Compulsory traffic insurance cannot cover your own vehicle because it is designed to compensate third-party vehicles and individuals. Damage to your own vehicle can only be claimed if you have purchased vehicle damage insurance. Compulsory traffic insurance is mandatory by the state, and you must have it to legally drive on the road. Otherwise, according to the "Road Traffic Safety Law," the traffic management department of the public security authorities may detain the motor vehicle, require the party to provide the corresponding license, mark, or complete the necessary procedures, and may issue a warning or impose a fine ranging from 20 to 200 yuan. Automobile Compulsory Traffic Insurance: 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, deaths, 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 more than 20 exemption clauses in commercial third-party liability insurance, compulsory traffic insurance covers a much broader range, including losses caused by intentional acts of the victim, the insured's own property losses, related arbitration and litigation costs, and some indirect losses from the accident. Moreover, regardless of whether the insured vehicle is at fault in the accident, compulsory traffic insurance will compensate within the liability limits, with no deductible or exemption clauses. Introduction to Electronic Insurance Policies An electronic insurance policy refers to a digital policy issued by an insurance company using digital signature software compliant with the PKI system and an enterprise digital certificate, 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 their obligations. 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; Time-saving and convenient, unrestricted by time or location, with information universally accessible online anytime, quick and easy; Allows for reissuance or resending, eliminating concerns about loss—if a paper version is needed offline, it can be printed or mailed; Easy management, as electronic standardization makes it easier for insurance companies and traffic police departments to manage the insurance information of various vehicles.
