If electronic insurance policies have been implemented in your local area, there is no need to display the compulsory traffic insurance label on the vehicle. However, if electronic policies have not yet been implemented, the compulsory traffic insurance label must be displayed. According to Article 95 of the Road Traffic Safety Law: If a motor vehicle driven on the road does not display the inspection qualification label or insurance label, or does not carry the vehicle license or driver's license, the traffic management department of the public security organ shall detain the vehicle, notify the party to provide the corresponding license, label, or complete the relevant procedures, and may impose penalties in accordance with Article 90 (a warning or a fine ranging from 20 to 200 yuan). As of 2022, the provinces and cities that have abolished the compulsory traffic insurance paper label include: Beijing, Shanghai, Shandong, Shanxi, Guangdong, Henan, Hubei, Hunan, Jiangxi, Guizhou, Guangxi, Yunnan, Shaanxi, Hebei, Sichuan, and Gansu. Compulsory Traffic Insurance for Vehicles: The full name of compulsory traffic insurance is "Compulsory Liability Insurance for Motor Vehicle Traffic Accidents." It is a mandatory liability insurance where the insurance company compensates within the liability limit for personal injuries, deaths, and property losses of victims (excluding vehicle occupants and the insured) caused by road traffic accidents involving the insured motor vehicle. The premium is based on the nationally unified standard rates. However, the price of compulsory traffic insurance varies for different vehicle types, mainly influenced by the number of seats. Compared to the more than 20 exemption clauses in commercial third-party liability insurance, compulsory traffic insurance covers a much broader range, including losses caused by intentional acts of the victim, property losses of the insured, related arbitration and litigation costs, and some indirect losses caused by accidents. Moreover, regardless of whether the insured vehicle is at fault in an accident, compulsory traffic insurance will compensate within the liability limit without any deductible or exemption. Introduction to Electronic Insurance Policies: An electronic insurance policy refers to a digital policy issued by an insurance company with an electronic signature, using digital signature software and enterprise digital certificates that comply with the PKI system. An insurance policy, abbreviated as a policy, is the formal written proof of an insurance contract between the insurer and the insured. The policy must fully record the rights, obligations, and responsibilities of both parties to the insurance contract. The content recorded in the policy serves as the basis for both parties to fulfill the contract. The policy is proof of the establishment of the insurance contract. Advantages of Electronic Insurance Policies: Saves paper resources, eliminating the need to print insurance proof labels; Time-saving and convenient, unrestricted by time or location, with information accessible online anytime, quickly and easily; Allows for reissuance or resending, eliminating worries about loss. If a paper version is needed offline, it can also be printed or mailed; Easy management, as electronic unification makes it convenient for insurance companies and traffic police departments to manage the insurance information of various vehicles.
