What are the new regulations for vehicle insurance in 2021?
2 Answers
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.
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.
