What is Motor Vehicle Damage Insurance?

[JessicaRose]

Motor Vehicle Damage Insurance refers to the coverage where the insurer compensates for the loss of the insured vehicle caused by natural disasters (excluding earthquakes) or accidents within the scope of insurance liability, according to the provisions of the insurance contract. Coverage of Vehicle Damage Insurance: Collision and overturning. Collision refers to the direct contact between the insured vehicle and external objects. Artificial scratches on the insured vehicle are not covered under the Vehicle Damage Insurance. Overturning means the insured vehicle flips over due to natural disasters or accidents, losing its normal state and driving ability, and cannot be restored to driving without rescue. Insurance Premium Calculation: It is determined based on the new vehicle purchase price of the insured vehicle at the time of insurance. The new vehicle purchase price of the insured vehicle refers to the price of purchasing a new vehicle of the same type as the insured vehicle (including vehicle purchase tax) at the place where the insurance contract is signed.