What are the new regulations for auto insurance in 2021?

1 Answers
OKeegan
07/30/25 6:02am
Here is an introduction to the new regulations for vehicle insurance in 2021: With "protecting consumer rights" as the main goal: Establishment of a market-oriented clause and rate formation mechanism, optimization of coverage responsibilities, enrichment of products and services, reasonable additional costs, sound market system, orderly market competition, improved operational efficiency, and high-quality development of auto insurance. In the short term, "price reduction, increased coverage, and quality improvement" will serve as phased goals. Enhancement of compulsory traffic insurance coverage: Increase the liability limit of compulsory traffic insurance and optimize the floating coefficient of compulsory traffic insurance road accident rates. Expansion and optimization of commercial auto insurance coverage services: Specific measures include expanding the coverage scope of commercial auto insurance, removing exemption clauses that often lead to claims disputes in practice, increasing the liability limit of commercial auto insurance, and supporting the diversification of commercial auto insurance products.
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