How to Renew Compulsory Traffic Insurance in the Second Year?

[ClaireMarie]

Compulsory traffic insurance is mandatory for vehicle owners every year, similar to the first year, but the premium for the second year is related to the previous year. The details are as follows: 1. If no at-fault traffic accidents occurred in the previous year, the premium decreases by 10%. If two or more at-fault traffic accidents occurred in the previous year, the premium increases by 15%. In the case of a fatal at-fault accident, the premium can increase by up to 30%. Other circumstances do not affect the premium. 2. For each instance of running a red light or driving in the wrong direction in the previous year, the premium increases by 10%, but not exceeding 30% in total. Driving without a license increases the premium by 20%. Five or more instances of drunk driving or traffic violations can lead to a maximum increase of 30%. If no traffic violations occurred in the previous year, the premium decreases by 10%. The formula for calculating compulsory traffic insurance is: Compulsory Traffic Insurance Price = Base Premium × (1 + Accident-Related Floating Rate) × (1 + Violation-Related Floating Rate).

[LaAlina]

Renewing compulsory traffic insurance in the second year is actually quite simple - I just use my insurance company's app. First, log into your account and enter the license plate number and vehicle registration information. The system will automatically display the premium, and you might even get a discount if you didn't have any accidents last year. Just pay via Alipay or WeChat to get the electronic policy instantly. I recommend renewing 2-3 weeks in advance to avoid forgetting until it's expired. By the way, it's worth comparing quotes from different companies as they sometimes have promotional offers for cheaper rates. Don't forget to check commercial insurance options too - bundling them together might save you even more. Overall, online renewal is the fastest method and keeps all your records trackable.

[VonHarley]

For the second-year compulsory traffic insurance renewal, I recommend going to the counter for a more reliable process. Bring your vehicle license and ID card, drive to the insurance company's branch, fill out the application form, and pay the premium after the staff verification. I've tried online renewal before, but occasionally encountered information errors, while offline processing gets it done in one go. If you had no claims last year, the premium will drop significantly. Bundling it with commercial insurance renewal is more cost-effective. Check the policy's validity period to avoid delays—being caught with an expired policy may result in fines and affect your annual inspection. Keep a copy of the insurance policy in your car for easy inspection.

[VonTessa]

Renewing the compulsory traffic insurance for the second year requires careful budgeting to save money. I compared quotes from several insurance companies on my phone and chose the most favorable one. Last year, I drove carefully without any accidents, so I got a discount on the premium. Paying with Alipay also earns some points, which helps recoup costs. Renewing the insurance one or two weeks in advance is a precautionary measure. A friend in the group recommended group-buying insurance for a cheaper rate, and I plan to try it. This type of insurance is mandatory, so don’t delay—letting it lapse could have serious consequences. Remember to print the electronic policy and keep it in the car.