Is it okay to only purchase compulsory traffic insurance for a vehicle?

[LeJosiah]

It is acceptable to only purchase compulsory traffic insurance for a vehicle, as this is the only insurance mandated by the state, and having it allows the vehicle to be driven legally on the road. Otherwise, according to the "Road Traffic Safety Law," the traffic management department of the public security authorities shall detain the motor vehicle, notify the party to provide the corresponding license, 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 Vehicles: The full name of compulsory traffic insurance is "Compulsory Traffic Accident Liability Insurance for Motor Vehicles." 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) within the liability limits in the event of a road traffic accident involving the insured motor vehicle. The premium is based on a nationally unified standard. However, the price of compulsory traffic insurance varies for different vehicle types, mainly influenced by the number of car seats. Compared to the over 20 exemption clauses in commercial third-party liability insurance, compulsory traffic insurance covers a much broader range, including losses caused by intentional actions of the victim, property losses of the insured, related arbitration and litigation costs, and certain indirect losses due to accidents. Moreover, regardless of whether the insured vehicle is at fault in the accident, compulsory traffic insurance will compensate within the liability limits without deductibles or exemptions. 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 corporate digital certificates that comply with the PKI system. An insurance policy, abbreviated as a policy, is the official 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 marks; Time-saving and convenient, not restricted by time or location, with information universally accessible online anytime, quickly and easily; Allows for reissuance and resending, eliminating concerns about losing it. If a paper version is needed offline, it can be printed or mailed; Easy management, as electronic standardization makes it easier for insurance companies and traffic police departments to manage the insurance information of various vehicles.