Notes on Car Body and Material Insurance

Material insurance, auto body insurance
Latest update date: February 09, 12

Auto body and physical damage insurance is a type of voluntary insurance that helps protect your car from the risk of damage and loss due to unexpected incidents. When participating in this type of insurance, you will be compensated for part or all of the cost of repairing and replacing damaged parts on the car. Unlike mandatory civil liability insurance that only protects third parties, car body insurance provides comprehensive peace of mind for the vehicle owner.

According to research by the Insurance Research Council (IRC, 2023) in the US, 78% of vehicle damage is compensated through physical insurance, helping to save significant costs for vehicle owners.

So when buying car insurance, what issues should you pay attention to? Please join us to learn what to note when buying this insurance in the article below!

Material insurance, auto body insurance
Auto body and physical damage insurance – things to know

Equipping some knowledge about material automobile insurance, body cover

It is very necessary for you to be equipped with some knowledge about physical and body auto insurance. Because it helps you better understand this insurance when you need to buy it. Car physical insurance is a type of insurance that protects the body, machinery and equipment on the vehicle while you use it. Therefore, when you encounter an unexpected accident that causes your car to be damaged or scratched, you can use this insurance to reduce repair costs.

Regulations on using physical automobile insurance and car body cover

Not all problems with your car will be covered by insurance. Because it depends on the terms of each insurance package inside the contract. Specifically as:

Cases covered by material automobile insurance, body cover:

  • Cars have been collided, scratched by accident, fire is out of your control
  • Cars were hit by rainstorms, floods, landslides ...
  • Cars are damaged, scratched by external objects on the car.
  • Unfortunate cars were stolen or robbed.

According to the World Insurance Association (WIA, 2024) report, increasing the deductible in a vehicle physical damage insurance policy can help save 20-35% of annual insurance premiums, with the average savings being 27.5%.

Cases not covered by material automobile insurance, car body cover:

  • Intentional acts causing accidents causing cars to be scratched or damaged ...
  • Cars collide because the driver violates the law such as drinking alcohol, using drugs ...
  • Cars that are overloaded or violate traffic laws.
  • Drivers without driving licenses strictly according to the provisions of law.
  • Cars damaged by war / terrorism.
  • Cars wear out over time and are not caused by external factors.
  • Car accident or theft outside the territory of Vietnam.
- Notes on Car Body and Material Insurance
Auto physical/body insurance helps protect your car optimally

Know insurance companies thoroughly

You should carefully understand insurance companies, not rough and sketchy. Because that will greatly affect your benefits as well as your pocket money. You can find out about these companies through information channels such as websites, forums, professional blogs or consult friends.

When consulting information online, please pay attention to feedback, customer reviews first. Because these are useful references to help you have an overview of the unit.

In addition, you should also combine with coming directly to visit, evaluate the staff's ability to make the best decision. That helps me choose a more reputable insurance company.

Review and carefully read the terms of the insurance contract

Before signing the physical and body auto insurance contract, you should carefully read the terms therein. Because this will ensure your rights and help you avoid unnecessary arguments.

Besides, if you find any terms are not satisfactory, you can agree with that insurance company. At the same time, you should prioritize choosing a high deduction because it will help you save costs up to 20 - 30% if the exemption usually increases to 1 million.

- Notes on Car Body and Material Insurance
It is necessary to carefully consider the terms of the insurance contract.

Should mention specific locations of reputable car repair

You should specifically mention the vehicle repair location in the auto body and vehicle insurance contract. Because this will help your car be repaired better because of the quality of genuine parts and the professionalism of the technician team. Believe that your car, when repaired at a reputable garage, will quickly return to its original beauty and luxury.

FAQ – Frequently Asked Questions

1. Is car body insurance mandatory?

No, car body insurance is a type of voluntary insurance. However, it is recommended for comprehensive protection for car owners. You can see more information about Compulsory & voluntary auto insurance Most detailed to date.

2. How is the car body insurance premium calculated?

Insurance premiums are usually calculated based on many factors such as: vehicle value, vehicle type, year of manufacture, and purpose of use. Typically, fees range from 1,5% to 2,5% of the vehicle value per year.

3. How to make a claim for car body insurance?

The basic process includes:

  • Notify the insurance company
  • Provide claim documents
  • Assess damage
  • Approve and pay compensation

4. Can I buy car body insurance for used cars?

Maybe, but insurance premiums may be higher than for a new car. Some insurance companies have a vehicle age limit, usually no more than 15 years.

5. How to compare car body insurance packages?

The following factors should be compared:

  • Insurance fee level
  • Coverage
  • Deductible
  • Compensation limit
  • Customer service and compensation settlement process

6. Can a car body insurance contract be canceled midway?

It is possible, but there will usually be a cancellation fee. This fee can range from 10% to 20% of the remaining insurance premium.

7. Does car body insurance apply when the car is damaged by a natural disaster?

Yes, most car body insurance packages include insurance for damage caused by natural disasters such as storms, floods, and earthquakes.

Above have shared the top 5 notes to know about Material insurance, auto body insurance. Thereby, a car is not simply a means of transportation but it is also an extremely important asset of each person.

Therefore, choosing to buy car insurance from a reputable company is the most optimal solution to help you reduce your financial burden and feel more secure while using your car. See more of these Experience in buying car insurance Most details are shared on the website.

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