Is Vehicle Damage Insurance the Same as Motor Vehicle Loss Insurance?

[VictoriaRose]

Vehicle Damage Insurance is indeed Motor Vehicle Loss Insurance. Below are relevant details about Vehicle Damage Insurance: 1. Introduction: Vehicle Damage Insurance 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. Note: Vehicle Damage Insurance does not provide full compensation. Insurance companies set a deductible in the policy terms based on specific circumstances and list exemption clauses. Currently, many insurance companies offer No-Deductible Coverage, allowing the insured to transfer the deductible amount they are responsible for in an accident to the auto insurance company, resulting in a higher claim payout for the vehicle owner.