6 types of auto insurance that car owners need to pay attention to

Nowadays, people’s living standards are increasing, satisfying the need to own a car is no longer a luxury issue. And when owning a car, it is not only a vehicle but also an important asset of each person. Therefore, buying auto insurance is an extremely important, necessary and wonderful thing, this is a very smart way to minimize your losses if something unexpected happens. with the car. If you are wondering about the types of auto insurance, please read the article below.

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1. Automobile civil liability insurance

Also known as compulsory auto insurance, it applies to all motor vehicle owners participating in traffic in the territory of the Socialist Republic of Vietnam.

1.1 Coverage :

Extra-contractual damage to body, life and property to a third party caused by motor vehicle.
Damage to the body and life of passengers under the passenger transport contract caused by motor vehicles.

1.2 Level of liability insurance:

The level of insurance liability for human damage caused by motor vehicles is VND 100 million/person/1 accident.
Level of insurance liability for property damage caused by motorized two-wheelers, three-wheelers, mopeds and similar motor vehicles (including motor vehicles for the disabled) is 50 million VND / 1 accident.
Level of liability insurance for property damage caused by cars, tractors, construction motorcycles, agricultural and forestry motorcycles and other special vehicles used for security and defense purposes ( including trailers and semi-trailers pulled by cars or tractors) causing 100 million VND/1 accident.

2. Accident insurance for co-drivers and occupants.

Is insurance for the driver and the occupants of the vehicle during traffic participation, getting on and off the vehicle during the process of participating in the storm, having an accident.

2.1 Coverage :

Accidents for people being carried on vehicles: Body damage caused by accidents while on the vehicle, getting on and off the vehicle while the vehicle is in traffic.
Accidents to drivers and assistants: Bodily damage caused by accidents directly related to the use of that vehicle.

2.2 Insurance benefits:

In case the insured dies due to an accident covered by the insurance, PJICO will pay the amount stated in the insurance certificate.
In case of temporary injury covered by insurance, PJICO will pay the following amount:
For insurance liability under VND 20 million: Payment according to the accident and injury rate table issued by PJICO.
For insurance liability over 20 million VND: Pay according to actual expenses but not exceed the table of accident and injury rates issued by PJICO.

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3. Car material insurance.

It is a type of voluntary auto insurance, also known as auto body insurance.

3.1 Coverage :

PJICO is responsible for indemnifying motor vehicle owners for material damage caused by natural disasters, unexpected or unforeseen accidents in the following cases:

Crashes, crashes (including collisions with objects other than motor vehicles), overturns, falls, sinks, falls the whole vehicle, is hit by other objects;
Fire, fire, explosion;
Force majeure disasters caused by nature;
Loss of the entire vehicle due to theft or robbery.

3.2 Insurance benefits:

In the event that the car is damaged under the insurance coverage, PJICO will pay reasonable expenses to repair the car back to its original condition.

3.3 Vehicle physical insurance premium:

The basic physical insurance premium is from 1.4% to 1.7%, besides you can choose to add additional terms such as parts theft, no amortization when new replacement, choose repair facility , engine damage when entering the flooded area (Water Strike), the insurance deductible applies: 500,000 VND/case.

4. Voluntary civil liability insurance.

An additional liability in addition to the state-mandated auto insurance level that the car owner wants to participate in.

4.1 Coverage :

Extra-contractual damage to body, life and property to a third party caused by motor vehicle.
Damage to the body and life of passengers under the passenger transport contract caused by motor vehicles.

4.2 Insurance benefits:

In case the loss is covered by compulsory auto insurance, but the amount of compensation for the victim exceeds the compulsory auto insurance liability, PJICO will compensate the difference as follows:

About person: After paying the full liability of compulsory auto insurance in Appendix 6 – TT 22, PJICO will pay a reasonable amount to the car owner based on the extent of the fault and the amount the car owner has paid. pay to the damaged party but not exceed the liability level that the car owner has insured.
About property: After the compulsory auto insurance has paid the full liability, PJICO will pay the difference in the amount the car owner has compensated the damaged person based on the amount the car owner has insured. danger and degree of fault in the accident.

5. Cargo civil liability insurance.

Is the civil liability of the Vehicle Owner for the goods during the transportation under the contract of carriage between the Owner and the goods owner.

5.1 Coverage :

Damages to goods due to accidents that are determined to be caused by the fault of the Vehicle Owner during the transportation of goods.

5.2 Insurance benefits:

Indemnify the actual necessary and reasonable expenses of the vehicle owner for the goods owner’s goods according to the provisions of the Civil Code when the vehicle is in an accident. The vehicle owner must compensate the goods owner. The amount of compensation includes the following items:

– The cost of preventing and mitigating losses;

– Expenses for preservation, loading and unloading, storage and warehousing of goods as a result of the accident;

– Cost of damage assessment is the responsibility of PJICO

– Value of damaged goods.

The sum of the above costs does not exceed the level of liability insurance for the goods carried on the vehicle.

6. Two-way auto insurance.

It’s a common way for drivers or car owners to think that two-way auto insurance will be covered in any accident. The first thing here I want to confirm, there is no insurance on the market called two-way auto insurance.

This is a simple understanding, according to the above understanding, two-way auto insurance will include 2 types of insurance:

Car liability insurance (Indemnification for third party and third party’s property)
Car insurance (Compensation for your own car)