In order to legally own your own vehicle you’ll need insurance, which is calculated based on the value of your car. Full coverage for a car costing ¥245,000 would come out to about ¥3,800 per year, while a ¥100,000 car’s insurance policy costs roughly ¥2,000. Of course, rates of insurance also vary according to the company’s policies, the level of insurance coverage and your driving history.

Policies must include third-party liability insurance. Leasing agencies in the city will usually cover this type of insurance for you, but if you want something more substantial you’ll have to go elsewhere for your policy. In Shanghai, where anything could happen on the road or in the street, it is recommended that you look into a comprehensive coverage plan. AIU provides a 24 hour hotline for clients so that a claim handler can come and assess damage to your vehicle at any time.