Notes on Auto Insurance in the Event of an Accident

auto insurance in case of accident
Latest update date: February 07, 12

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 auto insurance, car owners will be supported by an insurance company to pay part or all of the costs arising from risks such as:

  • Traffic accidents: Collision, crash, overturn,...
  • Natural disasters: Floods, storms, earthquakes,…
  • Theft: Theft of the entire vehicle or parts of the vehicle.
  • Fire and explosion: Due to electrical short circuit, technical problem,...

When participating in traffic, accidents are something no one wants. However, preparing for this situation is very necessary. Below are 5 important notes that you need to know to ensure your insurance benefits in case of an accident.

auto insurance in case of accident
Notes on auto insurance in case of accident

Notify the insurance company immediately

Immediately after an accident, the vehicle owner needs to:

  • Contact the insurance company immediately: Call the insurance company hotline to report the incident. This will not only help you receive timely instructions but also ensure your compensation rights later.
  • Preserve the scene of the accident: Do not remove or move property until approved by the insurance company or authorities. This helps preserve evidence and facilitates the forensic process.
  • Take photos of the scene: Record images and information related to the accident, including license plate number, location, and extent of damage. These images will be important evidence in your claim.
Notify the insurance company immediately
Notify the insurance company immediately

Principle of compensation

In the event of an accident, the insurance company will:

  • Consider liability coverage: Insurance will pay out to a third party or the vehicle owner in the event of damage. For example, if someone is injured in a collision with your vehicle, the insurance will pay out as specified.
  • Compensation for personal injury: If the vehicle owner is killed or permanently disabled, the compensation can be up to 70 million VND/person/accident.

Compensation plan

There are two main options for compensation:

  • Compensation based on repair costs: If you have signed up for a repair facility selection clause, the compensation will correspond to the actual cost based on the manufacturer's price list or market price.
  • Cash compensation: In case repairs cannot be made on site or if the damage cannot be easily assessed, the insurance company will pay cash compensation.

Insurance compensation level

Specific compensation levels are as follows:

  • Personal injury: Compensation from 70 million VND/person/accident for damage caused by motor vehicles.
  • Property damage: Compensation from 40 million VND/accident if the property damage is determined to be caused by the vehicle owner's fault.
  • If the vehicle owner has multiple compulsory insurance contracts for a motor vehicle, the compensation amount will be calculated according to the first contract.

Car insurance claim process

The compensation process requires the following steps:

  • Notify the police and insurance company: Immediately after an accident, you need to report to both parties to verify and handle the incident.
  • Loss assessment: The insurance company will send an assessor to the scene within 24 hours to assess the damage.
  • Complete the claim file: The file includes the insurance certificate, vehicle documents (registration, driver's license), accident declaration and minutes of the investigation agency.
Car insurance claim process
Car insurance claim process

These cases are not compensated

It is important to note that not all situations are covered by insurance. Some specific situations include:

  • The driver intentionally caused the accident.
  • The driver did not have a valid driver's license.
  • Damage caused by war, terrorism or natural disaster.
  • Use of stimulants or alcohol in excess of prescribed limits.

Understanding the process and notes when participating in auto insurance will help you be more proactive in handling accident situations, ensuring your rights and receiving legal compensation. Always equip yourself with full knowledge to confidently participate in traffic!

FAQ – Frequently Asked Questions

1. How long does it take to process an insurance claim?

Claim processing times typically range from 7 to 30 business days, depending on the complexity of the case and the completeness of the required documentation.

2. What types of additional insurance are available for cars?

Common types of additional insurance include: auto body insurance, theft insurance, personal accident insurance for driver and passengers, and extended liability insurance.

3. How to choose the right insurance company?

When choosing an insurance company, you should consider factors such as: company reputation, customer satisfaction, coverage, premiums and compensation terms. You should consult with people who have used the service. See now Top 7 Auto insurance company today's most famous.

4. How to prevent traffic accidents?

To prevent accidents, drivers need to obey traffic laws, keep a safe distance, not drink alcohol while driving, and regularly check the technical condition of the vehicle. You can refer to the basic techniques for safe driving & things to know in the article: https://thanhphongauto.com/ky-thuat-co-ban-khi-lai-xe-o-to/.

5. What is the complaint procedure if you disagree with the compensation decision?

If you disagree with the compensation decision, you can file a complaint with the insurance company along with relevant evidence. The complaint period is usually 30 days from the date of receiving the compensation decision notice.

6. Where to buy reputable auto insurance at good prices in HCM?

Thanh Phong Auto, one of the prestigious auto repair and maintenance centers in Ho Chi Minh City, not only provides repair services but also specializes in providing solutions car insurance comprehensive for customers.

- Notes on Auto Insurance in Case of Accident
Professional car care garage, good price in HCM

Thanh Phong Auto cooperates with many major insurance companies in Vietnam, including Bao Viet, Bao Long and PTI, to provide customers with the most diverse and suitable insurance packages. The types of insurance that Thanh Phong Auto provides include:

  • Civil liability insurance: This is a compulsory insurance for all vehicles, helping to protect vehicle owners from risks related to legal liability when causing damage to third parties.
  • Vehicle Physical Damage Insurance: Protects your assets against risks such as accidents, fire, theft or damage due to natural disasters.
  • Body insurance: Helps vehicle owners get compensation when their vehicle has a body-related incident.

Thanh Phong Auto is committed to quickly processing insurance claims, helping customers reduce the financial burden when an accident occurs. Our dedicated and professional staff is always ready to advise and support customers in choosing the insurance package that best suits their needs and financial capabilities.

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