Which Car Insurances Should You Buy?

[LeVictoria]

Generally, the following types of car insurance are necessary: 1. Compulsory Traffic Accident Liability Insurance (CTPL): Also known as 'Motor Vehicle Traffic Accident Liability Compulsory Insurance,' driving without CTPL is illegal. 2. Vehicle Damage Insurance: This covers losses resulting from vehicle collisions or damages. 3. Third-Party Liability Insurance: Provides compensation for losses caused to a third party in the event of an accident. 4. No-Deductible Insurance: Most car insurances set different deductible rates based on accident liability, which the insurance company does not cover. By purchasing no-deductible insurance, the policyholder can transfer the portion they would otherwise have to pay back to the insurance company, thereby reducing their own losses.

[CarsonAnn]

Having driven trucks for fifteen years, I can tell you that insurance is not something to skimp on. The compulsory traffic insurance is a must-have; without it, your vehicle can't even hit the road. For third-party liability insurance, I recommend going straight for 2 million coverage—luxury cars are everywhere these days, and a minor scrape could bankrupt you. Vehicle damage insurance is also essential, especially for new cars, as repairs can be painfully expensive. It’s a lifesaver when the other party refuses to pay after a collision. Scratch insurance is surprisingly practical—a single brush against a roadside branch can cost hundreds. Don’t forget the no-deductible add-on; otherwise, the insurer only covers 80%. In areas with heavy rainfall, add water ingress coverage—last year, a colleague had to pay over 30,000 out of pocket for engine water damage because he skipped this. Spontaneous combustion insurance is a must for older vehicles; circuits degrade after six years, posing serious risks. Lastly, remember that standalone glass damage falls under vehicle damage insurance—read the fine print carefully.

[OKeegan]

As an actuary-turned-automotive blogger, here's a money-saving plan for you: Compulsory traffic insurance is legally required. For commercial insurance, third-party liability coverage should be at least 1.5 million, and it's safest to increase it to 2 million in big cities. For vehicle damage insurance, it depends on the car's age - recommended for new cars within 5 years, calculate based on residual value after 5 years. Here's the key point! Add medical expenses outside medical insurance coverage, which costs only a few dozen yuan but is crucial as it reimburses self-paid medicines when injuring someone. For seat insurance, I suggest 20,000 for the driver and 10,000 for passengers, doubled for ride-hailing vehicles. No-deductible coverage is a must, otherwise claims are discounted by 20%. Those who modified headlights or rims should note to insure additional equipment. Finally, a pro tip: More than two claims increase premiums by 25%, so minor scratches are better fixed out-of-pocket.

[DelAnnie]

A dad who just experienced an at-fault accident shares his insights: Third-party liability coverage of 2 million is the bare minimum! Last week, I hit a Model Y, and the headlight plus fender repair cost 98,000. Comprehensive insurance is a must—our Odyssey’s roof was smashed by a falling tree, and without comprehensive coverage, the repair would’ve cost 20,000. Seat insurance is especially crucial, as our baby’s car seat is secured in the back row; I opted for 50,000 coverage per seat. Scratch insurance is practical—when a mischievous kid in the neighborhood keyed my car, the insurance covered a full repaint for free. Don’t forget the absolute deductible rider—setting the deductible at 20,000 cuts premiums by a third. Glass insurance is cheaper when purchased separately—a rock on the highway cracked my windshield, and it was replaced entirely. Remember, car insurance is about risk transfer—never skimp on key coverage limits.