·
COMPREHENSIVE
COVER
This
provides the maximum coverage possible.
It could be likened to the All Risks cover in respect of household or
industrial properties. It is however
subject to a number of exclusions which tends to make the “Comprehensive” title
a misnomer.It, amongst others, affords indemnity in respect of theft, damage to
own vehicle, third party liability for both bodily injury and property damage.
·
THIRD PARTY
ONLY
This
provides a restricted cover in the sense that damage to own vehicle is
excluded. Only third party liability is
covered.
·
THIRD PARTY
FIRE & THEFT
This
provides in addition to third party liabilities, cover against fire and theft
loss to own vehicle. Accidental damage
to own vehicle is however excluded.
INTEREST
The
interest to be protected under this class of insurance could be classified as
follows:-
Ø PRIVATE CARS
All private
passenger cars including four wheel drive vehicles whether owned, leased, used
in connection with the company operation or by officials of the company. Policy
also covers third party property damage.
Ø COMMERCIAL VEHICLES (GOODS ONLY)
All goods
carrying vehicles including Pick-up van(s) whether owned/leased, used in
connection with the company’s operations.
Ø COMMERCIAL VEHICLE (OMNI – BUS)
All passenger-carrying vehicles
other than private cars.
Ø COMMERCIAL VEHICLE (SPECIAL TYPE)
Mobile cranes, Fork lifts,
Refuellers, Hydrant servicers and the likes.
Ø MOTORCYCLE
MOTOR VEHICLE INSURANCE, also
called automotive insurance , a contract
by which the insurer assumes the risk of any loss the owner or operator of a
car may incur through damage to property or persons as the result of an
accident. There are many specific forms of motor vehicle insurance, varying not
only in the kinds of risk that they cover but also in the legal principles
underlying them.
Liability
insurance pays for damage to someone else’s property or for injury to other
persons resulting from an accident for which the insured is judged legally liable;
collision insurance pays for damage to the insured car if it collides with
another vehicle or object; comprehensive insurance pays for damage to the
insured car resulting from fire or theft or many other causes; medical-payment
insurance covers medical treatment for the policyholder and his passengers.
According
to the Insurance Information Institute, in the United States in the early 21st
century, about two-thirds of the money spent on premiums for private passenger
auto insurance went to claims. More than half of this amount covered car
damage. The rest covered personal injuries. The remaining third of the money
spent on premiums covered insurance companies’ expenses—such as commissions,
dividends to policyholders, and company operations—and contributed to their
profits.
In many
countries, other approaches to automobile accident insurance have been tried.
These include compulsory liability insurance on a no-fault basis and loss
insurance (accident and property insurance) carried by the driver or owner on
behalf of any potential victim, who would recover without regard to fault.
