It is permissible for a vehicle to only purchase compulsory traffic insurance, as this is the only insurance mandated by the state, and it is required for the vehicle to legally operate on the road. Otherwise, according to the "Road Traffic Safety Law," the traffic management department of the public security authorities shall detain the motor vehicle, notify the party to provide the corresponding license, mark, or complete the necessary procedures, and may impose a warning or a fine ranging from 20 to 200 yuan. Compulsory Traffic Insurance for Vehicles: The full name of compulsory traffic insurance is "Compulsory Liability Insurance for Motor Vehicle Traffic Accidents." It is a mandatory liability insurance where the insurance company compensates for personal injuries, fatalities, and property losses of victims (excluding vehicle occupants and the insured) caused by road traffic accidents involving the insured vehicle, within the liability limits. The premium is based on the nationally unified standard rates. However, the price of compulsory traffic insurance varies for different vehicle types, primarily influenced by the number of car seats. Compared to the over 20 exemption clauses of commercial third-party insurance, the exemption scope of compulsory traffic insurance covers losses caused by intentional acts of the victim, the insured's own property losses, related arbitration and litigation costs, and some indirect losses caused by the accident, offering much broader coverage. Moreover, regardless of whether the insured vehicle is at fault in the accident, compulsory traffic insurance will provide compensation within the liability limits, with no deductible or exemption. Introduction to Electronic Insurance Policies An electronic insurance policy refers to a digital policy issued by an insurance company using digital signature software and corporate digital certificates that comply with the PKI system, bearing the electronic signature of the insurance company. An insurance policy, abbreviated as a policy, is the official written proof of the insurance contract between the insurer and the insured. The policy must fully record the rights, obligations, and responsibilities of both parties to the insurance contract. The content recorded in the policy serves as the basis for both parties to fulfill the contract. The policy is proof of the establishment of the insurance contract. Advantages of Electronic Insurance Policies: Saves paper resources, eliminating the need to print insurance proof marks on paper; Time-saving and convenient, not restricted by time or location, with information universally accessible online anytime, quickly and easily; Can apply for reissuance or resending, no need to worry about losing it, and if a paper version is needed offline, it can also be printed or mailed; Easy management, with electronic unification making it convenient for insurance companies and traffic police departments to manage the insurance information of various vehicles.
