In this article, the main question is as follows: does the choice of an insurance policy by the policyholder, reveal the level of risk incurred by the insurance company and does it tell us about the policyholder’s risk aversion in this situation of exchange under asymmetric information (moral hazard and adverse selection)? Different studies have shown that the choice of a level of coverage is mainly determined by the value of the vehicle. The two representative variables of risk in frequency (i.e. objective coefficient of risk and “bonus-malus”) also intervene but with limited effects. The level of coverage increases with both the value of the vehicle and the indicator of risk. The policyholder, through the choice of a deductible, mainly shows his aversion to the loss of the investment that he has just made. He is sensitive about it in absolute value and not in terms of assets loss. It is essential for the policyholder to protect his investment. At this level, the relative risk of each individual, either the “official” information of the “bonus-malus” or the objective risk (calculated by the insurer) is not very important. The individual risk aversion is mainly due to the maximal level of loss and not to the expected loss.