Is it possible not to purchase full coverage for a new car?
3 Answers
It is possible not to purchase full coverage for a new car. However, compulsory traffic insurance must be bought, and the decision should be based on personal circumstances and the vehicle's condition. Purchasing additional insurance types can provide more comprehensive protection. Third-party liability insurance: This refers to compensation for personal injury or property damage caused to non-occupants of the insured vehicle due to an accident during reasonable driving. Of course, the amount of compensation is determined by the insurance premium paid by the policyholder. Vehicle damage insurance: This mainly covers accidental damage to the insured vehicle. It is important to note that the scope of claims for vehicle damage insurance is limited to external damage to the vehicle body. Damage caused intentionally by human factors, such as damage resulting from drunk driving, is not covered. No-deductible insurance: For many accidents, insurance companies have a non-compensable portion, typically with a deductible rate of 5%-20%. This portion of the claim will not be paid to the car owner. However, if no-deductible insurance is purchased, full compensation will be provided.
As a young person who just bought a new car, I understand the pressure of a limited budget. In fact, it's legal to drive a new car with only the mandatory traffic insurance required by the state, skipping comprehensive coverage. This can save you several thousand yuan in insurance premiums each year, which is suitable for those with short-term financial constraints. However, comprehensive insurance usually includes vehicle damage insurance and third-party liability insurance. Without it, if you accidentally scratch your car or someone else hits it, you'll have to pay for the repairs out of pocket—even minor repairs for a new car can easily cost over ten thousand yuan. I’ve seen a friend who didn’t have comprehensive coverage pay over 8,000 yuan out of pocket after backing into a pole in a parking lot. My advice is to consider your risk tolerance: if your car is often parked in a secure garage and you drive carefully, you might skip comprehensive coverage. But if you’re driving in congested urban areas where your new car is at higher risk, it’s best not to skimp on this expense. After all, insurance premiums are a small fraction of the total cost of car ownership, and investing a bit can give you peace of mind.
From a safety perspective, it's possible not to purchase comprehensive insurance for a new car, but I don't recommend it. The law only mandates compulsory third-party liability insurance, which covers personal injury losses of third parties in accidents. Without additional coverage, new car owners stand to lose significantly in cases like highway rear-end collisions or theft, where they'd have to bear the losses themselves. In the first few years when a car's value is high, even minor repairs like fixing a headlight or body panel can cost thousands. Comprehensive insurance that includes collision and theft coverage provides essential protection. From personal experience, a colleague who didn't get full coverage for their new car had to pay over 10,000 yuan out of pocket for hail damage repairs to the roof, deeply regretting the decision. Considering the high repair costs for new cars and frequent unexpected incidents, paying a few thousand yuan annually for comprehensive insurance is far more economical than facing massive repair bills.
