States where insurers must file rate changes with their regulators, but do not have to wait for approval to put them into effect.
financial responsibility law
A state law requiring that all automobile drivers show proof that they can pay damages up to a minimum amount if involved in an auto accident. Varies from state to state, but can be met by carrying a minimum amount of auto liability insurance. (See compulsory auto insurance)
Coverage for the policyholder’s own property or person. In no-fault auto insurance, it pays for the cost of injuries. In no-fault states with the broadest coverage, the personal injury protection (PIP) part of the policy pays for medical care, lost income, funeral expenses, and—for cases in which the injured person is not able to provide services such as child care—substitute services. (See no-fault; third-party coverage)
Coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance agents. It is also available from a few private insurers. Flood coverage is excluded under homeowners policies and many commercial property policies. However, flood damage is covered under the comprehensive portion of an auto insurance policy. (See adverse selection)
forced place insurance
Insurance purchased by a bank or creditor on an uninsured debtor’s behalf so if the property is damaged, funding is available to repair it.
Intentional lying or concealment by policyholders to obtain payment of an insurance claim that would otherwise not be paid; or lying or misrepresentation by the insurance company managers, employees, agents, or brokers for financial gain.
The number of times a loss occurs. One of the criteria used in calculating premium rates.
An automobile insurance option available in some states that covers the difference between a car’s actual cash value when it is stolen or wrecked and the amount the consumer owes the leasing or finance company. Mainly used for leased cars.
generic auto parts
Auto crash parts produced by firms that are not associated with car manufacturers. Insurers consider these parts, when certified, at least as good as those that come from the original equipment manufacturer (OEM). They are often cheaper than the identical part produced by the OEM. (See crash parts; original equipment manufacturer parts (OEM))
Coverage for glass breakage caused by all risks; fire and war are sometimes excluded. Insurance can be bought for windows, structural glass, leaded glass, and mirrors. Available with or without a deductible.
graduated drivers licenses
Licenses for younger drivers that allow them more driving privileges as their skills gradually improve. Regulations vary by state, but nighttime driving is often restricted. Young drivers receive a learners permit, followed by a provisional license, before they can receive a standard drivers license.
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.