Compulsory auto insurance laws make it unlawful for motorists to operate vehicles without first having proof of their ability to pay for any judgments stemming from accidents. To uphold that objective, states with compulsory insurance laws require proof of one of the following when an auto is registered: auto liability insurance, a bond guaranteeing a motorist's financial responsibility, or a deposit of money or other valuable certificates as security for satisfying judgments.
Insurance Type: Auto Insurance
Category: glossary
Gap Insurance
This insurance pays if your vehicle is considered a total loss in an accident and the current value of the vehicle is less than what you currently owe on the vehicle. This is usually an insurance that is purchased at the time that you purchase your vehicle through your leinholder or leasing company.Like most automobile insurance companies, GEICO does not offer this type of coverage. If you were involved in an accident in which your vehicle were considered a total loss, then your automobile insurance
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