car plying the road seeking passengers for payment of fares are classified by insurers as?
Question 1 Report
car plying the road seeking passengers for payment of fares are classified by insurers as?
Answer Details
Cars that are used for transporting passengers for payment of fares are classified as commercial vehicles by insurance companies. This is because they are being used for commercial purposes, i.e., to make a profit.
Insurance for commercial vehicles is different from insurance for private cars, as the risks and liabilities associated with commercial vehicles are higher. For example, if a person hires a taxi and gets into an accident, the taxi driver and the taxi company could be held responsible. This is why commercial vehicle insurance typically provides more coverage than private motor insurance.
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