Automobile Assigned Risk Insurance Plan
Definition of "Automobile assigned risk insurance plan"
Coverage in which individuals who cannot obtain conventional automobile liability insurance, usually because of adverse driving records, are placed in a residual insurance market. Insurance companies are assigned to write insurance for them, at higher prices, in proportion to the premiums written in a particular state. These plans protect motorists who suffer injury or property damage through the negligence of bad drivers who otherwise would not have insurance.
Popular Insurance Terms
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Required minimum amounts of coverage that an insurance company will underwrite. For example, for auto liability coverage the minimum that many companies will write is $25,000. Most ...
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