What do you mean compulsory insurance?

Compulsory insurance means that the cost of your insurance is added to the cost of your vehicle in the car dealership's cost of the car. For example, if your car dealership has you pay $500 for the car, and they add $30 for your mandatory insurance, you will pay $530 total.

If you want to drive the car without paying this extra fee, you will need to find a different vehicle.

What do you mean by compulsory insurance?

Compulsory insurance is mandatory. You must purchase a minimum amount of insurance, typically about $30,000. If you don’t, your car will be impounded until you pay the fine. Most states have two types of mandatory insurance: bodily injury liability insurance (also known as personal injury protection or PIP) and property damage liability insurance.

What does compulsory insurance mean?

Compulsory insurance refers to mandatory bodily injury and property damage liability coverage for drivers. The idea is that all drivers must have a minimum level of coverage to operate a vehicle legally in most states (depending on the state, this can be as little as $20,000 per person or $40,000 per accident, or as much as $1 million).

What do you mean by compulsory insurance in UK?

Compulsory insurance is a mandatory financial vehicle that provides protection to the insured in the event of an accident, injury or illness. The mandatory insurance is set by the government, and the premium rates are the same for everyone who needs to be covered. Premiums are based on a policyholder's location, age and gender, and they are usually deducted from a salary.

What is compulsory insurance?

Compulsory insurance is mandatory insurance which is required when you are driving a vehicle. When you acquire a vehicle, the mandatory insurance usually covers bodily injury and property damage. This type of insurance covers the cost of a crash, injury, or damage to your car when you are driving.