Is it possible not to purchase motor vehicle loss insurance?
4 Answers
Vehicle damage insurance can be waived. As a type of commercial auto insurance, the purchase of vehicle damage insurance entirely depends on the car owner's needs. Here is relevant information: Vehicle Damage Insurance: This insurance is quite practical. It refers to a commercial auto insurance where the insurer compensates within reasonable limits for damages to the insured vehicle caused by an accident occurring while the vehicle is being used by the insured or an authorized driver. Benefits of purchasing vehicle damage insurance: However, in the event of an accident, one would have to bear the full economic loss themselves. It is an important category in vehicle insurance, providing certain economic compensation to the injured party to alleviate financial pressure caused by accidents. Moreover, the annual premium for the insurance is not excessively high. If not purchased, one would need to fully bear the substantial costs after an accident, making vehicle damage insurance a necessary purchase.
I know many people are wondering whether they can skip purchasing vehicle damage insurance. In fact, according to regulations, this is not a compulsory insurance. The state only mandates the purchase of compulsory traffic insurance, while vehicle damage insurance is a commercial insurance, and it's up to you to decide whether to buy it. However, after driving for three years, I feel that not buying it is too risky. In case of scratches or accidents, repair costs can easily amount to thousands, and paying out of pocket can be quite painful, especially for salaried workers with limited income—this is not an expense you can easily save on. A friend of mine didn’t buy it last year and ended up getting rear-ended, costing over ten thousand yuan in repairs, which he deeply regretted. Although insurance means spending a bit more each month, it can save you a lot of hassle and protect your assets when it matters most. Of course, if you drive infrequently and park in safe locations, you might temporarily skip it, but I still recommend considering your own situation and not taking big risks just to save a little money in the short term.
As a stay-at-home dad who often takes the kids out, I always worry about car troubles, so comprehensive car insurance is crucial for me. Although legally you don't have to buy it—it's optional commercial insurance—as a family person, I believe it's a must for peace of mind. Imagine if the car body gets scratched from slipping on a rainy day or if the kids accidentally damage the paint—repair costs aren't cheap. My husband once skipped it to save money, only to have the windshield smashed by hail, costing over 2,000 yuan to fix, leaving our family financially strained that month. Comprehensive car insurance acts like a safety net; paying a few hundred yuan in premiums monthly can prevent huge losses in case of accidents, protecting family savings. Personally, I advise against skimping on this expense, especially in cities with heavy traffic and frequent accidents—getting insurance is taking responsibility for yourself.
As a budget-savvy veteran driver with ten years of experience, I never spend money recklessly, and indeed, you can skip buying auto damage insurance. It's not mandatory, so you can save on this premium, pocketing around a thousand yuan annually. However, this hinges on maintaining your car well. I usually park in my residential garage and avoid long trips to minimize accident risks. If you opt out, consider other add-on insurances like scratch insurance, which costs less. But remember, skipping insurance means bearing full responsibility yourself. In case of serious damage, repair costs could run into tens of thousands, eating into your savings—hardly worth it. I tried saving on premiums twice, only to pay more for minor repairs later. In short, weigh the pros and cons. Saving money is fine, but drive carefully and don't gamble with luck.
