Automobile Liability Insurance
Definition
- Insurance purchased for road vehicles which provides financial protection against any damages caused in traffic collisions. Also known as auto insurance, vehicle insurance, car insurance, or motor insurance.
Synonyms
accident protection, safeguard, coverage
Related Terms and Acronyms
- Collision Insurance — Definition,
- Auto insurance that provides coverage for damages to the policyholder's vehicle in the event that the policyholder is at fault in a traffic collision.
- Coverage — Definition,
- The type or amount of protection afforded by an insurance policy.
- High Risk Auto Insurance — Definition,
- Auto insurance for drivers with an increased risk of collisions.
- Liability — Definition,
- A situation where one party is found to be legally responsible for something.
- Liability Insurance — Definition,
- Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
- Loss Payable Clause — Definition,
- An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
- Personal Lines — Definition,
- Property and/or casualty insurance policies of individuals or whole families.
- Preferred Auto — Definition,
- Auto insurance for those with better driving records.
- Private-Passenger Auto Insurance Policyholder Risk Profile — Definition,
- A system for sorting drivers by their driving records and how likely they are to cause a loss for an insurance company.
- Subrogation — Definition,
- When an insurance company has the right to take legal action against a third party for damages.
