What Insurance Must Be Purchased for a New Car on the Road?
1 Answers
Compulsory traffic insurance (CTI) and vessel tax, third-party liability insurance, no-deductible coverage, and vehicle damage insurance. Here is more information about new car insurance: 1. Relevant regulations: The "Compulsory Traffic Insurance for Motor Vehicle Accidents in the People's Republic of China" stipulates that CTI is a mandatory liability insurance provided by insurance companies to compensate for personal injuries, deaths, and property losses (excluding the driver and passengers of the insured vehicle) caused by road traffic accidents within the liability limits. 2. Consequences of not purchasing CTI: If a motor vehicle is not insured with CTI, once discovered, the owner will be fined twice the amount of the minimum liability premium required by law. Additionally, during the annual vehicle inspection, a valid CTI policy must be provided; otherwise, the inspection will not be approved.