Compulsory traffic insurance does not cover water damage to your vehicle, as it is designed to compensate for damage to third-party vehicles and individuals. To claim for vehicle damage, you must have purchased vehicle damage insurance. Compulsory traffic insurance is mandatory by the state and is required for legally driving on the road. Without it, according to Article 98 of the Road Traffic Safety Law, the traffic management department of the public security authority may impound the motor vehicle, require the party to provide the corresponding license, certificate, or 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 injury, death, and property damage to victims (excluding vehicle occupants and the insured) caused by road traffic accidents within the liability limits. The premium is based on the nationally unified standard rates. However, the price of compulsory traffic insurance varies depending on the vehicle type, primarily influenced by the number of seats. Compared to the more than 20 exemption clauses in commercial third-party insurance, compulsory traffic insurance covers a broader range, including losses caused by intentional acts of the victim, property damage to the insured, related arbitration and litigation costs, and certain indirect losses from accidents. Moreover, regardless of whether the insured vehicle is at fault in the accident, compulsory traffic insurance will provide compensation within the liability limits. Introduction to Electronic Insurance Policies An electronic insurance policy refers to a digital policy issued by an insurance company using digital signature software and enterprise digital certificates that comply with the PKI system, bearing the electronic signature of the insurance company. An insurance policy, abbreviated as a policy, is the formal written proof of the insurance contract between the insurer and the insured. It must fully record the rights, obligations, and responsibilities of both parties to the insurance contract. The content of the insurance policy serves as the basis for both parties to fulfill the contract. The insurance 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; Saves time and is convenient, not restricted by time or location, with information accessible online anytime, quickly and easily; Allows for reissuance and resending, eliminating concerns about loss. If a paper version is needed offline, it can be printed or mailed; Facilitates management, as electronic standardization makes it easier for insurance companies and traffic police departments to manage insurance information for various vehicles.
