Is vehicle insurance required to be paid every year?
1 Answers
Vehicle insurance must be paid every year. If the insurance expires and is not renewed, driving on the road may have significant consequences. If the compulsory traffic insurance lapses in any given year, regardless of the reason, driving on the road and being caught will result in the vehicle being impounded and a fine being imposed. Additionally, if the vehicle insurance is not renewed by the owner at the annual renewal date, it may also lead to an increase in premium rates. Below is an introduction to vehicle insurance: Compulsory Traffic Insurance: A mandatory national insurance that must be purchased, providing coverage for the other party's property and personal safety. No-Deductible Special Coverage: The most important aspect of this insurance is the absolute deductible waiver. Vehicle Damage Insurance: Vehicle Damage Insurance primarily covers the car. If the car is involved in an accident or suffers damage due to natural disasters, these losses can be compensated by the insurance company through this coverage. Third-Party Liability Insurance: This insurance, also known as Third-Party Liability Insurance, mainly covers personal injuries and property losses of third parties in traffic accidents. To supplement the coverage amount of compulsory traffic insurance, a comprehensive third-party liability insurance is necessary.
