Mini electric two-wheel vehicle owners will be required to purchase obligatory motor third-party liability insurance and a license plate for their vehicles beginning on November 30, 2022. In addition, owners of these vehicles will also be required to obtain a license plate.
The mandatory insurance policy will pay a maximum of NT$200,000 ($6,462) for medical expenses for an individual who is injured in an accident; a maximum of CNY2m for disability benefits, depending on the extent of the disability; and a fixed payment of NT$2m in the event of death. These maximums are in addition to the fixed payment of NT$2m that will be made in the event of death.
The law also stipulates that a license plate for a mini electric two-wheel vehicle cannot be registered unless the owner possesses valid compulsory automobile liability insurance in accordance with the Compulsory Automobile Liability Insurance Act. This law was passed in accordance with the Compulsory Automobile Liability Insurance Act.
The following is how the insurance coverage for these vehicles will be structured:
Three years of mandatory insurance coverage for new automobiles, with a total premium cost of 1,358 New Taiwan Dollars;
A minimum of two years' worth of mandatory insurance coverage for vehicles that are operated for periods of less than one year (with premiums totaling $971);
Insurance is required for a minimum of one year on all vehicles that are operated for more than one year, and the annual premium is 563 New Taiwan dollars.
The date the car was manufactured is used to calculate its age, which is required for auto insurance.
Owners who now possess electric two-wheelers are required to comply with the Act no later than the 30th of November, 2022, which is just over two years away.
