Investments
Private Vehicle Insurance
Private car insurance, also known as a private car package policy, covers cars used for private purposes. It provides financial protection to the owner and the car against damages from unforeseen events like theft, accidents, fire, or calamities.
Private car insurance covers:
- Third-party losses: Reimbursement for losses to others
- Personal accidents: Compensation for the owner in case of a personal accident
Private car insurance policies typically cover the owner and one or two immediate family members. They may include liability, medical payment coverage, comprehensive, or collision coverage.
Private passenger vehicles are typically charged a lower rate than vehicles used for business purposes. This is because they are typically smaller, spend less time on the road, and do not carry passengers for compensation.
