What insurances are required when buying a car?
1 Answers
What insurances are required when buying a car? The insurances required when buying a car include: compulsory traffic insurance, vehicle damage insurance, third-party liability insurance, passenger liability insurance, and no-fault insurance. The functions of these insurances are as follows: 1. Compulsory traffic insurance: mainly used to protect the rights and interests of victims in traffic accidents, and is mandatory by the state; 2. Vehicle damage insurance: mainly used to compensate for the loss of the vehicle in traffic accidents; 3. Third-party liability insurance: mainly to protect against personal death and property loss of third parties in traffic accidents; 4. Passenger liability insurance: mainly to protect against personal injury or death of passengers and the driver in the vehicle; 5. No-fault insurance: mainly for the insurance company to bear the compensation costs that the car owner needs to pay in traffic accidents.