Is it mandatory to pay the vehicle and vessel tax for insurance?

[DelLucia]

Insurance vehicle and vessel tax must be paid. The vehicle and vessel tax is levied by the state, but it is collected by the insurance company on behalf of the state and then handed over to the government. Compulsory Traffic Insurance: Compulsory traffic insurance is a legally required insurance that every vehicle owner must purchase. It provides the most basic insurance coverage when a traffic accident occurs. In the event of a traffic accident, compulsory traffic insurance can help the vehicle owner cover the economic compensation that would otherwise be difficult to pay. The compensation amount of compulsory traffic insurance is determined based on the vehicle owner's proportion of responsibility in the accident and whether it caused casualties. Vehicle and Vessel Tax: The so-called vehicle and vessel tax refers to a tax that must be paid by the owner or manager of vehicles and vessels within the territory of the People's Republic of China, in accordance with the Vehicle and Vessel Tax Law of the People's Republic of China.