Does Compulsory Traffic Insurance Cover Water Damage Claims?
1 Answers
Compulsory traffic insurance does not cover water damage to your vehicle, as it is designed to compensate third-party vehicles and individuals. To claim for vehicle damage, you must have purchased auto damage insurance. Compulsory traffic insurance is mandatory by law, and without it, you cannot legally drive on the road. According to the Road Traffic Safety Law, traffic management authorities under the public security organs may detain the motor vehicle, require the party to provide the corresponding license, certificate, or mark, or complete the necessary formalities, and may impose a warning or a fine ranging from 20 to 200 yuan. Compulsory Traffic Insurance for Automobiles: 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 within the liability limits. The premium is based on a nationally unified standard rate. However, the price of compulsory traffic insurance varies depending on the vehicle type, with the main influencing factor being the number of car seats. Compared to the more than 20 exemption clauses in commercial third-party insurance, compulsory traffic insurance's exemption scope covers losses caused by intentional acts of the victim, the insured's own property losses, related arbitration and litigation costs, and some indirect losses caused by the accident, offering much broader coverage. 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. 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 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, quickly and easily; Allows for reissuance and resending, eliminating worries about loss. If a paper version is needed offline, it can also be printed or mailed; Easier management, as electronic standardization makes it convenient for insurance companies and traffic police departments to manage the insurance information of various vehicles.
