A peril specifically mentioned as covered in an insurance policy.
net premiums written
(See premiums written)
Auto insurance coverage that pays for each driver’s own injuries, regardless of who caused the accident. No-fault varies from state to state. It also refers to an auto liability insurance system that restricts lawsuits to serious cases. Such policies are designed to promote faster reimbursement and reduce litigation.
The idea that people who do not buy coverage should not receive benefits. Prohibits uninsured drivers from collecting damages from insured drivers. In most states with this law, uninsured drivers may not sue for noneconomic damages such as pain and suffering. In other states, uninsured drivers are required to pay the equivalent of a large deductible ($10,000) before they can sue for property damages, and another large deductible before they can sue for bodily harm.
Assets that are not included on the balance sheet of an insurance company, including furniture, fixtures, past-due accounts receivable, and agents’ debt balances.
Insurers licensed in some states, but not others. States where an insurer is not licensed call that insurer non-admitted. They sell coverage that is unavailable from licensed insurers within the state.
notice of loss
A written notice required by insurance companies immediately after an accident or other loss. Part of the standard provisions defining a policyholder’s responsibilities after a loss.
open competition states
States where insurance companies can set new rates without prior approval, although the state’s commissioner can disallow them if they are unreasonable and inadequate, or are discriminatory.
original equipment manufacturer (OEM) parts
Sheet-metal auto parts made by the manufacturer of the vehicle. (See generic auto parts)
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.