What does motor vehicle damage insurance mean?
2 Answers
Motor vehicle damage insurance refers to coverage for losses incurred by the insured vehicle due to natural disasters (excluding earthquakes) or accidents within the scope of insurance liability, where the insurer compensates according to the provisions of the insurance contract. In addition to compulsory traffic insurance, vehicle damage insurance and third-party liability insurance are the basic types of vehicle insurance, primarily covering the losses of the insured vehicle and damages caused to third parties by the insured vehicle during use. The materials required for motor vehicle damage insurance claims include: 1. Original insurance policy, copy of compulsory motor vehicle traffic accident liability insurance policy, copies of driver's license and vehicle registration certificate, copy of business license or road transport license; 2. Accident mediation agreement, judgment or arbitration award, loss list, repair invoices for third-party property damage or economic compensation certificate for traffic accidents, receipt for compulsory motor vehicle traffic accident liability insurance compensation.
I understand that motor vehicle damage insurance covers the cost of repairing or compensating for your car when it's damaged due to accidents, fires, theft, or natural disasters like floods. As a veteran driver with 20 years of experience, I think this is absolutely essential. A few years ago, my car was rear-ended on the highway by another driver who was at fault, but there was also a time when I backed into a wall myself—the insurance company covered the full repair cost, otherwise, paying thousands out of pocket would have been heartbreaking. It's especially important to get this insurance for new cars because of their high value; the premiums might be a bit higher, but it's worth it. Minor scratches and dings are common in daily driving, and with this coverage, you won't have to worry about going bankrupt over repairs. I'd advise everyone to compare insurance rates when buying car insurance—opt for higher coverage for newer cars, but never skimp on this.
