Mataracy
VIP Contributor
For the purpose of motor insurance, motor vehicles are divided into five classes:
i. pivate Car Insurance e:-
This relates to private cars used for social and domestic purpose
ii.Commercial vehicle insurance:-
This includes vehicles used fir commercial purposes e.g. taxis, vans, lorries etc.
iii. Motor cycle insurance
iv . Motor trade insurance:-
This includes those selling cars, mechanics etc.
v. Special types:-
This includes agricultural vehicles,mobile cranes, bulldozers etc.
Motor vehicles can be arranged under four (4) types of polices or Insurance cover.
1. Act Only Policy
This policy is designed to meet the minimum requirement of motor insurance. It provides cover against liability for injury or death of the third party arising from the use of motor vehicle.
2. Third Party Policy:-
This is addition to cover provided under Act policy. It covers the insured's liability to third party for damage caused to their property as a result of the use of motor vehicle.
3. Third Party Fire and Theft:-
This provides wider cover than the third party policy, this policy indemnifies the insured if his property is damaged or destroyed due to the peril of fire or loss or damage when it is stolen. So the third party and Act only policies only cover the insured's liability.
4. Comprehensive Policy:-
This policy provides cover for accidental damage to the vehicle in addition to the cover provided under the previous three policies above.
This is a little I can say about Fire insurance. You own idea is welcome. What can you say about this?
i. pivate Car Insurance e:-
This relates to private cars used for social and domestic purpose
ii.Commercial vehicle insurance:-
This includes vehicles used fir commercial purposes e.g. taxis, vans, lorries etc.
iii. Motor cycle insurance
iv . Motor trade insurance:-
This includes those selling cars, mechanics etc.
v. Special types:-
This includes agricultural vehicles,mobile cranes, bulldozers etc.
Motor vehicles can be arranged under four (4) types of polices or Insurance cover.
1. Act Only Policy
This policy is designed to meet the minimum requirement of motor insurance. It provides cover against liability for injury or death of the third party arising from the use of motor vehicle.
2. Third Party Policy:-
This is addition to cover provided under Act policy. It covers the insured's liability to third party for damage caused to their property as a result of the use of motor vehicle.
3. Third Party Fire and Theft:-
This provides wider cover than the third party policy, this policy indemnifies the insured if his property is damaged or destroyed due to the peril of fire or loss or damage when it is stolen. So the third party and Act only policies only cover the insured's liability.
4. Comprehensive Policy:-
This policy provides cover for accidental damage to the vehicle in addition to the cover provided under the previous three policies above.
This is a little I can say about Fire insurance. You own idea is welcome. What can you say about this?