Coverage for losses above the limit of an underlying policy such as homeowners and auto insurance. While it applies to losses over the dollar amount in the underlying policy, terms of coverage are sometimes broader than those of the underlying policy.
The result of the policyholder’s failure to buy sufficient insurance. An underinsured policyholder may only receive part of the cost of replacing or repairing damaged items covered in the policy.
Examining, accepting, or rejecting insurance risks and classifying the ones that are accepted, in order to charge appropriate premiums for them.
The portion of a premium already received by the insurer under which protection has not yet been provided. The entire premium is not earned until the policy period expires, even though premiums are typically paid in advance.
Risks for which it is difficult to get insurance. (See insurable risk)
uninsured motorists coverage
The portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers.
(See medical utilization review)
A policy under which the insurer pays a specified amount of money to or on behalf of the insured upon the occurrence of a defined loss. The money amount is not related to the extent of the loss. Life insurance policies are an example.
The malicious and often random destruction or spoilage of another person’s property.
A policy contract that, for some reason specified in the policy, becomes free of all legal effect. One example under which a policy could be voided is when it is proven that a policyholder provided false information.
To insure, underwrite, or accept an application for insurance.
The Vehicle Insurance Rating is a 1 - 5 score indicating which vehicle's insurance cost provides the best value.
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Vehicle Insurance Ratings
The Vehicle Insurance Ratings are compiled by our data partner, Vincentric. The ratings are based on the anticipated insurance costs of a vehicle when compared to similarly priced vehicles within the same category (SUVs, crossovers, sedans, etc.). To determine the ratings, Vincentric uses a series of statistical models to determine the insurance cost patterns relative to the cost of the vehicle. A higher Vehicle Insurance Rating value indicates that a vehicle is less expensive to insure that other vehicles in that category. Conversely, a lower rating suggests that the vehicle may cost more to insure.