Motor Vehicle Commercial insurance provides cover for various kinds of vehicles used by businesses for commercial purposes, including taxis, minibusses & buses, vans, trucks, tractors, and trailers, etc. It covers businesses against losses, resulting from damage to commercial vehicles or injury to employees.
Shimin Insurance Agency provides 3 types of Commercial Motor policies; Third Party Only, Third Party, Fire & Theft, or Comprehensive.
Comprehensive insurance is coverage that helps to replace or repair your commercial vehicle in an incident that’s not a collision. It typically covers damage by fire, theft, vandalism, or falling objects like trees. A comprehensive policy is usually a more expensive level of cover as compared to third party and third party fire and theft, but, it does render the largest level of protection. A Comprehensive policy will protect your own vehicles against any damage suffered during an accident or incident.
Third-party insurance allows coverage facing claims of damages and losses incurred by a driver who is not the insured, the principal, and is hence not covered under the insurance policy. This type of insurance is also known as automobile insurance. It is subdivided into two types.
First, Bodily injury liability covers the damage following injuries from a person. These comprise expenses like hospital care, lost earnings, pain, and suffering due to the accident.
Secondly, Property liability covers costs following the damages to or loss of property.
Third–party, fire, and theft insurance is similar to third–party cover where it covers damage to another person or their property if you’re involved in an accident. It provides additional cover to your vehicles for damage caused by fire or if they are stolen.
When acquiring a third party, fire, and theft insurance, the repair costs of your vehicle should be a major factor to consider. If the expenses of repairing the car after an accident would possibly surpass the cost of replacing the car, but you still want protection from fire or theft, then this policy may be the best match for your needs.