What are the mandatory insurances for motor vehicles?
1 Answers
Motor vehicles generally require compulsory insurance, vehicle damage insurance, third-party liability insurance, and no-deductible insurance. Below are detailed introductions for each insurance: 1. Compulsory Insurance: Officially known as 'Compulsory Traffic Accident Liability Insurance for Motor Vehicles,' driving without it is illegal. 2. Vehicle Damage Insurance: This insurance covers losses due to vehicle damage, helping to reduce financial losses from collisions and other damages. 3. Third-Party Liability Insurance: Provides compensation to the vehicle owner when an accident causes losses to a third party.