What Types of Insurance Do Cars Have?
1 Answers
Common types of car insurance include: 1. Compulsory Traffic Accident Liability Insurance (CTPL): The full name of CTPL is 'Compulsory Motor Vehicle Traffic Accident Liability Insurance.' It is a mandatory liability insurance where the insurance company compensates for personal injuries, deaths, and property losses of victims (excluding the vehicle's occupants and the insured) caused by road traffic accidents involving the insured vehicle, within the liability limits. 2. Vehicle Damage Insurance: This generally covers losses to the insured vehicle caused by natural disasters such as lightning, storms, heavy rain, floods, as well as accidental events like collisions and overturns, along with related rescue costs. 3. Third-Party Liability Insurance: Third-Party Liability Insurance, abbreviated as TPL, refers to the financial liability that the insured or their permitted drivers must bear under the law for causing accidental injuries, deaths, or direct property damage to third parties while using the insured vehicle. The insurance company is responsible for compensation. 4. Passenger Liability Insurance: Passenger Liability Insurance covers personal injuries and deaths of passengers in the vehicle, divided into Driver's Seat Liability Insurance and Passenger Seat Liability Insurance.