Car insurance is a form of financial protection for car owners, helping to minimize risks and damages that may occur when using the car.
According to research by the Insurance Information Institute (III, 2023) in the 'Global Auto Insurance Trends' report, auto insurance helps reduce 78% of financial risks for car owners in traffic accidents.
Car insurance is a legal requirement for all car owners in Vietnam. However, many drivers are still confused about choosing between 1-way and 2-way car insurance. Here are some details to help you make the right decision.
One-way auto insurance, also known as compulsory civil liability insurance, is a type of insurance that only pays for damage you cause to third parties in the event of a traffic accident. Specifically:
Two-way car insurance includes both civil liability insurance and vehicle physical damage insurance. This means you will be protected against both types of risks:
Scope of compensation:
Fees: Two-way auto insurance fees usually range from 2% to 1,4% of the vehicle's value, depending on the insurance company and the terms of the contract.
Benefits: This is a safer option for those who own new or high-value cars, helping to reduce the financial burden in the event of an accident.
Asian Insurance Review's (2023) 'Comprehensive Auto Insurance Benefits Study' found that 89% of car owners with two-way insurance were fully compensated for damages in accidents, compared to 45% in the one-way insurance group.
Car insurance premiums are determined based on many factors such as vehicle type, intended use, and contract terms. Specifically:
Insurance type | Charges |
One way insurance | According to regulations of the Ministry of Finance (100 million VND/person) |
One way insurance | 1,4% – 2% of vehicle value |
To buy effective car insurance, you should note the following:
Choosing between one-way and two-way auto insurance depends on your personal needs and budget. If you need a cost-effective solution but still ensure third-party liability, one-way insurance is a reasonable choice. On the other hand, if you want more financial peace of mind in the event of an accident or damage to your vehicle, consider investing in two-way insurance. Make sure you understand the benefits and responsibilities before deciding to buy insurance.
One-way car insurance is a compulsory insurance according to Vietnamese law. All car owners must purchase this insurance to ensure compensation for damages they cause to third parties in the event of an accident.
The maximum compensation level of two-way auto insurance is not specifically regulated like one-way insurance, but often depends on the value of the vehicle and the terms of the insurance contract. However, many insurance companies often apply compensation levels of up to billions of dong for material damage.
In addition to one-way and two-way auto insurance, there are other types such as personal accident insurance for drivers, Civil liability insurance extended, and rental or business vehicle insurance.
In the event of an accident, the injured party (third party) will be compensated by the insurance company of the owner of the vehicle that caused the accident. If the owner of the vehicle has two-way insurance, they will also be compensated for damage to their own vehicle.
The cost of car repairs will be compensated if you have two-way car insurance and the damage occurs due to traffic accidents, natural disasters, or incidents that are not your fault. However, it is important to note that the specific terms of the contract will determine the scope of this compensation.
Thanh Phong Auto provide sales service car insurance professional, helping customers protect assets and minimize financial risks when incidents occur. We cooperate with many prestigious domestic and foreign insurance companies such as Bao Viet, Liberty, and MIC - Military, providing customers with a variety of insurance packages to suit their individual needs.
Thanh Phong Auto's dedicated staff will provide detailed advice on insurance types, including compulsory civil liability insurance and voluntary physical insurance, helping you make the best decision.
In addition to providing insurance cards, we also support customers in quick and convenient compensation procedures. With many years of experience in the auto repair industry, Thanh Phong Auto is committed to professional appraisal and repair of accident vehicles, ensuring maximum benefits for customers.
Come to Thanh Phong Auto to experience the prestigious and quality auto insurance sales service, helping you feel more secure when participating in traffic! You can refer to the Top 7 Auto insurance company Reputable, best price today.
Cars Care Service Price Sheet At Thanh Phong Auto HCMC VietNam:
* The cars that we have mechanics: Mercedes, BMW, Audi, Lexus, Toyota, Honda, Mazda, Mitsubishi, Kia, Daewoo, Hyundai,Ford, Nissan, Volkswagen, Porsche, Chevrolet, Rand Rover, Innova, Fortuner, Vios, Fiat, Bugatti, Ferrari, Bentley, Hummer , Chrysler, Dodge, Renault, Cadillac, Volvo, Subaru, Daihatsu, Ssangyong, Roll-Royce, Peugeot, Smart Fortwo, Tobe M'car, Luxgen, Zotye, Haima, Geely, Baic, Hongqi, Cmc, Mini Cooper, Buick, Opel, Acura, Aston Martin, Vinfast, TQ Wuling, BYD.
To keep your vehicle running properly at all times, we offer a number of services that are carried out by our certified, expert auto service and repair technicians who have years of experience performing everything from oil changes to a complete engine overhaul.
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