Is Theft Insurance Mandatory in 2021?
1 Answers
In 2021, theft insurance is not mandatory, but compulsory traffic insurance is required by law. Categories of Auto Insurance: Auto insurance can be divided into compulsory traffic insurance and commercial auto insurance. Compulsory traffic insurance is mandatory, while commercial auto insurance can be purchased based on the car owner's needs. Types of Auto Insurance: Main insurance types include "Commercial Third-Party Liability Insurance", "Vehicle Damage Insurance", "Full Vehicle Theft Insurance", and "Passenger Liability Insurance". Car owners can choose to insure some or all of these types. Common additional insurances include "Glass Breakage Insurance", "Body Scratch Damage Insurance", "Spontaneous Combustion Loss Insurance", "Cargo Liability Insurance", "Traffic Accident Mental Damage Compensation Insurance", "Engine Damage Insurance Due to Water Immersion", and "No Deductible Insurance".