When owning a car, the car owner needs to buy compulsory civil liability insurance as prescribed in Decree No. 03/2021/ND-CP of the Government issued on January 15, 2021. However, in addition to compulsory insurance, there are other types of voluntary insurance that car owners should also pay attention to invest in to minimize damage.
Currently, the situation of road traffic in our country is increasingly complicated. In addition to the poor awareness of some traffic participants, the degraded road and bridge system, severe weather conditions, etc. are also the causes of traffic accidents.
The fee to pay for those risks is not small. Therefore, to protect the interests of themselves as well as related parties, customers should consider and choose to buy the necessary auto insurance.
Auto Insurance Car :
1. What is auto insurance?
Auto insurance is a method of protecting a group of people, property and related transported goods from possible risks or losses. When the driver participates in traffic and has a risk, the insurance company will pay for damage to body, life and property in accordance with the signed compensation contract.
2. Important types of car insurance car owners need to know
To meet the diverse needs of buyers, insurance companies have provided many service packages for customers to choose from.
2.1. Compulsory civil liability insurance
Recently, the Government has issued Decree No. This Decree takes effect from March 1, 2021 and replaces Decree No. 103/2008/ND-CP and Decree No. 214/2013/ND-CP.
This is a type of compulsory auto insurance that applies to all motor vehicle owners when participating in traffic in the territory of Vietnam. Compulsory civil liability insurance is enforced in order to protect the interests of victims (third parties – collision victims) for damages caused by motor vehicle owners.
Scope of compensation for damage of insurance:
- – Damage to health and life of passengers caused by motor vehicles.
- – Non-contractual damage to health, life and property to a third party caused by a motor vehicle.
- Level of liability insurance pays:
- – For human damage: 100 million VND/1 person/1 accident.
- – For property damage: VND 50 million/1 accident.
2.2. Accident insurance for driver, assistant and occupants
This is a form of voluntary insurance for the driver and the people sitting in the car when they lose their life and body due to a traffic accident.
Insurance coverage and benefits:
Not only accident insurance, but all types of voluntary insurance, the coverage and benefits are covered depending on the policy of the insurance company and the benefits of the insurance package that the customer has registered to buy, specified in the policy. specified in the insurance contract.
2.3. Car insurance
Automobile physical insurance (car body insurance), also a voluntary insurance, has the role of protecting the body and machinery and equipment of the car. Accordingly, when a traffic accident occurs, the insurance service side will support the cost to overcome damages such as scratches, dents, fire, explosion, theft, …
And since this is also an optional insurance, the coverage and value will depend on the insurance plan purchased. Therefore, based on the needs and financial situation, the owner can choose a car insurance package with an appropriate price.
2.4. Voluntary civil liability insurance
Coverage represents additional liability beyond the state-mandated insurance coverage that car owners wish to participate in. The insurance company will return the difference in the amount the car owner has compensated the victim based on the extent of fault in the accident and the amount the car owner participates in insurance.
2.5. Cargo civil liability insurance
Cargo civil liability insurance covers damage to goods caused by accidents caused by vehicle owners during transportation. At this time, the insurance company will compensate the necessary and reasonable expenses for the goods owner in accordance with the provisions of the Civil Law.
2.6. Two-way auto insurance
This is an informal term for insurance that will cover any accident that occurs. Two-way auto insurance includes two types of auto insurance and auto insurance.
3. List of auto insurance companies in Vietnam
After learning about the types of car insurance, let’s take a look at the top reputable insurance companies in Vietnam.
Customers should use the service of a reputable insurance company
3.1. Bao Viet auto insurance
Bao Viet Auto Insurance is an insurance company that appeared early in Vietnam. Currently, Baoviet auto insurance provides 3 basic service packages, which are:
- – Compulsory package: Compulsory insurance for civil liability of motor vehicle owners.
- – Universal package: Car owner’s civil liability insurance, basic vehicle material insurance, accident insurance for car occupants.
- – Advanced package: In addition to benefits like the Economy Package, customers can choose more extended terms such as choosing a repair garage, parts theft insurance, flooded car insurance, …
3.2. Liberty Auto Insurance
Although a new name appeared in the insurance market, Liberty has gradually found its place. Customers will receive a 10% discount on the basic fee when buying car insurance and Liberty health insurance. There is also a water damage insurance service and the option of a repair garage at an attractive fee.
PVI was developed from the Vietnam National Oil and Gas Corporation PVN. With the prestige as well as the ability to well meet the diverse requirements of customers, PVI insurance is gradually finding a position in the insurance market. This company offers preferential insurance rates up to 5% and gift vouchers worth from 600,000 VND – 3 million VND.
3.4. Military auto insurance – MIC
MIC Military Insurance Corporation of the Ministry of Defence was established in 2007 with 60 member companies across the country.