Does an 8-year-old car need insurance?

[ElleMarie]

An 8-year-old car needs insurance, specifically compulsory traffic insurance and third-party liability insurance. Compulsory Traffic Insurance: Compulsory traffic insurance is a mandatory liability insurance where the insurance company compensates for personal injuries or property losses of victims [excluding passengers in the insured vehicle and the insured] caused by road traffic accidents involving the insured motor vehicle, within the liability limits. Third-Party Liability Insurance: In motor vehicle third-party liability insurance, it refers to the economic liability that the insured or their permitted drivers should bear by law when an accident occurs during the use of the insured vehicle, causing personal injury or direct property damage to a third party, for which the insurance company is responsible for compensation.