What happens if you don't buy insurance for your motorcycle in the second year?
1 Answers
If caught by traffic police, you will be fined, with the penalty being twice the amount of compulsory insurance. Introduction to Vehicle Insurance: Vehicle insurance, also known as motor vehicle insurance or car insurance, refers to a type of commercial insurance that covers liability for personal injury or property damage caused by natural disasters or accidents involving motor vehicles. Car insurance is a form of property insurance. Within the realm of property insurance, car insurance is relatively young, as it emerged and developed alongside the appearance and popularization of automobiles. Unlike modern motor vehicle insurance, early car insurance primarily focused on third-party liability as the main coverage, gradually expanding to include risks such as collision damage to the vehicle body. Classification of Vehicle Insurance: Commercial insurance is an indeterminate value insurance, divided into basic insurance and additional insurance, with the latter not being independently insurable. Basic insurance includes third-party liability insurance and vehicle damage insurance (comprehensive coverage). Additional insurance includes full vehicle theft insurance (theft coverage), on-board liability insurance, no-fault liability insurance, cargo drop liability insurance, standalone glass breakage insurance, vehicle downtime loss insurance, spontaneous combustion loss insurance, new equipment loss insurance, and deductible waiver insurance. Compulsory traffic insurance (i.e., compulsory motor vehicle traffic accident liability insurance) also falls under the broad category of third-party liability insurance. Compulsory insurance is mandatory, and motor vehicles must purchase it to be driven on the road, undergo annual inspections, and be registered. In the event of third-party losses requiring claims, compulsory insurance must be paid out first before other types of insurance.
