5 Need to Know About Installment Auto Insurance

5 Facts To Know About Auto Insurance Installment 1 Thanh Phong Auto HCM

To meet the needs of work or life, although there is no financial condition, many people still decide to buy a car to travel. Therefore, they choose to buy a car with a low interest rate. So, have you heard about auto insurance on installments? The article below we will share about 5 information you need to know about auto-installment car insurance to help you be more prepared if you want to ensure your benefits when buying a car on installments.

Share 5 things you need to know about car insurance
Share 5 things you need to know about car insurance  

5 Need to Know About Installment Auto Insurance

Buying a car in installments should buy any compulsory insurance?

When buying a car in installments, you need to bring your personal documents and financial proof:

The process of buying a car on installment payments includes the following steps:

  • Prepare documents according to instructions from car dealers
  • Pay registration tax
  • Registration of license plates
  • Registration of circulation

When buying a car on installment payments, you need to be aware of two things: interest payment on installments and compulsory insurance. Accordingly, unlike buying a car to pay completely you have to buy civil liability insurance, installments will be required to buy 2-way physical insurance.

5 information you need to know about auto-installment car insurance

1. 2-way automobile physical insurance is compulsory automobile installment insurance

The simplest to understand, 2-way automobile physical insurance is insurance covering both civil liability automobile insurance and automobile material insurance. This is the type of insurance you are required to buy when choosing the option of buying a car on installment payments.

This is called 2-way insurance because this type of insurance is responsible for compensating you in both directions when the fault occurs due to you or others.

You need to buy 2-way physical insurance when buying a car on installments
You need to buy 2-way physical insurance when buying a car on installments

2. The benefits you get when you buy 2-way physical insurance

With 2-way physical insurance, there are 2 main benefits that you will receive.

Firstly, in the event of an incident or accident, the insurance company will be responsible for compensation for material damage that the car has encountered. Even when your car encounters unexpected incidents such as natural disasters, natural disasters or is deliberately damaged by others.

The extent of compensation depends on the insurance package you choose at the beginning when buying a car. So when buying insurance, choose the appropriate package and actively read ahead to understand the terms of the contract before signing.

Secondly, the insurance company will also be responsible for paying compensation for damage caused by the vehicle owner to the third person. Particularly for those who suffer from physical damage can also be covered by insurance. .

+ Note: Top 4 Must-Have Information About PTI Post Office Auto Insurance

3. Compensated cases when purchasing 2-way physical insurance

When buying 2-way physical insurance for auto-installment cars, you will be compensated with the following cases:

  • Damage to vehicle material by accident colliding with other motor vehicles
  • Damage to the vehicle due to collision, overturn, including the case of other objects falling or colliding
  • Vehicle damage due to fire, explosion, natural disasters
  • Lost car due to robbery
  • Physical damage after the accident

However, to ensure benefits from insurance, all cases need to notify the company directly. Particularly for collision accidents, they must be expertised by the insurer and handed over to the competent authorities.

Be aware of the circumstances when receiving or not receiving compensation from insurance
Be aware of the circumstances when receiving or not receiving compensation from insurance

4. Cases of non-compensation when purchasing two-way physical insurance

When buying 2-way physical insurance for car installments, you should also note some cases that are not compensated as follows:

  • Damaged to electricity or car engine
  • Wear and tear, natural failure, no impact from external forces
  • Damage to tires or parts is no longer in the same way as the inspection documents listed
  • The stamps are no longer original and all cars have been discontinued
  • Customer losses are not reported directly to the insurance company immediately after the incident
  • ...

+ Note: 5 Seater Auto Insurance & 2 Things Car Owners Need To Know To Get Compensated

5. Cost of 2-way physical insurance

Finally, you need to learn about the cost of buying a 2-way physical insurance to get ready before you buy a car with installment payment.

Currently, the 2-way physical insurance premium depends on many factors:

  • Range of vehicle
  • Time to use the car
  • Insurance sale company

Normally, for a 4-seater and a 7-seater, the premium will range from 1 to 2 million or more per year excluding the vehicle inspection fee.

The cost of buying car insurance by installments also depends on many factors
The cost of buying car insurance by installments also depends on many factors

Through the useful information about auto insurance on the installment, hope to help you understand more about this type of insurance. Do not forget to consult and choose the most prestigious company to ensure your rights!

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