How to Purchase Insurance for Motor Vehicles?

[McMary]

To drive a car on the road, it is mandatory to purchase compulsory traffic insurance (CTPL). Additionally, other types of insurance can be purchased based on the owner's needs: 1. Compulsory Traffic Insurance (CTPL): CTPL is a mandatory insurance requirement. Consumers must purchase CTPL for their new cars to legally drive on the road. If a vehicle insured with CTPL is involved in a traffic accident, the insurance company will provide compensation within the coverage limits. 2. Vehicle Damage Insurance: If the insured or other permitted drivers cause an accident resulting in damage to the insured vehicle covered under vehicle damage insurance, the insurance company will bear the claim liability within reasonable limits, reducing the financial loss from vehicle damage. 3. Third-Party Liability Insurance: If the insured or other permitted drivers cause an accident involving a vehicle insured with third-party liability insurance, resulting in injury to a third party, and the insured is legally required to bear financial responsibility, the insurance company will cover the compensation. Third-party liability insurance generally serves as a supplement to CTPL, providing an additional layer of protection on top of CTPL. 4. No-Deductible Insurance: No-deductible insurance ensures full compensation (100%) for vehicle damage and third-party liability claims. By purchasing no-deductible insurance, the insured can transfer the portion of the claim they would otherwise bear to the insurance company, thereby reducing their financial burden after a traffic accident.