Is Motor Vehicle Loss Insurance the Same as Vehicle Damage Insurance?
2 Answers
Motor vehicle loss insurance is one of the basic types of motor vehicle insurance, commonly referred to as vehicle damage insurance. Below is relevant information about vehicle damage insurance: 1. Basic Concept: Vehicle damage insurance is a type of commercial auto insurance where the insurer compensates within a reasonable range for damages to the insured vehicle caused by an insured accident while the vehicle is being used by the insured or an authorized driver. 2. Premium Discounts: The new policy also establishes 12 adjustment levels for auto insurance rates based on the previous year's claims record, with dynamic adjustments made according to the previous year's claims. The highest level is level 12, which adjusts the premium to 200%; the lowest level is level 1, which adjusts the premium to 50%.
I've been driving for almost twenty years and have dealt with insurance matters many times. Every time I hear the insurance company mention motor vehicle damage insurance, I double-check the details. It's actually what people commonly refer to as car damage insurance—they mean exactly the same thing. It covers the loss or damage to your own vehicle, such as collision accidents, scratches, or destruction caused by floods or earthquakes. The cost of repairs can be claimed under this coverage. I remember when I first bought a car, I was also confused by the formal names on the insurance policy. Later, I asked professionals, and they clarified that these were just different names for the same type of insurance. In daily life, friends and neighbors simplify it to car damage insurance because it's easier to say. When buying insurance, focus on the coverage details—don’t be misled by the name. The key point is that it covers the direct damage to your motor vehicle, so don’t overlook this coverage.
