Is it okay to only purchase compulsory traffic insurance for a motorcycle?
4 Answers
It is permissible to only purchase compulsory traffic insurance for a vehicle, as this is the only insurance mandated by the state, and having it allows for legal road use. Otherwise, according to the "Road Traffic Safety Law," the traffic management department of the public security authorities may impound the motor vehicle, require the party to provide the corresponding license, certificate, or mark, or complete the necessary procedures, and may issue a warning or impose a fine ranging from 20 to 200 yuan. Compulsory Traffic Insurance for Motor 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 injury, death, 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 a nationally unified standard. However, the price of compulsory traffic insurance varies for different vehicle types, primarily influenced by the number of car 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 using digital signature software and enterprise digital certificates compliant with the PKI system, bearing the electronic signature of the insurance company. 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 their obligations. 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 marks; Saves time and is convenient, unrestricted by time or location, with information universally accessible online anytime, quickly and conveniently; Allows for reissuance and resending, eliminating worries about losing it. If a paper version is needed offline, it can also be printed or mailed; Facilitates management, as electronic unification makes it easier for insurance companies and traffic police departments to manage the insurance information of various vehicles.
As a long-time motorcycle rider, I can personally attest that buying only compulsory traffic insurance is legally sufficient since it's mandatory, and you can hit the road with just that. However, the issue lies in its extremely limited coverage—it only compensates for third-party property damage and personal injury liability. If you collide with someone else's vehicle or a person, it will cover part of the costs. But when it comes to your own motorcycle's damage, medical expenses, or theft, you’ll have to pay out of pocket. Motorcycles are inherently prone to accidents—last year, a minor mishap left my frame bent, costing over 8,000 RMB in repairs, all from my savings. While current insurance policies allow you to opt for just the compulsory coverage, the risks are enormous, especially on urban highways where a rear-end collision with a luxury car could lead to sky-high compensation. I recommend adding comprehensive or accident insurance—it’s affordable and prevents financial ruin in case of an accident. Insurance is essentially about spending a little for peace of mind; don’t cut corners only to regret it later.
From a budget perspective, opting for only compulsory insurance is definitely cost-effective, with premiums as low as a few hundred yuan per year. The money saved can be used for fuel or upgrading parts. However, don’t overlook the potential risks: motorcycles have a high accident rate. A single fall or collision could lead to minor compensation for others, but repairing your bike and covering medical expenses for yourself could be a huge financial blow. My neighbor only had compulsory insurance and slipped on a rainy day last month. While the medical expenses for the pedestrian were covered, his wrist fracture surgery cost over 50,000 yuan, all out of pocket. Unless you ride extremely cautiously and only on small roads, accidents are a common reality. Nowadays, commercial insurance offers discounts, such as increasing coverage for third-party liability insurance. Paying an extra hundred or two can provide all-around protection, making it a more worthwhile investment. Economic decisions should balance cost-saving and safety—don’t risk major losses for minor savings.
As a safety-conscious rider, I believe that purchasing only compulsory insurance is not ideal. It is a basic legal obligation that protects the interests of third parties. However, riders face greater risks themselves, such as falls or accidents, and compulsory insurance does not cover personal losses or medical expenses. Motorcycles are less stable, and even a minor collision can result in severe damage or injury. I recommend adding at least commercial insurance like vehicle damage insurance to save on hefty repair costs. Experience tells me that investing in some extra coverage is a wise choice.
