What Does the New Version of Motor Vehicle Damage Insurance Cover?
1 Answers
The new version of Motor Vehicle Damage Insurance not only provides coverage for vehicle damage but also includes protections previously offered under separate policies such as full vehicle theft insurance, engine water damage insurance, spontaneous combustion insurance, standalone glass damage insurance, no-deductible insurance, third-party non-traceable insurance, and designated repair shop insurance. Below are the relevant details: 1. Definition of Vehicle Damage Insurance: Motor Vehicle Damage Insurance, commonly referred to as 'Vehicle Damage Insurance,' is a type of commercial insurance where the insurance company compensates the policyholder or an authorized driver for vehicle damage caused by natural disasters or accidents within the coverage scope while using the insured vehicle, within reasonable limits. 2. Coverage of Vehicle Damage Insurance: The insurance company is responsible for compensating direct losses to the insured vehicle due to natural disasters or accidents, theft losses, and reasonable rescue expenses, up to the agreed limits.