How Early Can You Renew Your Car Insurance?
1 Answers
Renew your car insurance approximately one month before it expires. Below are detailed introductions to various types of car insurance: Compulsory Traffic Insurance: Compulsory Traffic Insurance is a legally mandated insurance that every car owner must purchase. It provides the most basic insurance coverage when a traffic accident occurs. In the event of an accident, Compulsory Traffic Insurance can help the owner cover difficult-to-pay economic compensations. The compensation amount is determined based on the owner's liability proportion in the accident and whether it resulted in personal injury or death. Vehicle Damage Insurance: Vehicle Damage Insurance refers to coverage where, if the insured or an authorized driver causes an insured accident while driving, resulting in damage to the insured vehicle, the insurance company will provide compensation within reasonable limits. The premium for Vehicle Damage Insurance is largely related to the vehicle's purchase price and the number of seats. Third-Party Liability Insurance: Third-Party Liability Insurance covers compensation for personal injury, death, or direct property damage to a third party (excluding the driver and passengers of the insured vehicle) caused in an accident, as stipulated by the insurance company.
