What does Standard Auto Insurance Policy mean? Read on to discover the definition & meaning of the term Standard Auto Insurance Policy - to help you better understand the language used in insurance policies.
Standard Auto Insurance Policy
A standard auto insurance policy is a basic auto insurance policy typically only offered to people who represent a low or average risk to the insurer. To qualify, a person usually has to meet certain desirable criteria related to driving history, credit, and certain other factors. The insurer considers the applicant's characteristics and relies on actuarial data derived from other similar drivers to determine the premium charge.
We hope the you have a better understanding of the meaning of Standard Auto Insurance Policy.