ZIMSEC O Level Commerce Notes page: Insurance: Vehicle Insurance
- There are many types of vehicle insurance viz:
Third party insurance
- Is compulsory under the Road Traffic Act (RTA)
- Applies to motor vehicle insurance.
- Covers claims from the public who may be injured by the vehicle.
- Covers public property damaged by the vehicle.
- Does not cover:
- injury to the owner of the vehicle.
- Damage to the vehicle itself.
- Claims from fee-paying passengers who may be injured whilst in the vehicle.
Third party fire and Theft insurance
- loss or damage to the insured vehicle due to fire or theft.
- Loss of a third party’s belongings.
- The premium is higher than that of the third party insurance.
- Covers a wide range of risks including against:
- injury of a third party i.e. hospital expenses.
- Theft of the vehicle.
- Damage to the insured’s own vehicle.
- Personal injury to the driver.
- An expensive type of motor vehicle insurance.
- Covers towing expenses.
To access more topics go to the Commerce Notes page.
Quick NetOne, Telecel, Africom, And Econet Airtime Recharge
If anything goes wrong, click here to enter your query.