Residual Automobile Insurance Market

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What does Residual Automobile Insurance Market mean? Read on to discover the definition & meaning of the term Residual Automobile Insurance Market - to help you better understand the language used in insurance policies.

Residual Automobile Insurance Market

Residual Automobile Insurance Market

The residual automobile insurance market (also known as the shared market) is the buying option for a person who cannot buy a standard automobile insurance because they or their automobile is classified as too high a risk by state insurance regulators.

More Insurance Terms And Definitions

The Merriam-Webster Dictionary defines insurance as:

a: The business of insuring persons or property.

b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.

c: The sum for which something is insured.

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