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Financial Responsibility and Compulsory Insurance Laws

A brief review of insurance responsibility laws.

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Effective in All States

 Summary: All states have laws that assure compensation for victims of automobile accidents. The five types of statutes in effect presently are (1) financial responsibility laws, (2) compulsory automobile liability insurance, (3) unsatisfied judgment fund laws, (4) laws requiring uninsured motorists coverage, and (5) no-fault automobile laws. This article discusses the first three types; uninsured motorists and no-fault laws are treated in other articles. See Personal Auto Policy—Part C for a discussion of uninsured motorists coverage and see Uninsured Motorists Requirements for a state-by-state examination of uninsured motorists regulations. See No-Fault Auto Insurance for information on no-fault insurance.

Topics covered:

Introduction

Financial Responsibility Laws

Compulsory Insurance Laws

Unsatisfied Judgments

Judgments and the Laws

Insurance Policies and the Laws

Introduction

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