Can motorcycles purchase third-party liability insurance?
1 Answers
Motorcycles can purchase third-party liability insurance. As motorcycles are classified as motor vehicles, and third-party liability insurance falls under motor vehicle insurance, it is indeed available for motorcycles. Third-party liability insurance is a type of commercial auto insurance. Unlike compulsory traffic insurance, the coverage under commercial insurance can be selected based on the customer's requirements, and insurance companies cannot mandate the purchase of basic insurance. The main types of commercial insurance include: 1. Vehicle damage insurance: This covers losses to the insured vehicle in single-party accidents, excluding standalone glass breakage or damages incurred while parked. 2. Third-party liability insurance: Its coverage scope is similar to compulsory traffic insurance, but claims are only processed after compulsory insurance payouts are exhausted. Compensation is calculated based on the proportion of accident liability, with premium costs varying according to the coverage amount.