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).

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