Question

Research discuss Property and Motor Vehicle Insurance at least two-paragraph

Answer 1

Property Insurance provides coverage for property losses due to fire, theft and in some case earthquake, flood, etc. depending on the premium paid. In case of damage to property than actual value or replacement costs can be claimed based on the rider or terms of insurance. Relpcaemnt costs involved repairing of property or replacing it without the effect of depreciation. Actual value is cost of property minus the depreciation. Extended replacement cost is another type of insurance coverage. It helps in covering for expenses if it has extended the construction costs.

Motor Vehicle Insurance: The premium paid to insure cars, bikes, trucks, etc. against damages due to accident, medical bills or theft. These are paid annually and have to renew annually. The insurance premium is decided by checking past driving record, health record, alcohol habits, etc. Insurance companies generally don't provide insurance if it is used for renting or ride sharing services. However extra premium can be charged by certain insurance companies to cover such things also. It covers both property damage to cars and bodily damages to the passenger of the car.