What are the three must-have insurances for private cars in 2021?

[Simon]

Private cars must purchase compulsory traffic insurance, third-party liability insurance, and vehicle damage insurance. The characteristics of compulsory traffic insurance include the following two points: 1. From a legislative perspective, it is a legally mandatory insurance: vehicle owners or managers must, in accordance with legal procedures, purchase compulsory traffic insurance for motor vehicle accidents. Article 5 of the "Traffic Safety Law Implementation Regulations" makes compulsory traffic insurance a prerequisite for applying for motor vehicle license plates and driving licenses—no insurance, no driving; 2. From a social perspective, it is a social management tool: the establishment of compulsory traffic insurance addresses the social harm caused by frequent traffic accidents. Effective compensation for personal and property losses resulting from traffic accidents requires a stable source of funding. The unpredictable nature of traffic accidents means individuals cannot promptly and effectively deal with the sudden risks they pose.