These are cars used for private and domestic purposes. They could either be a Saloon car, Wagon or Jeep.
These are vehicles use by the insured for his business purpose. They could fall under the following categories;
- Own Goods: vehicles used by the insured for his private business only and the carriage of goods belonging to the insured and his business.
- General Cartage: These are vehicles used solely by the insured for the running of his business and for commercial activities like carriage of goods for reward.
- Fare paying/non-faring passenger vehicle: These are vehicles used in carrying passengers from one destination to another either for the payment of fare or none. Luxurious buses, taxis fall under these categories.
This must be motorcycle used in the running of the insured business like dispatch rider or vendor of goods. Passenger carrying cycle is excluded.
Types of Cover
There are four different types of cover available under motor policy, these are:
It provides cover for the insured vehicle against the following:
- Accidental damage to the vehicle
- Loss of or damage to the insured vehicle by fire or theft
- Malicious damage to the vehicle
- Insured’s legal liability to third parties in respect of any damages to the property of such third parties and for any injury or death to the third parties arising from the use of the motor vehicle.
Third Party, Fire & Theft
This type of cover is sometimes used to cover vehicle that has highly depreciated in value. It covers the vehicle against the following:
- Loss of or damage to the insured vehicle by fire or theft.
- Legal liability to third parties in respect of any damages to the property of such third parties and for any injury or death to the third parties arising from the use of the motor vehicle.
Third Party Only
It covers damage to third parties property and injury or death to such third parties.