A form of insurance covering loss or damage to motor vehicles and any legal liabilities for bodily injury or damage to other people's property. Drivers have a legal obligation to be covered against third-party claims (see third-party insurance), but most drivers or owners of vehicles have a comprehensive insurance, providing wide coverage of all the risks involved in owning a motor vehicle. An intermediate cover is known as third-party, fire, and theft. See also no-claim bonus.
Subjects: Business and Management.