Definition: The word 'vehicle insurance' refers to all kinds of insurance provided by a person or company for their vehicles, such as cars, motorcycles, boats, etc., covering various risks such as accidents, theft, damage, etc. The term can be used in different contexts, including personal and business insurance. Specifically: - Personal Insurance: This type of insurance is specifically designed for the purchase or use of a vehicle and covers common car and motor vehicle damages, injuries, and other risks that might arise from the owner's use of their vehicle on public roads. Common types include comprehensive, collision, umbrella, liability, and collision/property coverage. - Business Insurance: This type of insurance is specifically designed for the purchase or use of a business vehicle and covers common vehicle accidents, theft, damage, etc., as well as general business risks such as employee injuries and loss of profits due to equipment breakdowns. Common types include comprehensive, liability, property, and professional liability coverage. - Commercial Insurance: This type of insurance is specifically designed for businesses that are engaged in the transportation and storage of goods or services, including trucks, trailers, buses, and other vehicles used on the road. Common types include commercial auto, warehouse, and delivery truck coverage. - Liability Insurance: This type of insurance covers all damages that a driver or passenger may incur when driving or operating their vehicle in an accident. It typically includes liability for injuries sustained by others as well as losses from property damage. - Professional Liability Insurance: This type of insurance specifically covers the costs associated with professional negligence, such as malpractice claims related to the performance of a service rendered by a professional employee. - Third-party Insurance: This type of insurance is used when a vehicle or business is involved in an accident and several parties are not directly responsible for it. Common types include general liability and general property coverage. In summary, 'vehicle insurance' refers to all kinds of insurance provided by a person or company for their vehicles covering various risks such as accidents, theft, damage, etc., with the goal of protecting the vehicle owner's interests.
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