What are the must-have insurances for small cars?
1 Answers
National regulations require the purchase of compulsory traffic insurance for cars, while other insurances are optional. Small cars can purchase compulsory traffic insurance, third-party liability insurance, and vehicle damage insurance. Compulsory Traffic Insurance: The full name of compulsory traffic insurance is "Motor Vehicle Traffic Accident Liability Compulsory Insurance." It is a mandatory liability insurance where the insurance company compensates for personal injuries, deaths, or property losses of victims (excluding passengers of the insured vehicle and the insured) caused by road traffic accidents involving the insured vehicle, within the liability limits. Driving without compulsory traffic insurance is illegal. Third-Party Liability Insurance: This insurance is abbreviated as "third-party insurance." It refers to compensation provided by the insurance company when the car owner or an authorized qualified driver causes injury to a third party or damage to their property during the use of the vehicle in a traffic accident. Vehicle Damage Insurance: Vehicle damage insurance refers to compensation provided by the insurer according to the contract when the insured vehicle suffers losses due to natural disasters or accidents covered under the insurance policy.
