Is it mandatory to purchase insurance for motorcycles on the road?
1 Answers
It is mandatory to purchase insurance for motorcycles on the road. Compulsory Traffic Accident Liability Insurance: The Compulsory Traffic Accident Liability Insurance, also known as the compulsory insurance system, is the first insurance system mandated by national law. Insurance companies are required to compensate victims (excluding the driver and passengers of the insured vehicle) for personal injury, death, or property damage caused by road traffic accidents involving the insured vehicle, within the prescribed liability limits. Insurance Coverage: In the event of a traffic accident caused by the insured while using the insured motorcycle, resulting in personal injury, death, or property damage to a third party, the insurance company will compensate for the damages within the specified limits, as stipulated by law and the insurance agreement.