities while the vehicle maneuvers on its own. Projections are that there will be autonomous taxis operating without drivers that travel an area picking up passengers and delivering them to their desired locations.