Compulsory traffic accident liability insurance is the first compulsory insurance system implemented by national laws in China.
The Regulations on Compulsory Motor Vehicle Traffic Accident Liability Insurance [hereinafter referred to as the Regulations] stipulates that compulsory traffic insurance is compulsory liability insurance in which insurance companies compensate victims [excluding people on board and the insured] for personal injuries and property losses caused by road traffic accidents of insured motor vehicles within the limits of their liability.
2. Vehicle loss insurance
Vehicle loss insurance means that the insured vehicle suffers from natural disasters (excluding earthquakes) or accidents within the scope of insurance liability, resulting in the loss of the insured vehicle itself, and the insurer makes compensation according to the provisions of the insurance contract. This is the opposite of a third party. It is self-care. If you cherish your car, you should buy it.
3. Third party liability insurance
Third-party liability insurance refers to the economic responsibility that should be borne by the insured according to law, and the insurance company is responsible for compensation if the insured or its licensed driver has an accident in the process of using the insured vehicle, resulting in personal injury or direct property loss to a third party.
At the same time, with the written consent of the insurance company, if the insured suffers arbitration or litigation costs, the insurance company shall pay compensation exceeding the liability limit, but the maximum amount shall not exceed 30% of the liability limit. Most local governments list the third party liability insurance as compulsory insurance. If you don't buy this insurance, the motor vehicle will not be licensed or inspected annually.
4. Vehicle personnel liability insurance
Vehicle seat liability insurance, also known as vehicle personnel liability insurance or vehicle liability insurance, is one of the main risks of vehicle commercial insurance. Responsible for compensation for casualties caused by traffic accidents of insured vehicles.
5. Driver's liability insurance: In case of vehicle accident and driver's injury or death, the insurance company shall compensate the loss according to the contract. Especially novices or people who often drive, the risk is greater. It is recommended to buy it to better protect your own safety.
Reference source: Baidu Encyclopedia-Ping An Auto Insurance