If electronic insurance policies have been implemented locally, 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 still be displayed. According to Article 95 of the Road Traffic Safety Law: "Motor vehicles driven on the road without inspection qualification labels, insurance labels, or without carrying the vehicle license or driver's license shall be detained by the traffic management department of the public security organ. The party concerned shall be notified to provide the corresponding license, label, or complete the relevant procedures. A penalty may also be imposed in accordance with the provisions of Article 90 (a warning or a fine of not less than 20 yuan but not more than 200 yuan)." As of 2022, the provinces and cities that have abolished the paper label for compulsory traffic insurance 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 for personal injuries, deaths, and property losses of victims (excluding vehicle occupants and the insured) caused by road traffic accidents within the liability limits. 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, the exemptions for compulsory traffic insurance cover losses caused by intentional actions of the victim, property losses of the insured, related arbitration and litigation costs, and some indirect losses caused by accidents, providing much broader coverage. Moreover, regardless of whether the insured vehicle is at fault in an accident, compulsory traffic insurance will compensate within the liability limits, with no 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 the 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; Saves time and is convenient, unrestricted by time or location, with information accessible online anytime, fast and easy; Can apply for reissuance or resending, no need to worry about losing it. If a paper version is needed offline, it can also be printed or mailed; Easy management, with electronic unification making it easier for insurance companies and traffic police departments to manage the insurance information of various vehicles.
