[C169]

convertible collision

A form of full coverage collision insurance for automobiles in which 50% of the full coverage premium is charged as an initial premium, the remaining 50% being payable only if the policyholder makes a claim during the policy period. Thus, the effect is that the policyholder is not likely to make a claim unless the amount of the loss exceeds the initial premium, in which case the premium payable is changed (or converted) from 50% of the full cover rate to 100%, becoming obsolete.