What is the minimum compulsory insurance premium for a car?

[Harmony]

The annual compulsory insurance premium for a car varies each year, primarily depending on whether the owner's vehicle was involved in any traffic accidents in the previous year. Generally, vehicles that have not been involved in accidents for several consecutive years will see their compulsory insurance premiums decrease, while those involved in accidents will face increasing premiums. Below are the consequences of driving without compulsory insurance: 1. Self-coverage of expenses: In the event of a traffic accident, regardless of the owner's liability, all resulting losses must be borne by the owner, who will need to pay the compulsory insurance claim amount out of pocket. 2. Annual inspection rejection: Long-term failure to pay compulsory insurance will result in the vehicle's annual inspection being rejected. 3. Penalty points and vehicle impoundment: If caught by traffic police, the driver will face a penalty of 1 point deducted from their license, and the vehicle will be impounded until the owner pays the insurance premium.