What are the new auto insurance regulations?
1 Answers
The new auto insurance regulations mean that prices will basically only decrease, coverage will basically only increase, and services will basically only improve. Definition of auto insurance: Auto insurance, also known as motor vehicle insurance, refers to an insurance product where the insurance company is responsible for compensating for personal injuries, deaths, or property losses caused by natural disasters or accidents involving the insured motor vehicle during the insurance period. Function of auto insurance: If a motor vehicle is damaged by natural disasters or accidents during use, it is difficult for the owner to compensate for the losses on their own. If the owner chooses to purchase the appropriate auto insurance, the insurance company will provide timely financial support through claims services to cover the losses, which is the significance of auto insurance. Auto insurance is a method of risk transfer, where the insurance company acts as the transferee to share the policyholder's risks.