Traffic insurance is one of the most curious and purchased products among insurance types.
What is Compulsory Traffic Insurance?
Traffic insurance is the most attention-getting and purchased product among the types of insurance. Traffic insurance, which is almost mandatory for every street legal vehicle, provides assurance against any damage that may occur in the event of possible accident risks and situations. Insurance policy renewal and follow-up operations, which lead to criminal proceedings against the vehicle owner when it is determined that it has not been taken out, are also carried out regularly.
Is Compulsory Traffic Insurance Mandatory?
One of the issue of concern in traffic insurance is whether it is mandatory. It is a mandatory insurance product for all street legal motor vehicles. Compulsory traffic insurance provides coverage against material damage caused to the vehicle of the counterparty as a result of accidents that may occur in the traffic. The policy is considered valid for 1 year and must be renewed before such period is completed. The insured person can renew his/her policy at any time, the new policy shall be valid only after the old one is expired.
What is the Traffic Insurance Coverage?
Traffic insurance is an insurance product that is confused with collision insurance. However, collision insurance covers material damage to the insured vehicle, while traffic insurance covers material damage to the vehicle caused by the insured vehicle. The general guarantees are as follows;
Material damage caused after an accident,
Healthcare services that need to be received as a result of an accident,
Expenses incurred after injury or death as a result of an accident.
Insurance coverage is not created for any situation other than the guarantees covered by the policy.
What Does Traffic Insurance Do?
People who have traffic insurance may not take out collision insurance by considering the costs. However, the coverages of the traffic policy and collision policy are not the same. Your traffic insurance helps to cover the damages and costs incurred on the counterparty as a result of an accident; traffic insurance is an insurance product that covers the costs of the opposing driver.