There are lots car insurances products in China. It will not automobile come with car insurances when you purchased your new car or used car in China.
We take a sample below to buy your car insurances in Shanghai, usually it’s same all over China.
Some of the basic car insurances that you need to purchase and these are the insurances that most people bought in Shanghai, these are
A. Traffic compulsory insurance [Costs: Seats less than 5, it’s RMB 1050. For seats more than 6: RMB 1100.]
All vehicles drive on roads need to buy this traffic compulsory insurance. Insurance company will cover the third party during the traffic accidents: it will cover all property and life losses except owner of the car, passengers on board. Since all vehicles drive on roads have this insurance, it will cover the car if 2 or more cars hits. Max. compensate: RMB 60,000. The insurance company will compensate whoever the responsibility of an accident. The compensate will be 20% of the max. compensate (RMB 60,000 x 20%= 12,000) when the vehicle’s driver has no responsibility during an accident.
B. Third party liability insurance.
Same like traffic compulsory insurance, it will cover all property and life losses except owner of the car, passengers on board. Since traffic compulsory insurance only covers 60,000 RMB compensate, a third party liability insurance could help covers more. It has RMB 50K, 100K, 150K, 200K, 300K, 500K, 1000K, total 7 levels for choose. Usually Most owners chose level of RMB 100K.
C. Car Damage Insurance
The car damage insurance is designed for covers damage of your vehicle. Insurance company will not provides compensate after car knocks, hits or accidents.
D. Car Theft Protection Insurance
For used car, the insurance will only choose to compensate the lower one of your vehicle invoice or depreciation price of your vehicle.
The above insurances provide the basic car insurance in Shanghai. You could also purchase other insurances if you need more insurance. The insurance will come to affect the same day you bought.
Some other insurances:
E. Liability for Passengers and Driver Insurance
This insurance covers the damages to on board driver and passengers.
F. Vehicle Deficiency Waiver
All the car insurances products are set up to 20% Deficiency Waiver. That means during an accident or damage, the car insurances products will cover up to 80% damage and rest 15-20% losses will be paid by owner of a car. With this insurance, car insurances products will cover up to 100% of the damage.
G. Breakage of Glass Insurance.
E. Car Body Scrape Insurance
F. Spontaneous Combustion Insurance
For above insurance, Shang Car is in associate with China United Property Insurance Company, one of the largest car insurance companies in China, which could offer 80% for the car insurance products (the discount except Traffic compulsory insurance) and we don’t take commission from them, or you could choose the insurance by yourself.
