Compulsory traffic insurance is a kind of compulsory liability insurance for insurance companies to compensate insured motor vehicles for road traffic accidents, resulting in personal injuries and property losses, but it should be noted that the scope of compensation does not include the people on board and the insured.
Compulsory insurance is the first compulsory insurance system implemented by national laws in China. The premium for compulsory insurance shall be subject to a unified national standard, which shall be stipulated by the state. According to different car models, the price of compulsory traffic insurance is usually different. The main factor affecting the price of compulsory insurance is the number of car seats.
To purchase compulsory insurance, you need to bring your valid ID card, vehicle certificate and car purchase invoice to the insurance institution, fill out the report and submit the application according to the requirements of the insurance institution. After approval, both parties will sign an insurance contract. After the contract is signed successfully, compulsory insurance is completed.