Automobile Assigned Risk Insurance Plan
Definition - What does Automobile Assigned Risk Insurance Plan mean?
An automobile assigned risk insurance plan is an auto insurance plan that is designed to provide insurance for drivers who are perceived as high risk to insurance companies. Drivers can be viewed as high risk to auto insurance companies if they have bad driving records with a lot of accidents, tickets, and other issues
Insuranceopedia explains Automobile Assigned Risk Insurance Plan
Automobile assigned risk insurance plans generally come with higher premiums. This is because the insurer has a greater chance of having to pay out a claim. So, it can be costly to have a bad driving record. These plans are alternatives to standards auto plans or to preferred auto plans. Standard auto plans are given to drivers with an average level of risk. Preferred auto policies are given to drivers with the lowest level of risk