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

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Auto Insurance for High- Risk Drivers

Some drivers have difficulty obtaining auto insurance through normal market channels. This group includes younger drivers who account for a disproportionate number of auto accidents, drivers with poor driving records, and drivers with one or more convictions for drunk driving. These drivers can obtain auto insurance in the shared market (also called the residual market). The shared market refers to plans in which auto insurers participate to make insurance available to drivers who are unable to obtain coverage in the standard markets.

High-risk drivers who have difficulty in obtaining auto insurance in the standard markets can purchase the insurance from a number of sources, including the following:

  • Automobile ...

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