Is it okay to only purchase compulsory traffic insurance for a car?
1 Answers
It is acceptable to only purchase compulsory traffic insurance for a vehicle, as this is the only insurance mandated by the state for legal road use. Without it, according to the "Road Traffic Safety Law," the traffic management department of the public security authorities can impound the vehicle, require the owner to provide the corresponding license, registration, or complete the necessary procedures, and may issue a warning or impose a fine ranging from 20 to 200 yuan. Compulsory Traffic Insurance for Automobiles: 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 limits, for personal injuries, deaths, and property losses of victims (excluding vehicle occupants and the insured) caused by road traffic accidents involving the insured vehicle. The premium is based on a nationally unified standard. However, the price of compulsory traffic insurance varies for different vehicle types, primarily influenced by the number of seats. Compared to the over 20 exemption clauses in commercial third-party insurance, compulsory traffic insurance covers a much broader range, including losses caused by intentional actions of the victim, the insured's own property losses, related arbitration and litigation costs, and some indirect losses from accidents. 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 compliant 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. It must fully record the rights, obligations, and responsibilities of both parties to the insurance contract. The contents of the insurance policy serve as the basis for both parties to fulfill the contract. The insurance 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, not restricted by time or location, with information universally accessible online anytime, quick and easy; Allows for reissuance and resending, eliminating worries about losing it. If a paper version is needed offline, it can 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.
