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Insurance

Definition of 'Auto Insurance'


Definition: More popularly known as motor insurance, this type of insurance provides cover for loss or damage to any vehicle like car, two-wheeler or commercial vehicle, etc.

Description: This insurance helps mitigate monetary harms due to accidents causing damage to the vehicles. The premium amounts that are payable by the person securing insurance for his vehicle depends on various factors like insured declared value, type of vehicle, age of vehicle, fuel type, age of the insured, etc.

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