Does Compulsory Traffic Insurance Cover Water Damage to Vehicles?
1 Answers
Compulsory traffic insurance does not cover water damage to vehicles because it is designed to compensate third-party vehicles and individuals. Vehicle damage can only be claimed if the owner has purchased vehicle damage insurance. Compulsory traffic insurance is mandatory by the state and is required for legal road use. Without it, according to the Road Traffic Safety Law, traffic management authorities can impound the vehicle, require the owner to provide proper documentation or complete necessary procedures, and may issue a warning or impose 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 insurer compensates victims (excluding vehicle occupants and the insured) for personal injuries, deaths, and property losses within the liability limits in the event of a road traffic accident. Premiums are based on nationally unified rates, though prices vary by vehicle type, primarily influenced by the number of seats. Compared to commercial third-party liability insurance, which has over 20 exemption clauses, compulsory traffic insurance has a broader coverage scope, excluding losses caused intentionally by the victim, the insured's own property losses, arbitration and litigation costs, and certain indirect losses. Additionally, compulsory traffic insurance provides compensation within liability limits regardless of fault, with no deductible or exemption rate. Introduction to Electronic Insurance Policies An electronic insurance policy is a digital document issued by an insurance company using PKI-compliant digital signature software and corporate digital certificates, featuring the insurer's electronic signature. An insurance policy, often referred to as a policy, is the formal written evidence of an insurance contract between the insurer and the insured. It fully records the rights, obligations, and responsibilities of both parties and serves as the basis for fulfilling contractual terms. The policy is proof of the insurance contract's establishment. Advantages of Electronic Insurance Policies: Saves paper resources by eliminating the need to print insurance proof labels; Offers convenience and time savings, allowing access to information online anytime, anywhere; Allows for reissuance or resending, eliminating concerns about loss. Paper versions can still be printed or mailed if needed; Simplifies management by standardizing electronic records, making it easier for insurers and traffic authorities to manage vehicle insurance information.
