Can Compulsory Traffic Insurance Cover My Own Vehicle Repairs?
1 Answers
Compulsory traffic insurance cannot cover repairs for your own vehicle. If you only have compulsory traffic insurance, there will be no compensation in the event of an accident. Compulsory traffic insurance is designed to compensate for property damage or personal injury caused to the other party in a two-vehicle accident. Only if you have purchased vehicle damage insurance can you receive compensation for your own vehicle's damage in a single-vehicle accident. Additional Information: Introduction: The full name of compulsory traffic insurance is 'Compulsory Motor Vehicle Traffic Accident Liability Insurance.' It is a mandatory liability insurance where the insurance company compensates for personal injury or property damage caused to victims (excluding passengers in the insured vehicle and the insured person) in road traffic accidents involving the insured vehicle, within the liability limits. Compulsory Traffic Insurance Premium Standards: Compulsory traffic insurance is China's first mandatory insurance system implemented by national law. Its premiums follow a nationally unified standard set by the state, but the price of compulsory traffic insurance varies for different vehicle models, with the main influencing factor being 'the number of vehicle seats.'
