What Does Lapse of Insurance Mean?
1 Answers
Lapse of insurance generally refers to the lapse of compulsory traffic insurance, which means failing to renew the insurance policy before its expiration date. Below is relevant information about auto insurance: 1. Definition: Auto insurance, also known as motor vehicle insurance or simply car insurance, is a type of commercial insurance that covers liability for personal injuries or property damage caused by natural disasters or accidents involving motor vehicles. 2. Classification of Auto Insurance: Commercial insurance is an open policy and is 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). Additional insurance covers theft of the entire vehicle (theft insurance), onboard liability insurance, no-fault liability insurance, liability for dropped cargo, standalone glass breakage insurance, vehicle downtime loss insurance, spontaneous combustion insurance, additional equipment insurance, and deductible waiver insurance.