Can I still apply for compulsory traffic insurance after it expires?
1 Answers
It is still possible to apply for compulsory traffic insurance after it expires, but if a car that has not been involved in any accidents for several years renews its insurance after a lapse, the premium rate may increase to some extent. Below is relevant information about compulsory traffic insurance: 1. Mandatory insurance requirement: Compulsory traffic insurance is a must-have insurance, and driving without it is illegal. The full name of compulsory traffic insurance is 'Compulsory Motor Vehicle Traffic Accident Liability Insurance.' According to regulations, it is a mandatory liability insurance where the insurance company compensates for personal injuries, deaths, and property losses (excluding the driver and passengers of the insured vehicle) caused by road traffic accidents within the liability limits. 2. The lowest cost among vehicle insurances: The premium for the first year of compulsory traffic insurance is the same for the same vehicle model. The cost is related to the number of seats and the usage nature of the vehicle, and it is the cheapest among major vehicle insurance types.