Car insurance

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Car Insurance

An insurance policy providing coverage for damage caused to one's car, the damage the car itself causes, and/or its theft. One pays premiums to the car insurance company in exchange for this coverage. The amount of the premium is determined by the relative danger that the car and driver pose. For example, a sports car will likely command a higher premium than a sedan, and a young driver almost always pay more than an older driver. All U.S. states require drivers to have some form of car insurance.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Car insurance.

Car insurance covers theft of and damage to your car or damage that your car causes, plus liability protection in case you are sued as a result of an accident. Your state may require proof of insurance before you can register your car.

As a car owner, you pay premiums set by the insurance company based on the value of your car and the risk the company believes you pose. The insurance company agrees to cover your losses, subject to a deductible and the limits specified in the contract.

Some states have insurance pools that allow car owners who have been turned down elsewhere to obtain coverage.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Megill allegedly submitted 10 motor vehicle registration applications for vehicles that falsely indicated the vehicles were insured by valid New Jersey automobile insurance policies when, in fact, they were not.
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and Nichido Fire & Marine Insurance Co., the arms of Millea Holdings Inc., plan to start selling in August automobile insurance policies with premiums varying accordance to risk, company officials said Wednesday.
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In addition to risk retention, the two associations also agreed to support legislation to provide coverage for rental vehicles under the provisions of private passenger automobile insurance policies issued in New York.
Appraisal gains on their stockholdings and a pickup in sales of automobile insurance policies also contributed to pushing up their profits, the six insurers said.
* Bristol West Insurance Group's OneStep is a Web-based point-of-sale underwriting system that allows producers to underwrite, quote, issue and service private-passenger automobile insurance policies. OneStep reduces policy servicing costs by completing the new business transaction at the point of sale.
said Thursday it has developed an adapter that automatically connects holders of its automobile insurance policies to its accident information center for advice when they insert it into mobile phones.
A provider of non-standard personal automobile insurance policies, the firm reported a net loss of USD0.7m for the quarter ended March 2014.

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