What are the new regulations for vehicle insurance in 2021?

[AngelinaMarie]

Here is an introduction to the new regulations for vehicle insurance in 2021: 1. With "protecting consumer rights" as the main goal: Establish a market-oriented clause and rate formation mechanism, optimize coverage responsibilities, enrich product services, ensure reasonable additional costs, improve the market system, maintain orderly market competition, enhance operational efficiency, and promote high-quality development of auto insurance. In the short term, "price reduction, increased coverage, and quality improvement" are set as phased goals. 2. Enhance the protection level of compulsory traffic insurance: Increase the liability limit of compulsory traffic insurance and optimize the floating coefficient of compulsory traffic insurance road accident rates. 3. Expand and optimize commercial auto insurance coverage services: Specifically, including expanding the scope of commercial auto insurance coverage responsibilities, deleting exemption clauses that easily lead to claims disputes in practice, raising the liability limit of commercial auto insurance, and supporting the enrichment of commercial auto insurance products.

[MaximusAnn]

When I renewed my car insurance last year, I learned about the changes brought by the 2021 regulations and found that the coverage has significantly improved. Previously, compulsory traffic insurance only covered 120,000 yuan, but now the limit has been raised to 200,000 yuan, providing broader and more reassuring coverage. Commercial insurance now integrates car damage insurance with theft insurance, water damage insurance, etc., eliminating the need to purchase additional riders, which saves money and hassle. My premium even decreased a bit, and third-party liability insurance now has a floating rate, offering further discounts for safe driving. During renewal, the terms felt more transparent, and insurance companies can no longer arbitrarily raise prices. The reform emphasizes protecting the rights of us car owners, and claims handling has become more standardized. Overall, car insurance has become more valuable, especially for urban driving with its many risks. With comprehensive coverage, the stress is much less. I recommend everyone to consult the details when renewing their insurance to not miss out on the benefits.

[RileyDella]

I've been following the insurance reform for a long time. The 2021 new regulations focus on comprehensive optimization of coverage. The core is the increase in compulsory traffic insurance coverage, enhancing accident protection. Commercial auto insurance now bundles previously separately purchased coverage types like spontaneous combustion and glass breakage, making it more convenient and cost-effective. Third-party liability insurance rates have become floating, meaning good driving records can save on premiums. Rate ceilings have also been standardized, intensifying competition among insurance companies and leading to fairer prices. When renewing my policy, I noticed more comprehensive coverage without spending extra, even saving some money. The reform clarifies responsibilities, simplifies the claims process, and makes consumption fairer. Safety standards have improved, and prices have become more affordable—this reform is quite substantial.

[AaronDella]

I think the 2021 new regulations have improved insurance safety standards. The compulsory traffic insurance limit has been raised to 200,000 yuan, which can better cope with accident risks. Vehicle damage insurance now includes theft and water damage, eliminating the need to purchase them separately for more convenience. The pricing has also been rationalized, making it fairer for safe drivers to enjoy discounts. With more comprehensive coverage, it saves money and provides peace of mind.