How to Choose the Types of Vehicle Insurance?
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Vehicle insurance includes compulsory insurance, vehicle damage insurance, third-party liability insurance, etc., and should be selected based on individual needs. The recommended types of vehicle insurance are as follows: Compulsory Insurance: Compulsory insurance is a mandatory insurance required by the state. It is a compulsory liability insurance where the insurance company compensates for personal injuries, deaths, and property losses of victims caused by road traffic accidents involving the insured vehicle within the liability limits, excluding the vehicle's occupants and the insured. Vehicle owners must purchase compulsory insurance; without it, they are not allowed on the road. If caught by traffic police without compulsory insurance, the vehicle will be impounded, a double premium penalty will be imposed, and immediate purchase is required to resume driving. Vehicle Damage Insurance: Vehicle damage insurance covers damage to the insured vehicle caused by an accident while being driven by the insured or an authorized driver, with the insurance company providing compensation within reasonable limits. It is important to note that this insurance does not cover theft, robbery, standalone glass breakage, standalone wheel damage, etc. Therefore, not all vehicle damages will be compensated by the insurance company after an accident. Third-Party Liability Insurance: Third-party liability insurance supplements compulsory insurance, primarily covering personal injuries, deaths, and property losses of third parties in traffic accidents. Third parties refer to anything other than the insured vehicle, including other motor vehicles, non-motor vehicles, people, animals, road traffic facilities, etc.
