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Motor vehicle insurance, also called automotive insurance, a contract by which the insurer assumes the risk of any loss the owner or operator of a car may incur through damage to property or persons as the result of an accident. There are many specific forms of motor vehicle insurance, varying not only in the kinds of risk that they cover but also in the legal principles underlying them.
In several countries insurance companies offer direct repair programs (DRP) so that their customers have easy access to a recommended car body repair shop. Some also offer one-stop shopping where a damaged car can get dropped off and an adjuster handles the claim, the car is fixed and often a replacement rental car is provided. When repairing the vehicle the car body repair shop is obliged to follow the instructions regarding the choice of original equipment manufacturer (OEM), original equipment supplier parts (OES), Matching Quality spare parts (MQ) and generic replacement parts. Both DRPs and non OEM parts help to keep costs down and keep insurance prices competitive. AIRC (International Car body repair Association) General Secretary Karel Bukholczer made clear that DRP's have had big impact on car body repair shops.[60]
It’s important to note that every company considers credit very differently, and even among insurers this factor fluctuates by state. For example, NerdWallet’s 2019 car insurance rate analysis indicates that while State Farm charges higher rates for poor credit in many states, it doesn’t seem to do so in Maine. Similar variations are true for many other companies as well.
To initiate the process, insured is required to submit a detailed estimate of loss to the insurance company. Independent automobile surveyors with engineering background are given the task of assessing the reason and extent of loss. They carefully inspect the damaged vehicle and submit their survey report with the insurance company who will review and examine it in accordance with the recommendations mentioned therein The usual practice is to authorize repairs with the repairer to whom letter is issued in this regard.
Several jurisdictions have experimented with a "pay-as-you-drive" insurance plan which utilizes either a tracking device in the vehicle or vehicle diagnostics. This would address issues of uninsured motorists by providing additional options and also charge based on the miles (kilometers) driven, which could theoretically increase the efficiency of the insurance, through streamlined collection.[3]
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