Are Motor Vehicle Damage Insurance and Vehicle Damage Insurance the Same?

[Robyn]

Motor Vehicle Damage Insurance is the same as Vehicle Damage Insurance, just with a different name. Here is the relevant information: 1. Vehicle Damage Insurance: Vehicle Damage Insurance refers to a type of commercial auto insurance where the insurance company compensates within a reasonable range for damages to the insured vehicle caused by an insurance accident while the vehicle is being used by the policyholder or an authorized driver. Vehicle Damage Insurance and Third-Party Liability Insurance are the basic types of vehicle insurance, primarily covering the loss of the insured vehicle and the loss caused to a third party by the insured vehicle during use. 2. Insurance Determination Method: There are three ways to determine the coverage amount for Vehicle Damage Insurance: determining the coverage amount based on the new car purchase price, determining the coverage amount based on the actual value at the time of insurance purchase, or determining the coverage amount through negotiation between the policyholder and the insurance company.