What does Specified Perils Insurance mean? Read on to discover the definition & meaning of the term Specified Perils Insurance - to help you better understand the language used in insurance policies.
Specified Perils Insurance
Specified perils insurance is a type of coverage for auto insurance that insures the policyholder's car against damage due to certain perils pre-defined in the policy. As opposed to comprehensive coverage, which is based on an "all risks" form of coverage, this type only applies to the listed perils. Do note that it may be a less commonly used term in some cases, with specified losses of coverage being preferred by some insurers.
We hope the you have a better understanding of the meaning of Specified Perils Insurance.