Can I buy insurance myself when purchasing a new car?
1 Answers
You can buy insurance yourself for a new car. Compulsory traffic insurance (CTI) must be purchased, while standard commercial insurance is optional. However, if you do not purchase CTI, the car is not allowed on the road. If caught by traffic police, you may face the following penalties: 1) vehicle impoundment, 2) mandatory back payment of CTI, and 3) a fine of twice the CTI premium. Below is an introduction to CTI and its categories: Introduction to CTI: CTI, short for 'Compulsory Traffic Insurance for Motor Vehicles,' is a mandatory liability insurance provided by insurers. It covers compensation for bodily injury, death, and property damage (excluding passengers and the insured) caused by the insured vehicle in road accidents, within specified liability limits. Categories of CTI: CTI is China's first mandatory insurance system implemented under national law.