Is Motor Vehicle Loss Insurance the Same as Vehicle Damage Insurance?
1 Answers
Motor Vehicle Loss Insurance is indeed Vehicle Damage Insurance, with the latter being the abbreviated form of the former. Here are the relevant details: 1. Definition of Motor Vehicle Loss Insurance: It refers to a type of commercial auto insurance where the insurance company compensates within reasonable limits 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. Coverage of Motor Vehicle Loss Insurance includes: collisions, overturning, falling; fire, explosion; falling or collapsing external objects; storms, tornadoes; lightning strikes, hailstorms, heavy rain, floods, tsunamis; ground collapse, ice collapse, cliff collapse, avalanches, mudslides, landslides; and natural disasters affecting ferries transporting the insured vehicle (limited to cases where the driver is accompanying the vehicle).