5 Notes To Know About Oto Civil Liability Insurance

With many people think that Civil liability insurance cars It is compulsory to collect the profit sharing of related persons. Is this thinking correct? Why does the state law require car users to buy automobile civil liability insurance? And what to note when car liability insurance, let's find out the following.

5 Notes To Know About Oto Civil Liability Insurance

What is car civil liability insurance?

Automobile liability insurance is mandatory for all vehicle owners in Vietnam to participate. The purpose is to provide financial support to car owners and ensure the rights of third parties in case of accident. The principle of insurance is that "Get the majority out of the less fortunate", when an accident occurs, insurance companies will use the amount of insurance proceeds from the majority to compensate for the few. accident victims. Civil liability insurance for cars will help road users to pay and compensate for losses when an accident occurs to a third party.

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Scope of coverage of cars civil liability insurance

Civil liability insurance for cars will help you pay damages to third parties for loss of life, body and property. Or for passenger cars, they will pay for bodily and life losses of passengers under motorized passenger transport contracts.

Liability level of compulsory civil liability insurance

The level of liability of the insurance will be the maximum amount that the insurance company may have to pay for human and third party damages in each accident occurring within the scope of the insurance liability. Maximum level of compensation liability According to the Circular No. 22 / 2016 / TT-BTC of the Ministry of Finance applicable from the date of 1 / 4 / 2016.

• Regarding people: 100 million VND / person / case (for the third person and passengers on the car if it is a transport business vehicle)
• About assets: 100 million VND / crop
• Voluntary insurance for driver accidents and people sitting in the car: 10 million VND / person / case

Some cases are not covered

• The third party intentionally causes additional damage.
• If you drive after causing an accident, intentionally flee.
• Or the driver does not have a valid Driving License.
• And the damage has other indirect consequences such as damage to trees and houses, damage to property stolen or robbed in an accident.
• And civil liability insurance for cars is only liable to pay damages to the third party, not to compensate for the damage of the car or the people sitting on the car to buy insurance. The amount of compensation is based on the level of fault of the driver. To be compensated for both people and their cars, they must buy additional car insurance and accident insurance for the occupants

Time and validity of insurance

The effective date of compulsory automobile civil liability insurance is specified in the Insurance Certificate. But it must not be before the time when the motor vehicle owner fully pays the insurance premiums. The normal period of insurance is 01 years. During the valid period inscribed on the Insurance Certificate, if there is a transfer of motor vehicle ownership, all insurance benefits related to the owner's civil liability. Old vehicles are still valid for new car owners. However, the car civil liability insurance contract will be canceled in the following cases:

• Motor vehicles have their registration and number plates revoked as prescribed by law.
• Motor vehicles expire as prescribed by law.
• Motor vehicle lost police certification.
• Damaged or unusable motor vehicle will be certified by the traffic authority.

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Why should you buy civil insurance for cars?

• Protecting yourself and your family when you encounter a crash, also helps you have a more comfortable driving mentality, without stress. The cost of insurance is your cost of protection.
• Satisfying humanitarian goals when traffic accidents are covered by insurance companies.
• Required to complete registration procedure

With 5, please note that when presenting civil liability insurance in the car, we present above hope to have more knowledge to help you recognize the importance of automobile civil insurance. And also know more about the benefits of this type of insurance.

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