Definition: The word "auto insurance" refers to insurance provided by a private company that provides coverage for vehicles that are used or owned by an individual, while traveling on public roads. Auto insurance typically covers damage to, repair costs related to, and replacement of property sustained by a driver in an automobile accident or other traffic-related incident. It also includes coverage against third-party liability and provides protection against personal injury claims if the accident results from the negligence or breach of duty of another party. The term "auto insurance company" refers to a private entity that operates in the auto insurance market, typically offering various types of insurance products such as comprehensive, collision, liability, property, and accident coverage. They are responsible for managing policies, making claims, issuing rebates, and collecting premiums from policyholders.