Top 5 Notes to Know About Steal and Stolen Auto Insurance

Car insurance is an important form of financial protection for car owners. It helps minimize financial risks when unexpected incidents related to the car occur such as accidents, theft, natural disasters, etc.

According to a 2023 study by the Insurance Information Institute (III) in the 'Global Automotive Insurance Market Analysis' report, auto insurance is not only a financial protection tool but also helps reduce 65% of financial risks for car owners in cases of accidents and theft.

Cars are a valuable asset for many people. Having car insurance not only protects your property but also gives you peace of mind. However, not all types of insurance cover loss or theft. Here are five important things you need to know about car insurance when it comes to loss or theft.

Liability insurance does not cover theft.

Liability insurance is a mandatory insurance that all car owners must participate in. However, this type of insurance only compensates for damage caused by the car to other people and property, not including cases of car theft or robbery.

Liability insurance coverage includes:

• Human damage: 100 million VND/person/incident.
• Property damage caused by motorbikes and other motor vehicles: 50 million VND/incident.
• Damage caused by cars: 100 million VND/incident.

Exclusions: Cases such as intentional acts causing damage, accidents caused by unlicensed driving, and damage due to theft after the incident are not covered.

Two-way physical insurance for theft compensation

To be compensated when a car is stolen, the car owner needs to participate in two-way physical insurance. This type of insurance not only compensates for damage caused by collision or natural disaster but also pays in case the car is stolen.

Benefits of two-way physical insurance include:

• Compensation for damage caused by unexpected accidents or natural disasters.
• Full compensation for vehicle value if stolen.

However, to receive compensation, the car owner needs to report to the insurance company immediately after the incident occurs.

Conditions for compensation when the vehicle is stolen

To be fully compensated for a stolen vehicle, there are a number of conditions required:

• Investigation Conclusion: The authorities must have a conclusion on the investigation into the theft. If there is no conclusion, you need to have a decision to suspend the investigation.
• Compensation value: The insurance company will only compensate according to the amount stated on the insurance certificate, not exceeding the market value of the vehicle at the time of loss.

Choose a reputable insurance company

Choosing a reputable insurance company is very important to ensure your rights. Some prominent companies in the field of auto insurance in Vietnam include:

• Bao Viet: One of the oldest insurance companies with free rescue service within 70 km from the rescue center.
• PVI: Known for its fast and professional service, along with a variety of insurance packages.
• Liberty: Offers a variety of flexible insurance packages with many attractive additional benefits.
• ...

JD Power's 2024 Auto Insurance Customer Satisfaction Survey found that 82% of customers value an insurer's reputation and affordability more than their premiums.

Pay attention to insurance terms and costs

Before signing an insurance contract, you should carefully consider the terms and costs of participation:

• Terms: Ask clearly about the cases of compensation paid in case of theft.
• Cost: Each vehicle will have different fees depending on many factors such as year of manufacture and current market value.

Understanding the different types of auto insurance coverages that come with theft and loss will help you make the right decision when it comes to protecting your assets. Always remember that investing in the right insurance will not only give you peace of mind but also minimize your financial risk in the event of a worst-case scenario.

FAQ – Frequently Asked Questions

1. Does two-way physical insurance cover damage caused by accidents?

Two-way physical insurance not only covers damage caused by theft but also covers damage caused by accidents, collisions, natural disasters or other unexpected incidents. The maximum compensation will depend on the value of the vehicle stated in the contract.

2. How long does it take for compensation from the insurance company?

Compensation time usually ranges from 15 to 30 working days after the insurance company receives complete documents and verifies information related to the theft.

3. What factors affect auto insurance premiums?

Car insurance premiums depend on many factors such as: vehicle value, vehicle type (car, truck), year of manufacture, owner's driving history, and geographic area where the vehicle is used.

4. Does theft insurance apply to vehicle accessories?

Usually, common, normal, material covered only covers the value of the vehicle. However, some insurance plans may cover accessories such as sound systems or electronics if specified in the contract.

5. The most reputable auto insurance sales address in HCM?

Thanh Phong Auto We are proud to provide professional and comprehensive auto insurance sales services to meet the increasing needs of car owners in Vietnam. We cooperate with many reputable insurance companies such as Bao Viet, PTI, and Liberty to bring customers the insurance packages that best suit their needs and budget.

At Thanh Phong Auto we provide all types of services. car insurance variety, including:

• Liability Insurance: This is a mandatory insurance that every car owner needs to have. It protects you from damages caused to third parties in case of an accident.
• Physical Damage Insurance: This insurance helps compensate for damage caused by accidents, collisions, or natural disasters. It also includes compensation in case the vehicle is stolen or robbed.
• Body insurance: This is an important form of insurance to protect the vehicle from unwanted risks, helping to minimize financial losses for the owner.

Benefits of buying insurance at Thanh Phong Auto

• Dedicated consulting: Our staff is always ready to advise and guide customers to choose the insurance package that best suits their individual needs.
• Fast procedures: We are committed to quickly processing insurance-related procedures, helping customers save time and effort.
• Compensation support: In case of an incident, Thanh Phong Auto will support customers in completing the compensation claim form in the easiest and most convenient way.

With Formula "Honesty - Dedication - Responsibility“, Thanh Phong Auto is committed to providing high-quality auto insurance sales services, helping customers feel more secure when participating in traffic. Come to us to experience the best service and protect your assets safely!