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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Overview of Personal Auto Policy

In this section, we discuss the major provisions of the 2005 Personal Auto Policy (PAP) drafted by the Insurance Services Office (ISO).1 The 2005 PAP is widely used throughout the United States.2 A copy of this policy is provided in Appendix A at the end of this text.

Eligible Vehicles

Only certain types of vehicles are eligible for coverage under the PAP. An eligible vehicle is a four-wheeled motor vehicle owned by the insured or leased by the insured for 6 or more continuous months. Thus, a private passenger auto, station wagon, or sport utility vehicle owned by the insured is eligible for coverage. Also, as explained later, a van or pickup can be insured under the PAP if certain requirements are met.

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