assigned risk plan

Definition

Type of auto insurance plan that gives the ability to obtain insurance from a pool of insurers to individuals that have previously been denied insurance coverage based on risk factors. All licensed insurers must participate in this type of plan and are allowed to determine their own rates. Individuals cannot be denied for this type of plan and the fees are usually much higher than regular auto insurance plans.

Use assigned risk plan in a sentence

You should try and figure out a way to get a good assigned risk plan that will cover all of the things you need.

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After having several accidents in one year, my insurance rates went through the roof because my company had to put me into an assigned risk plan.

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Since he had been dropped by his insurance company due to accidents, he was now being included in the assigned risk plan, but he knew he would pay a premium.

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