What is Motor Vehicle Damage Insurance?
2 Answers
Motor Vehicle Damage Insurance refers to the insurance coverage that compensates for the loss of the insured vehicle caused by natural disasters (excluding earthquakes) or accidents within the scope of insurance liability, as stipulated in the insurance contract. More relevant information is as follows: 1. Motor Vehicle Damage Insurance is the most widely used type of vehicle insurance: It is a coverage highly valued by car owners. It means that when the insured or an authorized driver causes an accident while driving the insured vehicle, resulting in damage to the insured vehicle, the insurance company will provide compensation within a reasonable range. Apart from compulsory traffic insurance, Motor Vehicle Damage Insurance and Third-Party Liability Insurance are the basic types of vehicle insurance, primarily covering the loss of the insured vehicle and the loss caused to a third party by the insured vehicle during use. 2. Motor Vehicle Damage Insurance includes: It refers to the insurance that compensates the insured for the damage or loss of the insured motor vehicle caused by accidents within the scope of insurance liability. Since there are many potential accidents involving insured motor vehicles, countries generally offer comprehensive insurance to expand protection for the insured. However, some high-frequency loss incidents may sometimes be listed as independent insurance types.
Vehicle Damage Insurance is a commercial policy that covers your own car. For instance, if you scrape a wall while reversing or your windshield gets smashed by a falling tree during a typhoon, it will cover the repair costs. Many of my friends have purchased this coverage, especially new car owners, given how easily repair bills can run into tens of thousands these days. It offers broad protection, covering collision accidents, natural disasters, fire and explosions, and even theft. However, note that it won’t cover incidents like drunk driving or intentionally causing accidents, so always check the deductible clauses when purchasing.
