Does Vehicle Damage Insurance Cover Water-Soaked Cars?
1 Answers
Vehicle Damage Insurance covers water-soaked cars. Introduction: Vehicle insurance, also known as motor vehicle insurance or auto insurance, refers to a type of commercial insurance that provides compensation for personal injuries or property losses caused by natural disasters or accidents involving motor vehicles. Auto insurance is a category of property insurance. Within the field of property insurance, auto insurance is a relatively young type of coverage, as it emerged and developed alongside the advent and popularization of automobiles. Unlike modern motor vehicle insurance, early auto insurance primarily focused on third-party liability coverage and gradually expanded to include risks such as collision damage to the vehicle body. Classification: Commercial insurance is an indeterminate value insurance, divided into basic insurance and additional insurance, with the latter not being independently insurable. Basic insurance includes third-party liability insurance and vehicle damage insurance (comprehensive coverage); compulsory insurance is a mandatory type of coverage that must be purchased for a motor vehicle to be legally driven, undergo annual inspections, and be registered. In the event of third-party losses requiring claims, compulsory insurance must be paid out first before other types of insurance.
