What does the owner-exclusive protection insurance mean?
2 Answers
Owner-exclusive insurance is a type of insurance specifically designed to protect the owner. If the owner encounters an accident or requires hospitalization, the insurance provides direct compensation to the owner. The following are the essential insurances for a car: 1. Compulsory Traffic Accident Liability Insurance (CTPL): CTPL is a mandatory insurance that must be purchased; without it, the vehicle cannot be driven on the road. The full name of CTPL is 'Compulsory Traffic Accident Liability Insurance for Motor Vehicles.' According to regulations, CTPL is a compulsory liability insurance where the insurance company compensates for personal injuries, deaths, or property losses of victims (excluding the vehicle's occupants and the insured) caused by road traffic accidents involving the insured vehicle, within the liability limits. The cost of CTPL is the lowest. For the same vehicle model, the premium for the first year is the same, and the CTPL fee is related to the number of seats and the usage nature of the vehicle. 2. Commercial Insurance: 1. Vehicle Damage Insurance: In the event of an accident, with vehicle damage insurance, the repair costs can be covered by the insurance. 2. Third-Party Liability Insurance: This insurance mainly covers losses caused to a third party in a traffic accident. A third party refers to individuals who suffer personal injuries or property losses due to an accident involving the insured vehicle. 3. No-Deductible Insurance: Primary insurances usually have a deductible rate, meaning that in the event of a claim, the insurance company does not compensate the owner for a certain proportion of the insured amount. If the owner purchases no-deductible insurance, the portion of the insured amount and liability that the owner would otherwise bear is also transferred to the insurance company.
I learned about the meaning of owner-exclusive protection insurance just a few years after I started driving. Essentially, it's a customized insurance package tailored for drivers, specifically designed to protect you and your beloved car. Simply put, it not only covers repair costs after a collision but also handles unexpected situations on the road, such as free towing services if your car stalls or has a flat tire. Some plans even include additional benefits like reimbursement for medical expenses if you're injured while driving and guidance on accident handling. I find it more cost-effective than just buying basic car insurance because of its practicality. A couple of years ago, during a road trip, my car broke down, and the rescue service saved me a lot of money and time. Of course, before purchasing, it's important to carefully review the policy details and avoid overly expensive versions. Overall, it's a worry-free package, and I highly recommend it to frequent drivers.
