Car insurance is a form of financial protection that helps car owners minimize risks and damages when incidents related to the car occur. When participating in insurance, car owners will be supported by an insurance company to compensate part or all of the costs arising from incidents occurring with the car.
AAA Auto Insurance is becoming one of the most popular choices for car owners in Vietnam thanks to its many attractive benefits and financial protection in case of an accident. However, many people still make serious misunderstandings that lead to compensation denial. Below are 4 common misunderstandings that you need to avoid to ensure your rights.
Many car owners mistakenly believe that purchasing AAA auto insurance will cover all damages. In reality, insurance only covers losses that are unexpected and beyond your control, such as:
If the car owner fails to perform his duty to protect the car or if the damage is caused by a third party without claiming compensation from them, the insurance company may refuse to pay compensation. For example, a specific case is when the car falls into a pothole but the car owner does not stop to check, leading to more serious damage; in this case, the insurance will not pay.
According to AAA auto insurance regulations, if you do not notify the insurance company immediately when a loss occurs, you may have your compensation reduced by 10% to 20%. Lack of photos of the scene can also lead to a similar reduction in compensation. Therefore, call the insurance company hotline immediately and follow the instructions to ensure your rights.
Dr. Michael Roberts, a risk management expert at the University of Michigan (2024) in his study 'Impact of Claim Reporting Time on Insurance Settlements' pointed out that delaying accident reporting by more than 24 hours reduces the successful compensation rate by 35%.
Another serious mistake is to combine multiple incidents into one report. This can result in you not being compensated. In the case of multiple small incidents such as scratches, if you do not report them promptly and separately, you may have difficulty filing a claim later. The advice is to notify the insurance company immediately for each incident as soon as it occurs so that it can be handled quickly.
Many car owners do not read the terms of their AAA auto insurance contracts carefully and misunderstand the scope of their coverage. For example, with the hydrostatic clause, many people think that they will be compensated in all cases of flooding. However, the company only compensates when water damages the engine; if water damages other equipment in the car, it will not be compensated. Therefore, before signing the contract, read carefully and ask for terms that you do not understand to avoid future disputes.
The Asian Insurance Association (AIA) in its 2024 report 'Understanding Insurance Contract Terms' found that 62% of customers in Southeast Asia have difficulty understanding insurance terms correctly, leading to 40% of claims being denied.
These misunderstandings not only affect your rights but can also cause major financial problems when an accident occurs. To ensure maximum benefits when participating in AAA auto insurance, make sure you understand the terms and regulations as well as fully fulfill your obligation to promptly notify the insurance company. This will help you feel more secure when using the car and minimize the financial burden when an unexpected incident occurs.
AAA Auto Insurance includes many types such as compulsory civil liability insurance, vehicle physical damage insurance, personal accident insurance for drivers and passengers, and flood insurance. Each type of insurance has different scope and benefits, suitable for the needs of each car owner.
AAA auto insurance premiums depend on the value of the vehicle and the premium rate set by the company. Typically, mandatory auto insurance premiums range from $437.000 to millions of dollars, depending on the type of vehicle and the level of liability coverage.
When an accident occurs, the car owner must immediately notify the insurance company via hotline. The company will then send staff to the scene to assess the damage and guide the car owner on the steps to take to receive compensation.
Yes, customers can purchase AAA auto insurance online through the company's official website or through affiliated agents. This process is usually quick and convenient, saving customers time. See now Top 50+ AAA Auto Insurance Affiliated Garages The most prestigious in HCM today.
Yes, AAA auto insurance covers damage caused by natural disasters such as hurricanes, floods or earthquakes, as long as the incidents are within the scope of the insurance policy.
If the vehicle owner fails to report the incident promptly, the compensation may be reduced by 10% to 20%. This emphasizes the importance of reporting the incident as soon as possible to ensure maximum benefits.
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.
