What is Vehicle Damage Insurance?

[OCollin]

Vehicle Damage Insurance refers to motor vehicle loss insurance. Below is relevant information about Vehicle Damage Insurance: 1. Compulsory Traffic Insurance: Compulsory Traffic Insurance is a legally mandated insurance that every vehicle owner must purchase. It provides the most basic insurance claims when a traffic accident occurs. In the event of a traffic accident, Compulsory Traffic Insurance can assist the vehicle owner in covering difficult-to-afford economic compensation. The compensation amount for Compulsory Traffic Insurance is determined based on the vehicle owner's proportion of responsibility in the accident and whether it resulted in personal injury or death. 2. Vehicle Damage Insurance: Vehicle Damage Insurance refers to situations where the insured or their permitted driver causes an insured accident while driving, resulting in damage to the insured vehicle. The insurance company will provide compensation within a reasonable range. The premium for Vehicle Damage Insurance is significantly related to the purchase price of the vehicle and the number of seats.