Auto Insurance Auto mobile insurance plans

[Phabbyfundz]

The assigned risk plan, the most common type, currently found in 42 states in the district of columbia, generally is administered through an office created or supported by the state and governed by a board of representing insurance companies licensed in the state. Massachusetts began a 3 year process of changing over to an assigned risk plan beginning in April 2008. It originally had a reinsurance pooling facility.
When agents or company representatives are unable to obtain auto insurance for an applicant in the market voluntary market, they summit the application to the assigned risk plan office. These application are distributed randomly by the automobile insurance plan to all insurance company that offer automobile liability coverage in the state in the proportion to the amount of their voluntary business. Thus if on a given day the plan receives 100 applicants from agents around the states, a company with 10 percent of that states regular private passenger automobile insurance business will be assigned 10 of those applicants and will be responsible for all associated losses.

 

[btaliat]

This is the first time time I am reading this about auto mobile insurance policy. What I know about this type of insurance policy in the United States is that it is compulsory to have liability auto insurance policy to cover whatever damages the driver may have caused third party.

 

[Wisdom01]

The plans are available in different countries and they have different policies attached , the automobile insurance plan could insure your car or property against any form of risk that might want to happen to it , but am surprised on how the heirrachy is made as you stated they recieves 100 agents

 

[Mandy96]

It is popularly known that auto mobile insurance deals with vehicles generally. Well from the write up I just saw up there makes me understand that this type basically happens in developed countries like USA. Places like Nigeria don’t really offer this kind of policy. We can judge by the amount of poverty in the country

 

[btaliat]

Like I said, it is commonly practiced in the western world because of their enlightenment on how these kinds of insurance policy works. It is not possible to be driving vehicles for some time without causing damages to the third party. This is the sole reason for this kind of insurance policy.

 

[Chibson]

Auto vehicle insurance is one of the most important types of insurance because it can go a very long way in helping you secure your vehicles in terms of accidents and other unforeseen circumstances that may come up along the line. This is actually very advisable for people that's travels a lot or transporters.