Vehicle Insurance or Conveyance Insurance: Vehicle insurance is the insurance of all types of vehicles including buses, trucks, pickups, trains, rickshaws, jeeps, automobiles, ships, launches, pleasure boats, Lorries, airplanes plying on water, land and air.
Why take vehicle insurance: Vehicles usually carry people as passengers and various goods. At that time, various natural and unnatural hazards occurred, causing great damage to vehicles, people or passengers and goods transported in it. Many times the owner of the vehicle can sit on the road with serious damage. Vehicles need to be insured to protect against this type of damage. In terms of insurance, vehicle insurance is an insurance policy that provides financial protection against various damages caused by vehicle accidents.
Features of Conveyance Insurance:
1) The subject matter of this insurance is human life and property.
2) The injured party receives compensation or financial benefits in return for a specified amount of premium.
3) The cause of risk in this insurance may be natural or unnatural.
4) As per the terms of this insurance, only financial benefit or compensation will be received for the reason specified in the contract.
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Types of Conveyance Insurance or Type of Conveyance Insurance:
1) Public Liability Insurance: If the driver of the vehicle wrongfully hits or injures a person, this public liability insurance is provided in exchange for a specified premium to compensate the injured person.
2) Property Damage Insurance: Property Damage Insurance is the insurance that is taken to ensure the compensation of insured vehicles and other damaged assets.
3) Fire Insurance: Fire insurance is taken to cover the loss of the vehicle in case of an accident due to fire.
4) Theft Insurance: This insurance is taken to get compensation due to theft of vehicle equipment or goods carried.
5) Collision or Accident Insurance: This insurance is taken to cover the damage to vehicles or property due to collision or accident.
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Vehicle owners who insure in Bangladesh:
1) Legal policy: According to the Road Transport Act, all types of vehicle related risks are covered.
2) Third-party Insurance: In addition to the general liability of the third party, this insurance includes the promise to cover other liabilities related to vehicle accidents.
3) General Vehicle Insurance or Master Conveyance Insurance: Under this insurance, it guarantees the prevention of all risks covered by the vehicle.
