Top 4 Experiences When Buying Effective 16 Seater Auto Insurance

Car insurance is a contract between the insured (car owner) and the insurance company. Accordingly, the insurance company will commit to compensate the car owner for damages arising from unexpected risks occurring to their car, such as: accidents, fires, theft, natural disasters, etc.

Insurance Information Institute (2023), “Global Insurance Market Report”, USA pointed out: “The global insurance market reached a value of 6.1 trillion USD in 2020, affirming the important role of the insurance industry in financial protection for individuals and businesses.”

When owning a 16-seat car, buying insurance is extremely important. Insurance not only helps you reduce the financial burden when an accident occurs, but also protects the rights of you and your passengers. Below are four important experiences to buy 16-seat car insurance effectively and economically.

Basic knowledge about types of 16-seat car insurance

Currently, there are three popular types of 16-seat car insurance:

• Civil liability insurance (TNDS): This is a compulsory insurance, compensating for damages to third parties when you cause an accident. The premium for TNDS insurance for a 16-seat vehicle ranges from 1.270.000 to 1.825.000 VND/year depending on the purpose of use.
• Vehicle physical damage insurance: This insurance will compensate for physical damage to your vehicle in cases such as collision, fire, or theft. For a 16-seat vehicle, the physical damage insurance premium can be from VND 3.359.400/year or more.
• Passenger Accident Insurance: This insurance protects the property and lives of passengers in the vehicle, helping to minimize financial risks when an incident occurs.

Check prices from multiple sources

To buy 16-seat car insurance at a reasonable price, you should:

• Compare rates from multiple insurance companies: Use the internet to research and compare rates from different companies. You can also call or visit in person to ask for rates.
• Beware of cheap ads: Ads for super cheap auto insurance often come with hidden additional costs. Read the terms of the contract carefully before deciding.

Choose a reputable insurance company

Choosing a reputable insurance company is important to ensure your rights:

• Experience: You should choose companies with at least 5 years of experience in the auto insurance industry.
• Professional working process: The company must have a clear working process from consulting to compensation.
• Professional staff: A team of lawyers and staff with legal knowledge will help you receive full and accurate advice about your rights.

International Risk Management Institute (2023), “Auto Insurance Risk Assessment”, USA emphasized: “Insurance companies play an important role in promoting traffic safety through risk management activities and investment in accident mitigation technology.”

Carefully review the insurance contract

Before signing the contract, you need to:

• Read the terms carefully: Pay special attention to non-coverage clauses such as causing an accident on purpose, violating traffic laws, or not having a valid driver's license.
• Consult a lawyer if necessary: ​​If there is anything unclear in the contract, consult a lawyer to make sure you understand your rights and obligations.

Buying 16-seat car insurance is not only a legal obligation but also a smart way to protect assets and minimize financial risks. Apply the above experiences to choose the insurance package that best suits your needs and ensure safety for every trip.

FAQ – Frequently Asked Questions

1. How long is the compensation period in case of an accident?

Compensation time usually ranges from 7 to 30 working days after completing the claim form, depending on each insurance company and the nature of the case.

2. What factors affect 16-seat car insurance premiums?

Insurance premiums are affected by many factors such as the driver's age, driving history, type of vehicle use (passenger or cargo), as well as the value of the vehicle.

3. What should you pay attention to when buying insurance for cars used for business?

When purchasing insurance for your business vehicle, you need to pay attention to special legal requirements and make sure that the insurance package includes damage to the goods being transported.

4. Is there any way to improve the benefits in the insurance contract?

You can negotiate with Auto insurance company to add additional terms such as extending the coverage or reducing the deductible in the event of an accident.

5. Where to buy reputable 16-seat car insurance in HCM?

At Thanh Phong Auto, sales service car insurance designed to meet the needs of protecting assets and minimizing financial risks for car owners. With many years of experience in the auto repair and maintenance industry, we are proud to be partners with many prestigious domestic and foreign insurance companies, such as Bao Viet, Liberty, and MIC - Military. This helps customers have diverse insurance options, suitable for their needs and financial capabilities.

We offer insurance packages including:

• Civil liability insurance: Required for all vehicles, helps compensate third parties for damages in case of accidents.
• Car insurrance: Protect your assets against risks such as collision, fire or theft.
• Passenger Insurance: Guarantees benefits for passengers in case of accident.

Thanh Phong Auto is committed to providing detailed information about each type of insurance, helping customers understand the terms and conditions. Our dedicated staff will provide thorough advice so you can choose the insurance package that best suits your vehicle usage needs.