How Does Mandatory Insurance for Motorcycles Compensate?
2 Answers
7 types of severe violations are linked to the fluctuation of compulsory traffic insurance premiums, and they will also be accumulated with the previously implemented accident claims. Compulsory insurance premium = base rate × (1 ± accident-related rate fluctuation coefficient ± violation-related rate fluctuation coefficient). The base rate refers to the compulsory traffic insurance rates for various types of motor vehicles with different usage properties as announced by the state. The base rate varies depending on the vehicle model, divided into 6 major categories and 35 subcategories (excluding motorcycles and tractors). You can consult the insurance company for more details. Below is more related information: 1. Compulsory Insurance Fluctuation: The fluctuation of compulsory insurance follows the principle of being vehicle-specific, implementing linked fluctuations based on the processed traffic violation records of the motor vehicle in the previous insurance year. New vehicles registered for the first time in the current year, used vehicles with ownership changes registered in the current year, vehicles registered in other provinces, and vehicles that exceeded the implementation period of rate fluctuation in the previous insurance year are not subject to violation-related fluctuations. The rate fluctuation standards for motorcycles and tractors are separately established. 2. Compensation Targets of Compulsory Insurance: Compulsory traffic accident liability insurance refers to the mandatory liability insurance where the insurance company compensates for personal injuries, deaths, and property losses of victims (excluding the vehicle's occupants and the insured) caused by road traffic accidents involving the insured motor vehicle, within the liability limits.
Last time my buddy went through the compulsory traffic insurance claim after his motorcycle accident, so I know the process inside out. Compulsory insurance is mandatory, and it mainly covers the other party, not yourself. If a pedestrian is injured, the medical expense compensation cap is 18,000 RMB, covering costs like diagnosis, treatment, and hospitalization meal subsidies. In cases of severe injury or death, the maximum compensation is 180,000 RMB. For property damage to the other party, the compensation is capped at 2,000 RMB. Remember to report the accident immediately, notify the insurance company within 48 hours, and bring your ID, driver's license, insurance policy, and the traffic police liability determination. Taking photos at the scene is crucial for minor accidents, and some apps now allow online submission of materials. Most importantly, never settle privately, or the insurance won't pay a cent!
