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Insurance Services > Personal > Vehicles and Transit
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Any
mechanically propelled vehicle that can travel faster than walking pace
must carry insurance to meet a variety of statutory requirements. The
rules vary according to the type of vehicle involved and are largely
common sense.
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Pleasure
craft face less onerous requirements than an ocean-going liner and the
same is true of aircraft, but road-going vehicles must all be insured
against the risk of causing injury or damage to any other person or
their property.
A nationwide database is maintained to show every
insured vehicle in Britain and this is regularly compared against the
list of vehicles that are still registered for road use. That single
development has significantly reduced the number of vehicles being used
without insurance although it has not proved possible to eliminate
individuals from doing so yet.
Extra cover is freely available to cover the
loss of or damage to the vehicles themselves.
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Separate cover is also available for goods being moved from one location to
another. This cover is separated from vehicle policies themselves
because the goods are not always in or on a vehicle during the course
of their journey.
These covers have evolved to provide a range of
protection because some hauliers will feel they need only purchase
insurance against their legal liabilities towards their customers
whereas other people may wish to carry 'all risks' insurance to get the
widest available protection. Costs will vary in relation to the nature
of the goods in question, the geographical scope of cover, the methods
of transit, the value of goods at risk at any one time and the history
of losses that there may have been for the individual proposer.
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