A single insurance policy that combines several coverages previously sold separately. Examples include homeowners insurance and commercial multiple peril insurance.
A system proposed in the 1990s in which auto insurance premiums would be paid to state governments through a per-gallon surcharge on gasoline.
A specific risk or cause of loss—such as a fire, windstorm, flood, or theft—that is covered by an insurance policy. A named-peril policy covers the policyholder only for the risks named in the policy, in contrast to an all-risk policy, which covers all causes of loss except those specifically excluded.
personal injury protection (PIP) coverage
The portion of an auto insurance policy that covers the treatment of injuries to the driver and passengers of the policyholder’s car.
Property/casualty insurance products that are designed for and bought by individuals, including homeowners and automobile policies.
A written contract for insurance between an insurance company and policyholder stating details of coverage.
The amount of money remaining after an insurer’s liabilities are subtracted from its assets. It acts as a financial cushion above and beyond reserves, protecting policyholders against an unexpected or catastrophic situation.
(See insurance pool)
The particular location of the property (or a portion of it) as designated in an insurance policy.
The price of an insurance policy, typically charged annually or semiannually. (See direct premiums; unearned premium)
A state tax on premiums paid by its residents and businesses and collected by insurers.
The total premiums on all policies written by an insurer during a specified period of time, regardless of what portions have been earned. Net premiums written are premiums written after reinsurance transactions.
prior approval states
States where insurance companies must file proposed rate changes with state regulators, and gain approval before they can go into effect.
proof of loss
Documents showing the insurance company that a loss occurred.
Covers damage to or loss of a policyholder’s property and legal liability for damages caused to other people or their property. Property/casualty insurance, which includes auto, homeowners, and commercial insurance, is one segment of the insurance industry. The other sector is life/health. Outside the United States, property/casualty insurance is referred to as nonlife or general insurance.
A November 1988 California ballot initiative that called for a statewide auto insurance rate rollback and for rates to be based more on driving records and less on geographical location. The initiative changed many aspects of the state’s insurance system and was the subject of lawsuits for more than a decade.
An entity that offers insurance to groups of similar businesses with similar exposures to risk.
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.