Top 4 Facts To Know About One-Way & 1-Way Auto Insurance

Car insurance is mandatory insurance that car buyers must have according to the law. However, most drivers are wondering whether to buy one-way or two-way auto insurance, which best suits their needs.

Join us to find out the top 4 information you need to know 1-way and 2-way car insurance in the article below!

1. What is one-way car insurance?

One-way auto insurance is a type of insurance to compensate or pay the driver for causing damage to his body or property of the third party. That is, when the car owner causes an accident, the insurance company will responsible for compensation for damages or payment of repair costs to third parties.

2. What is one-way car insurance?

2-way auto insurance is a type of insurance including both liability liability insurance and car material insurance. When you join this insurance, in addition to being insured by the insurance company for compensation for damage to the 3rd party, you will also reduce the financial burden on your car's repair costs.

3. In case of non-compensation of 1-way and 2-way auto insurance

3.1. For 1-way car insurance

• 3rd parties intentionally cause additional damage to their cars
• Situations where the driver caused the accident and left behind or left without a driver's license such as a driver's license, driving license ...
• Vehicle owners cause damage to high-value assets such as antiques, gems, rare pictures ...
• Damages caused by natural disasters such as earthquakes, wars, floods ...

3.2. For 2-way car insurance

• Cars lose their use, natural wear and tear
• The 3rd time onwards claim damages due to parts theft
• A car collides with a driver who violates the law
• The owner does not have a full driver license or license in accordance with the law
• Your car was damaged due to war, terrorism
• Cars that violate traffic laws or are damaged due to bodywork.

> Recommended: Process of working with insurance when a car has an accident

4. 1-way and 2-way auto insurance

This is the amount of money that car owners must pay to the insurance company when they need to buy 1-way or 2-way car insurance. For one-way car insurance fees, it will be determined accordingly Circular No. 22/2016/TT-BTC of the Ministry of Finance. Specifically, the civil liability to compensate for damage to a third party caused by the car owner is 3 million VND/person and property damage is 100 million VND/accident.

As for two-way auto insurance, it depends on each insurance company and ranges from 2 to 1,4% of the value of the car. Besides, this fee depends on the terms of the contract. Owning this insurance is considered a smart solution to help you reduce the financial burden when risks occur due to accidents, scratches ....

> Recommended references: Should I buy car body insurance?

5. Experience buying effective 1-way and 2-way auto insurance

• Refer to the purchase price 1-way and 2-way car insurance from the Ministry of Finance circular or insurance companies. This is really essential because it helps you avoid slashing and choosing insurance that suits your budget.
• It is advisable to thoroughly research insurance companies through professional websites, blogs or consult friends. Pay attention to customer feedback, consider how reputable as well as the size of the insurance company's operations to make the best decision.
• You should read the contract carefully, paying attention to whether the terms inside are reasonable or not. Besides, you can also negotiate to enjoy higher deduction incentives to help you save costs and ensure more benefits.
• You can buy 2-way car insurance in groups at a reputable insurance company to receive a higher discount.
• Should mention specifically the location responsible for repairing cars is at the genuine garage. Because it has a team of talented and experienced technicians, it is believed that it will help your car work quickly again.

> See more detailed articles: Experience in buying effective and economical auto insurance

The above has shared the top 4 information to know about 1-way and 2-way car insurance. Thereby, depending on your needs and budget, you will choose the type car insurance fit. This helps me feel more secure while using this car.