Precaution for car accidents with product liability

Many car owners are afraid of being capital loss when buying product liability insurance. In fact, accident can happen at unexpected time, so you should buy a comprehensive insurance package as a precaution.

 

Precaution for car accidents with product liability

About product liability for car accidents

According to the Liberty Insurance Vietnam, in addition to compulsory civil insurance, only 5% of car owners buy voluntary product liability insurance.

Even people owning big assets have yet to be aware of the important role of product liability insurance. Meanwhile, Vietnam now ranks fourth in the number of deaths due to road accidents in the world, after China, USA and Thailand.

Compulsory civil liability insurance of motor vehicle owners doesn’t aim to insure your vehicle and the passengers. It only helps you get a minimum funding to compensate the victims.

Specifically, if a collision occurs between your car and other vehicles or people and it is your fault, the insurance company will take over th compensation. The maximum is 70 million / person / service for injuries on people and 70 million / case for property damage. If you cause greater losses, or if the victims ask for more, you will pay yourself.

To insure the car and yourself as well as your relatives and friends in the car, vehicle owners should purchase additional types of voluntary insurance. Specifically, in addition to material insurance on cars, there are also voluntary product liability insurance and accident insurance for passengers. Voluntary product liability insurance gives vehicle owners a further layer of protection when serious accidents happen. As accident insurance for passengers bring financial resources to pay for medical expenses or lost income.

Insurance fees

Currently, compulsory civil liability insurance fee enacted by the Ministry of Finance varies from 436,700 VND / year to several million / year, depending on the type of cars. Insurance fee for car material is about 1.5% to 2% car value and it depends on many factors such as insurance benefits, car types, ...

Accident insurance premiums for passengers with fees ranging from 100 thousand to 400 thousand / seat / year with a corresponding liability is 100 million to 400 million / year. Civil liability insurance voluntary fees from 1,620,000 VND / year with total compensation limit to 8 billion.

For those interested in the quality of services and benefits, the Liberty Insurance is a top choice because the need for compensation or support rescue them just calling to Customer Service Centre 24 / 7 and not have to worry about insurance purchased from employees or affiliates.

In addition, companies also have large incentives for new customers buy insurance from www.LibertyInsurance.com.vn website or free call number 1800 599 998. Currently Liberty was donated to the accident insurance passengers, civil liability insurance and the voluntary gifts Gift Esteem can use at more than 600 stores and supermarkets across the country - with a total value of up to 3.6 million depending on the level insurance fees.