What Insurance Does a New Car Need?

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Purchasing full coverage insurance is not mandatory for a new car. Most car owners typically opt for the following types of commercial insurance: 1. Vehicle Damage Insurance: This covers the costs incurred due to vehicle damage caused by traffic accidents during driving. 2. Third-Party Liability Insurance: This refers to the financial responsibility that the insured or their permitted driver must bear legally when a traffic accident occurs while using the insured vehicle, resulting in bodily injury, death, or direct property damage to a third party. The insurance company will compensate according to the insurance contract. 3. Passenger Liability Insurance: This covers the insured's legal liability for compensation when a permitted qualified driver causes bodily injury or death to passengers in the vehicle due to an insured accident while using the insured vehicle. The insurance company will compensate according to the insurance contract. 4. Comprehensive Theft Insurance: When the insured motor vehicle is stolen, robbed, or snatched, resulting in vehicle loss, or when the vehicle is damaged or parts and accessories are lost and need repair during the theft, robbery, or snatching, the insurance company will compensate according to the contract.