Vermont Statutes Title 8 Sec. 4673
Terms Used In Vermont Statutes Title 8 Sec. 4673
- Accident: means any occurrence with a motor vehicle involving the applicant, insured, or any operator of a private passenger type motor vehicle currently a resident in the same household that results in physical contact between the motor vehicle owned or operated by the insured or applicant, and a person or another object. See
- Insured: means a person owning a private passenger type automobile and includes a relative of an owner or a minor in the custody of an owner or relative, if the relative or minor resides in the same household as does an owner. See
- Surcharge: means any amount of premium charged to or paid by an applicant or insured based on experience or record that makes the amount of the premium greater than that imposed on or charged to other applicants or insureds having more favorable experience or records. See
§ 4673. Exceptions
(a) No rate increase may be applied for a claim payment under uninsured motorist, medical payment, comprehensive, fire, theft, or a combined additional coverage.
(b) This subchapter shall not apply to an automobile that is:
(1) [Repealed.]
(2) used in the business of driver training; or
(3) insured under a commercial plan.
(c) No surcharge may be applied to a policy written for a term in excess of 12 months unless that policy provides for an annual adjustment of premiums.
(d) The Commissioner may by rule designate mitigating circumstances, the existence of any of which shall remove the basis for application of a surcharge.
(e) If a policy is surcharged as the result of an accident and subsequently the circumstances of the accident are found to include a mitigating circumstance, the insurer shall refund to the insured the increased portion of the premium generated by the accident. (Added 1975, No. 75; amended 1979, No. 28, § 7.)