Auto Physical Damage Insurance: Understand Your Benefits & Avoid Losing Claims

Latest update date: February 28, 09

Choose to buy auto physical damage insurance is a wise decision to protect your assets from unforeseen risks. However, to ensure that you receive full compensation benefits, you need to understand the scope of insurance as well as the cases that can lead to reduced or lost compensation. This article will help you clarify these important issues.

Scope of compensation:

Auto physical damage insurance will support you in the following cases:

• Collision accident
• flip, fall, fall, sink
• Fire, explosion
• Hydraulic hammer
• Total vehicle theft, parts theft,……

Cases of REDUCTION or LOSS of compensation:

The insurance company has the right to reduce the compensation amount in certain specific cases to ensure the interests of both parties. The level of compensation reduction may vary depending on the level of violation:

Level 1 (10% Discount):

• Late Notice: Failure to submit written notice of loss within 5 days of incident. Exception: In case of force majeure such as the car owner being seriously injured and unable to notify.
• Unauthorized relocation: The vehicle owner or driver arbitrarily moves the vehicle away from the accident scene without notifying the insurance company. Exception: In case of need to protect people and property or have orders from authorities.

Level 2 (20-25% reduction):

• Dismantling and moving property without permission: Prior to the opinion or consent of the insurance company.
• Over speed: Driving 20% ​​over the speed limit, as confirmed in writing by the authorities.

Level 3 (50-100% reduction, even loss of all benefits):

• Arbitrary agreement with third parties: Do not arbitrarily arrange with the third party causing the accident but must follow the instructions of the insurance company.
• False declaration: Dishonesty in declaring information and providing insurance records.

Other cases leading to reduced compensation:

• Overload: Vehicle overloaded or carrying more people than allowed.
• False declaration of vehicle value: Declare the vehicle's value lower than actual to reduce insurance premiums.
• False declaration of vehicle use: For example, declaring a vehicle as non-business but in reality it is used for transportation business.

Choose a reputable insurance company:

To ensure that you receive full and prompt compensation, you should choose reputable insurance companies with many years of experience in this field. Please carefully read the insurance terms before signing the contract.

Thanh Phong Auto:

We at Thanh Phong Auto Garage are proud to be partners with leading insurance companies such as Liberty and Bao Viet, ready to support you throughout the insurance and compensation process.

Contact us:

• Insurance Hotline: 0913 11 93 93 0931 796 790 XNUMX
• Address:
  • Head office: 68B Nguyen Huu Tho, Tan Hung Ward, District 7, Ho Chi Minh City
  • Branch 1: 1260 Le Van Luong, Phuoc Kien Commune, Nha Be District, Ho Chi Minh City