What are the essential insurance types for new cars?

[LukeAnn]

The essential insurance types for new cars include: 1. Compulsory Traffic Accident Liability Insurance; 2. Vehicle Damage Insurance; 3. Third-party Liability Insurance. Compulsory Traffic Accident Liability Insurance is a mandatory requirement by the state and must be purchased for every vehicle on the road. Vehicle Damage Insurance primarily safeguards the property safety of the car. Third-party Liability Insurance is used to protect the life or property safety of others. These three types of insurance are known as the three must-have car insurances. If the budget for purchasing car insurance is limited, these three insurances can maximize protection. Benefits of purchasing insurance reasonably: 1. It allows insurance companies to regulate the behavior of car owners through premium control, making them more cautious while driving; 2. In case of vehicle damage, repairs can be carried out, saving on repair costs and ensuring better repair services; 3. It protects the legal rights of third parties in accidents, mainly through Compulsory Traffic Accident Liability Insurance and Third-party Liability Insurance.