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Insurance Glossary

MVAIC

Auto

Definition

Motor Vehicle Accident Indemnification Corporation - a New York state fund that provides compensation to innocent victims injured by uninsured motorists, hit-and-run drivers, or financially irresponsible motorists. MVAIC is funded by assessments on auto insurers doing business in New York.

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Related Terms

Uninsured Motorist Coverage
Insurance that covers you if you're in an accident caused by a driver who doesn't have liability insurance.
Financially Irresponsible Motorist
A New York insurance term for a driver who fails to maintain required auto insurance coverage or cannot pay for damages they cause. Victims of financially irresponsible motorists may file claims with MVAIC (Motor Vehicle Accident Indemnification Corporation).
Collision Coverage
Insurance coverage that pays for damage to your vehicle resulting from a collision with another vehicle or object.
Comprehensive Coverage
Insurance coverage for damage to your vehicle from causes other than collision, such as theft, vandalism, fire, weather events, or hitting an animal.
Motorcycle Insurance
Specialized insurance coverage for motorcycles including liability, collision, comprehensive, uninsured motorist, and optional coverages like accessory coverage and roadside assistance.
Golf Cart Insurance
Insurance coverage for golf carts used on golf courses or private property, typically including liability, physical damage, and medical payments. May be covered under homeowners insurance or require separate policy.
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