Is Commercial Insurance Necessary for Small Cars?

[LeLiam]

Automobiles do not require commercial insurance, and the necessity of purchasing commercial insurance varies from person to person. However, compulsory traffic insurance must be purchased. After obtaining compulsory traffic insurance, car owners can opt for commercial insurance if they desire more comprehensive coverage. Components of Automobile Insurance: Automobile insurance generally consists of two parts: basic insurance and additional insurance. Basic insurance is further divided into vehicle damage insurance and third-party liability insurance. Coverage of Automobile Insurance: Vehicle damage insurance provides compensation for the loss of the insured vehicle; third-party liability insurance covers damages to objects outside the insured vehicle, such as pedestrians, public property, and other vehicles; passenger liability insurance compensates for injuries and property losses of people inside the insured vehicle; theft insurance provides compensation in case the insured vehicle is stolen.

[LeZachary]

Buying commercial auto insurance is really necessary, especially for new car owners. Compulsory traffic insurance only covers a minimal amount. If you actually hit a luxury car or injure someone, without commercial insurance you'll be left emptying your wallet. I have a friend who only bought compulsory insurance and ended up paying over 100,000 yuan after rear-ending a Mercedes-Benz - he was filled with regret. It's recommended to get third-party liability coverage of at least 2 million yuan, and add vehicle damage insurance too. With electric bikes darting around unpredictably on roads nowadays, minor scrapes are unavoidable, so having insurance gives peace of mind. Remember to compare quotes from multiple insurance companies and choose one with more service outlets for easier claims processing.

[OOscar]

As a veteran driver with over a decade of experience, I firmly believe commercial auto insurance is a must. The compensation from compulsory traffic insurance alone is far from sufficient - even a moderately serious accident could bankrupt you. Third-party liability coverage is fundamental protection, and I recommend opting for 3 million RMB coverage. Novice drivers should particularly consider adding vehicle damage insurance to save substantially on repair costs for minor scrapes. I always purchase passenger accident insurance since my family frequently rides in the car. Spending a few thousand annually on commercial insurance for peace of mind is absolutely worthwhile - you'll truly appreciate its value when an accident occurs. Remember to renew your policy on time, as coverage will lapse if you let it expire.

[DelCharlotte]

Commercial auto insurance is definitely a worthwhile investment for protection. Compulsory traffic insurance only covers third-party injuries, deaths, and property damage, while your own vehicle repairs and medical expenses rely on commercial insurance. It's recommended to purchase vehicle damage insurance as a must, and choose third-party liability coverage with at least 2 million yuan in coverage. Consider adding scratch insurance, water damage insurance, etc., based on your needs. Premiums are linked to the vehicle's price and claims history, with new cars having slightly higher premiums. Pay attention to deductible clauses when purchasing, and note that separate glass insurance often offers better value. With commercial insurance, you can drive with greater peace of mind, without worrying about medical or repair costs in case of accidents.