Insurance company: How to buy car insurance? (Part 1)

Car insurance bought at general insurance company is a guarantee for unexpected risks which may happen to you in the future. When buying car insurance, you will get compensated for financial loss resulting from your car accidents. There is an insurance contract between you and your insurance company. You will pay premium as commitment and insurance company will make sure to reimburse for the damage written in the contract. In this article, we will tell you about definitions when buying insurance and instruct you how to buy insurance to get the most benefit.

Insurance company: How to buy car insurance? (Part 1)

Kinds of insurance products

Currently, general insurance company can provide 4 kinds of car insurance: compulsory public liability insurance for car owners, public liability insurance for goods delivered in car, car damage insurance, insurance for people in the car. The first type or compulsory public liability insurance for car owners is bought by all individuals and organizations as regulations of Vietnam law.

The other kinds of insurance is optional. Customers can make decision to buy it or not based on commitment with insurance company. With material insurance of motor vehicles, car owners will be reimbursed for material loss of cars caused by unexpected and uncontrollable accidents,…

What kind of insurance should you buy?

Today, car owners only pay attention to buying hull insurance and do not concentrate on other insurance products. A number of insurance buyers do not learn or research carefully terms in the contract, regulations and reimbursement process when signing. This specially affext car owners’ benefits once accidents occur.

If this is the first time that car owners buy car insurance, buyers should be based on commuting environment and financial ability to choose the suitable optional insurance. To the medium class cars, car owners are recommended to buy hull insurance and water hammer insurance. If your cars are high class ones, you should buy insurance agaisnt car parts theft.