Is MIC Military Car Insurance Good? Lookup, Price?

lookup military auto insurance mic
Latest update date: February 16, 12

Car insurance is a form of financial protection for car owners, helping to minimize risks and damages that may occur when using a car. When participating in car insurance, you will be supported by an insurance company to compensate part or all of the costs arising from incidents such as:

  • Traffic accidents: Collisions with other vehicles, pedestrians, obstacles...
  • Theft: The vehicle is stolen in whole or in part.
  • Fire: Vehicles catch fire due to various causes.
  • Natural disasters: Floods, storms, earthquakes...
  • Other risks: Broken glass, scratches, damage due to nature...

Car insurance is no longer strange to vehicle owners because it helps to compensate for some financial losses in case of an accident. However, each car insurance provider has different prices, buyer protection policies and reputation levels, so you need to choose carefully.

One of the insurance brands that many car owners trust and choose is MIC - belonging to the Military Insurance Joint Stock Company. If you intend to buy car insurance MICPlease refer to the following review for detailed information!

Is MIC auto insurance good?

Military Insurance Joint Stock Company (MIC) is a reputable non-life insurance company in Vietnam. Not only providing organizations under the Ministry of National Defense, MIC expands and develops insurance for the external market (individuals, businesses, organizations in Vietnam). Currently, MIC is selling insurance packages including: MIC Care health insurance, MIC travel insurance, MIC auto insurance, Home Shield home insurance.

auto insurance link garage mic
Military auto insurance MIC

In particular, MIC auto insurance is trusted by many customers because:

  • MIC is a reputable enterprise with a strong financial foundation, receiving many prestigious awards every year (Top 5 enterprises with trusted product brands, Top fast growing enterprises ...).
  • The support consultant provides detailed and clear information about the insurance package with each term.
  • Procedures for assessment and settlement of claims are scientific, transparent and fast.
  • Allowed to choose garage to repair, replace spare parts at will, without depreciation.
  • Buying MIC auto insurance is simple thanks to more than 3500 points of sale nationwide.
  • Wide range of auto insurance packages, optionally adding advanced items.
  • Professional working style, ready to support customers with their best.

Some MIC auto insurance packages

MIC offers useful auto insurance packages, serving the diverse needs of customers. Including compulsory civil liability insurance and many voluntary insurance packages.

With compulsory civil liability insurance for cars, customers must choose a level of liability for damage to people and third-party property of at least VND 3 million as prescribed by law.

lookup military auto insurance mic
Military car insurance package MIC

And MIC is still providing customers with voluntary auto insurance packages including:

  • Accident insurance for drivers.
  • Accident insurance for car occupants.
  • Car rental insurance after the accident.
  • Vehicle physical damage insurance.
  • ...

Each insurance package of MIC military auto insurance There will be different scopes of responsibility and exercise of rights. Therefore, you must carefully consider the information through the advice of the seller, the insurance contract to choose the appropriate service package. In particular, it is necessary to understand the cases that are and are not covered by MIC military auto insurance.

MIC Auto Insurance Rules and Fees

1. Compulsory civil liability insurance of vehicle owners

  • Coverage: Civil liability of car owners to 3rd parties including driver, occupants and physical property.
  • Liability level: 100 million VND/ person/ 1 case and 1 million VND/ 100 case.
  • Compulsory CIT premium:

Fees are given based on: Circular No. 22/2016 /TT-BTC dated February 16, 02 of the Ministry of Finance, specifically:

Compulsory auto insurance MIC
Compulsory auto insurance MIC

2. Motor vehicle physical damage insurance

  • Scope of liability: vehicle physical damage due to incidents, unexpected accidents including collisions, toppling, fire and explosion, natural disasters or theft, theft of the entire vehicle.
  • Coverage exclusions: wear and tear, natural damage, theft of vehicle parts, engine loss due to flooded roads.
  • Insurance fees:
>>> Motor vehicle physical damage insurance premium = Insurance amount x Insurance premium rate <<<

In which:

  • The insurance amount is equivalent to the value of the car when the customer purchases insurance.
  • The premium rate is regulated by the MIC, refer to the following table:
MIC motor vehicle physical damage insurance
MIC motor vehicle physical damage insurance

For example:

Buying insurance for Toyota Vios after 4 years of use has the factory price of 564.000.000 VND. Right now:

  • The value of the car has been depreciated to 300.000.000 VND – this is the insurance amount.
  • The premium rate for non-commercial vehicles used for more than three years and less than six years is 1.6%.
  • Motor vehicle physical damage insurance premium = 300.000.000 x 1.6% = 4.800.000 VND.

3. Insurance for drivers, assistant drivers, and passengers in cars

Insurance premiums for drivers, assistants and passengers are calculated as follows:

  • Premium = 0.1% x number of insured people x level of insurance liability
  • Vehicle owners can choose from 1 million to 10 million VND/person/case (separate agreement with MIC if you want a higher level of liability).

4. Vehicle owner's civil liability insurance for goods on the vehicle

Coverage: MIC insurance is responsible for damage to goods transported on the vehicle due to incidents or accidents in the territory of Vietnam.

Insurance fees:

  • Premium = 0.6% x Tonn tonnage x Liability level
  • In which, the level of liability is stated on the certificate or insurance contract according to the value of the goods.

MIC Auto Insurance Lookup

1. Online channel

Through MIC's website, you can look up insurance certificate information by filling in the following link: https://emic.vn/menuak.aspx#bhhd_egcn_xe

2. Insurance-linked agents and garages

Looking up through agents and MIC insurance-linked garages is also chosen by many people because there is no limit to the information provided.

Procedures for making application, payment request deadline & insurance compensation claim

To ensure your rights right after an incident or accident, you need to be familiar with the application process, time limit for claiming and claiming compensation for MIC military auto insurance:

  • Claim documents: accident notice, claim form prescribed by MIC military auto insurance, vehicle and driver related records, accident damage identification documents and accident inspection report from the authorities.
  • Time limit for car owner's claim: 1 year from the date of the incident or accident.
  • Time limit for payment and compensation for car owners of MIC: 15 days from the date of receiving the accident notification and compensation claim file from the vehicle owner.
  • The statute of limitations for filing a lawsuit about insurance compensation: 3 years from the date MIC pays compensation or refuses to pay compensation to the vehicle owner.
mic military auto insurance
The process of making documents and procedures for car insurance MIC

MIC auto insurance provider is reputable and has good prices?

Linked with many prestigious insurance brands in the market, Thanh Phong Auto offers many insurance packages that are beneficial to vehicle owners. Customers are not “forced” to buy any type of insurance from any brand, but are enthusiastically advised on the advantages and disadvantages of each type to make the right choice for their financial ability and needs.

Besides selling insurance, we also accept car repair insurance and guarantee payment for customers.

Advantages of Thanh Phong Auto:

  • Staff are enthusiastic consultants, ready to answer all questions and guide customers through procedures to handle insurance benefits.
  • Skilled technicians, capable of repairing damage on most vehicles.
  • Apply modern machinery to diagnose and repair cars, providing quality and fast service.
  • Replace damaged parts with 100% genuine.

Hope Review MIC car insurance is good or not, look up price will assist you in choosing the right type of insurance. See more information about many other insurance brands on our website!

FAQ – Frequently Asked Questions

1. What types of MIC auto insurance are there?

MIC Auto Insurance provide many types car insurance, include: compulsory civil liability insurance, Vehicle physical damage insurance, accident insurance for driver and passengers, insurance for rental costs after an accident, and insurance for the goods on the vehicle.

2. How is MIC auto insurance premium calculated?

MIC auto insurance premiums are calculated based on the vehicle value and the prescribed premium rate. For example, with a vehicle value of VND 300 million and a premium rate of 1.6%, the physical damage insurance premium will be VND 4.800.000.

3. How long does it take to claim compensation after an accident?

The vehicle owner has 1 year from the date of the incident to request compensation. After receiving the claim, MIC will make compensation within 15 days.

4. Where can I look up MIC auto insurance information?

Customers can look up insurance certificate information via MIC's website or through agents and garages affiliated with the company. You can refer to the latest updated MIC auto insurance garages at the link: https://thanhphongauto.com/gara-lien-ket-bao-hiem-xe-o-to-mic-o-hcm/.

5. What is the minimum liability level for compulsory automobile liability insurance?

The minimum liability for compulsory civil liability insurance is VND 50 million for third party personal and property damage.

6. What cases are not covered by MIC auto insurance?

Excluded items include normal wear and tear, damage due to misuse, theft of vehicle parts, and engine damage due to flooding.

7. Can I choose the repair garage I want?

Yes, customers are allowed to choose the repair garage of their choice without being charged depreciation during the repair process.

5/5 - (2 votes)
Thematic: Car insurance

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* 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.

 

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