Experience on buying auto insurance with certain items
The civil liability insurance
To ensure the requirements of the law, you have to buy at least minimum liability with levels 50 million VND respectively for the loss of lives and property of third parties.
Traffic in Vietnam is quite bad and very high collision risk despite good driver and you have to be careful this problem . The responsibility of the vehicle owners for damage to third parties may be greater than if the collision is very strong. For example, Mercedes is responsible for possible damage up to hundreds of millions, but with 50 million of insurance coverage, insurance companies will only pay compensation of 50 million and the difference you have to still be very significant burden.
To make it reasonable, you can consider buying the higher level of accountability for fees, which will not increase while you stay protected at much higher levels
The physical damage insurance
This insurance will be purchased on the basis of the actual market value. If the new vehicle is very simple, you will be insured on the basis of the purchase price of your car right. However, if the car is old, the problem will be more complicated. In principle, the value of car insurance is the actual value on consensus between vehicle owners and insurance companies. But when a loss occurs, insurance companies will compensate you based on the actual value at the time of the loss. There are two things you should consider when buying ultra insurance:
About losses to replace parts if having compensation regarding to the above principles, you will be very dissatisfied if you have to replace the old one equal parts before accidents, not new ones. If it is renewed, you will have to pay the warping between old and new, and so you will not feel comfortable. But fortunately for you that the insurance market is very competitive, you can suggest insurance companies to solve. A lot of insurance companies voluntarily take on this provision in order to compete and attract customers. With this article, you will get new incentives to replace the damaged parts need replacement
Regarding the total loss: Insurance company will compensate you at the actual value at the time of the loss that would usually lower than the declared value you are originally insured. The reason is because car prices decrease over time, due to market volatility, but sometimes because you have to buy insurance with a value too high. Since buying insurance for old cars is agreed upon between you and the insurance companies, the compensation is based on the value immediately before the accident, so of course insurance companies want you to buy with higher values well, they will earn more fees when their responsibilities increase. It will be good for you if the declared value of the car, you should consult before prices from a number of sources such as car dealers, acquaintances, insurance broker, and actively provide value cars and love insurance company accepts players instead of letting the insurance companies who to do it.