Is it mandatory to buy car insurance?
1 Answers
Only compulsory traffic insurance is mandatory. Other commercial insurance should be purchased based on your actual situation. Below is relevant information: Vehicle Damage Insurance: Vehicle Damage Insurance refers to compensation provided by the insurer according to the insurance contract when the insured vehicle suffers losses due to natural disasters (excluding earthquakes) or accidents within the insurance coverage. Unlike third-party liability insurance, this covers your own vehicle. If you value your car, you should purchase this insurance. Third-party Liability Insurance: This is a compulsory insurance required for vehicle annual inspection. It covers direct property losses and personal injuries to third parties caused by accidents involving the insured vehicle while being driven by a qualified driver.