Experience in buying auto insurance to avoid the risk of litigation over compensation

All individuals or organizations that own cars must purchase civil liability insurance. In addition, there are voluntary insurance products such as civil liability insurance of car owners for goods transported on the car, insurance for physical damage to motor vehicles, insurance for passengers and driver-assisted accidents.

However, not everyone knows how to buy a suitable and effective auto insurance package for their car... Below are some of the most important notes for users to refer to.

1. Choose the right insurance package

First-time car owners often buy car insurance based on the advice of car salesmen or referrals from acquaintances. The length and complexity of the contract can be the reason why many people put their trust in the insurance salesmen, they only care about the amount of premium and the level of compensation.

This may cause them to pay high insurance premiums but when an accident occurs, they do not receive the insurance service they expect.

Therefore, first-time car insurance buyers must choose the appropriate voluntary insurance according to their financial capacity and travel environment. After many years of use, they will gain experience to choose the most suitable product.

2. The cheapest rate is not necessarily the most economical

Depending on the condition of the vehicle and the regular driving environment, the user should choose a product package with a wide or narrow range. For example, if you are using a car that has been used for a relatively long time, four years or more, you should consider choosing a genuine garage service and should accept a higher deductible.

When owning a car worth less than 1 billion VND, you may not need to pay for the insurance service for stolen parts because you can buy it yourself at an affordable price, but if you have bought an expensive car, you cannot ignore this fee. Because the insurance premiums offered by insurance companies are often very different, to get the best price for the same insurance content, you should get quotes from at least three companies to compare and choose.

3. Choose the appropriate deduction level according to your actual circumstances

The deductible is the amount of money that the customer shares with the insurance company in each loss. The car owner's loss must be greater than the deductible for the insurance company to pay.

With a deductible of 1 million VND, customers will pay for themselves if the loss is less than 1 million VND. If the loss is 100 million VND, the customer will still only pay 1 million VND and the insurance company will pay the remaining 99 million VND.

4. Learn carefully about repair service standards

You should choose insurance companies that have relationships with reputable garages and are convenient for travel and repair. Next, find out the level of cooperation between the insurance company and the garage to avoid having to go back and forth many times due to cumbersome procedures.

In addition, consider the 24/7 rescue service (is the compensation settlement team professional and dedicated; is the compensation settlement process accurate in terms of time...)

5. Read the insurance policy brochure carefully.

Some customers often do not pay close attention to the conditions in the terms, such as expired registration, vehicle not used for the registered purpose, driving without a valid driver's license when causing an accident, buying insurance that does not cover the required insurance... Therefore, to avoid mistakes that may cause disadvantages later, before buying insurance, car owners need to carefully study the items in the contract and consider extended insurance coverage.

6. Understand rights and responsibilities

When purchasing insurance, every customer wants to be compensated quickly and fairly in the event of an accident, and have their vehicle repaired or replaced at a professional garage with genuine spare parts.

However, to achieve these things, it is essential to understand the rights and responsibilities of the insurance buyer and consider carefully before signing any type of insurance. Negotiating each clause in detail is the best way to ensure that the rights of the insurance buyer are respected.

7. Handling of accidents and incidents

When a collision, damage, or loss of life or property occurs on the road, the vehicle owner must remain calm and not rush to negotiate with a third party. Immediately call 115 to rescue the injured, and promptly notify the insurance company and local authorities. Do not negotiate with a third party without the involvement of the authorities.

The parties also need to note to keep the scene intact until there is an inspection and assessment by the responsible parties, and avoid continuing to use the damaged vehicle.

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