What do you know about the role and compensation standards of the Motor Vehicle？
Compulsory traffic accident liability insurance, abbreviated as 'compulsory insurance', is a mandatory liability insurance provided by insurance companies in accordance with the provisions of the 'Road Traffic Safety Law of the People's Republic of China' and the 'Regulations on the Compulsory Traffic Accident Liability Insurance'. It is an insurance that compensates for the personal injuries and property losses of the victims (excluding occupants of the vehicle and the insured) caused by road traffic accidents involving the insured motor vehicle within the liability limit. The compulsory insurance not only protects the rights and interests of the victims but also provides economic protection for car owners, enabling drivers to receive compensation in a timely manner in the event of an accident, thus avoiding disputes caused by compensation issues. So, what are the specific roles and compensation standards of the compulsory insurance?
I. The role of the compulsory insurance
Guarantee for personal safety: The compulsory insurance provides protection for personal injuries caused by the insured motor vehicle in a traffic accident. When the liability for damages to the third party caused by the insured motor vehicle in a traffic accident exceeds the compensation limit of the compulsory insurance, the insurance company shall compensate for the excess amount in accordance with the provisions of the compulsory insurance contract.
Guarantee for property safety: The compulsory insurance provides protection for the property loss caused by the insured motor vehicle to the third party in a traffic accident. When the property loss caused by the insured motor vehicle in a traffic accident exceeds the compensation limit of the compulsory insurance, the insurance company shall compensate for the excess amount in accordance with the provisions of the compulsory insurance contract.
Guarantee for accident handling: The establishment of the compulsory insurance makes the handling of traffic accidents more convenient, avoiding disputes caused by compensation issues. When a traffic accident occurs, the insurance company will immediately initiate claims, without the car owner having to wait, greatly reducing the economic pressure and time cost of the car owner.
II. Compensation standards of the compulsory insurance
Standard of personal injury compensation: The compensation limit of the compulsory insurance is 122,000 yuan, including a death and disability compensation limit of 110,000 yuan, a medical expenses compensation limit of 10,000 yuan, and a property loss compensation limit of 2,000 yuan. When the liability for damages to the third party caused by the insured motor vehicle in a traffic accident exceeds the compensation limit of the compulsory insurance, the insurance company shall compensate for the excess amount in accordance with the provisions of the compulsory insurance contract.
Standard of property loss compensation: The compensation limit of the compulsory insurance is 2,000 yuan, and when the property loss caused by the insured motor vehicle in a traffic accident exceeds the compensation limit of the compulsory insurance, the insurance company shall compensate for the excess amount in accordance with the provisions of the compulsory insurance contract.
Scope of liability: The scope of liability of the compulsory insurance includes the liability for damages to the third party caused by the insured motor vehicle in a traffic accident, as well as the liability for property loss caused by the insured motor vehicle to the third party in a traffic accident.
The establishment of the compulsory insurance not only protects the rights and interests of the victims, but also provides economic protection for car owners, enabling drivers to receive compensation in a timely manner in the event of an accident, thus avoiding disputes caused by compensation issues. At the same time, the compensation standards of the compulsory insurance are clear, and when the liability for damages to the third party in a traffic accident exceeds the compensation limit of the compulsory insurance, the insurance company shall compensate for the excess amount in accordance with the provisions of the compulsory insurance contract. Therefore, car owners should actively purchase compulsory insurance to provide protection for their rights and interests.