Motor vehicle insurance
Insurance companies have come up with different policies to cover several risks. One of these types of policies may include motor insurance. This is to be bought or insure clients who own motor vehicles from the risks attached to the transport of goods as well as passengers. Motor insurance may be bought to insure vehicles used either for commercial purposes. This type of policy is a must-have once you purchase a car due to the level of magnitude attached to accidents on the road and is a law requirement in most countries. Law enforcers will always check on the expiry of your motor vehicle policy or even if you have insured your car against the risks.
There are different levels of motor vehicle insurance policies depending on their needs. They may include:
The third-party policy only: this type of policy covers risks that are attached to third parties. These risks may include death, accidents or destruction of a third parties property. While on the road an accident may occur and the parties inside apart from the car owner be it a commercial or private vehicle this policy covers them exclusively. It covers the costs attached to the accident for them such as hospital charges, damage fees, funeral charges as well as any other losses. This policy safeguard is quite important especially to those dealing with public transport because the passengers need to be secured against any harm. Apart from that when an accident occurs and one happens to destroy another property, the third party policy only will cover all damage costs attached to the property. This releases the owner of the car from having to pay for reimbursement of the third party. (www.myrepartnere.no)
Third-party, fire, and theft: this type of motor vehicle policy covers all risks attached to the third party and cases of fire and theft also. The third party is either a passenger, pedestrian or owner of a property one may damage during an accident. When it comes to fire and theft these are risks that have a probability occurring as you won a car. Fire may be caused due to several reasons and hence you need a cover that will cater for your reinstatement. This is the policy to buy. Your car may either be partially or destroyed due to fire and hence the insurance company is your go-to place if you have this policy. The peril must be fire destruction and not anything else to get reimbursed. When it comes to theft, vehicles be it commercial or private are quite expensive. If its stolen, this is a great loss financially as the amount invested is quite large. You need this type of policy so that you can share the risk with the insurance company against theft. (https://www.myrepartnere.no/nemi-forsikring/)
Comprehensive policy: this type of policy covers the third party, fire, theft and also damage to the vehicle itself. This is the most suitable if you are a vehicle owner be it for your use of commercial purpose and is the commonly purchased. This is because the other policies do not cover for damage to the vehicle, unlike this policy. Once an accident occurs repairs and replacements are quite expensive and this policy will sort it out for you once purchased. You do not want to incur the expenses attached to damage on your vehicle and that is why you need to transfer it by use of a comprehensive motor vehicle policy.