What is Owner Exclusive Protection Insurance?
1 Answers
Owner exclusive protection insurance is a type of insurance specifically designed to protect the vehicle owner. In the event of an accident or hospitalization of the owner, the insurance provides direct compensation to the owner. Below are the types of insurance that a car needs to purchase: 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 caused by the insured motor vehicle in a traffic accident, within the liability limits. 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 insurance usually has 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 coverage. If the owner purchases no-deductible liability insurance, the portion of the coverage and liability that the owner would normally bear is also transferred to the insurance company.
