Definition of Property and Motor Insurance

Insurance of Property

As stated before, property insurance refers to Insurance that provides covers for property against the risk of damage or loss by fire, accident, burglary or other risks. Among the various covers that can be obtain under property insurance included:

1. Motor Insurance
2. Marine Insurance
3. Fire Insurance
4. Burglary Insurance
5. Special Peril Insurance
6. All Risk Insurance

Motor Insurance:

The Motor Insurance provides protection against loss, damage or accident that may befall a motor vehicle owner. It is a pledge by the insurers that they will indemnify the insured against loss or damage which may be sustained or liability which may be incurred at some future time. Vehicles are grouped into five groups namely:

1. Private Cars
2. Commercial Vehicles
3. Motor Cycles
4. Motor Trade
5. Special Motor

For the purpose of effecting insurance on them.

 Private Car Insurance relates to private cars which are used for social and domestic purposes and or business purposes. Comprehensive policy issued to individual also include personal accident benefits  to the insured and his spouse, medical expenses and loss or damage to rugs, clothing and personal effects.

Commercial Vehicle policies are obtained for vehicles which are used for commercial purposes. Such vehicles are Lorries, taxis, vans and hired-cars. Motor policies are not as expensive as those of motor cars. Motor trade insurance is offered to garages and other people who work within the motor trade to ensure that their liabilities are covered while using vehicle on the road. Damage to vehicles in garages showrooms can be included under this policy.