The most economical car insurance buying experience
To own a car, car buyers have to spend a large amount of money from the cost of buying a car, taxes, rolling fees, insurance… So how to buy car insurance in the most economical way? maximum efficiency to minimize costs?
Auto insurance is a form of risk management. Obviously, no one wants to have any accidents or incidents. But if something goes wrong, buying auto insurance will make the most of it.
There are 3 basic types of car insurance:
Compulsory auto civil liability insurance: compensation for damage to the damaged party caused by the fault of the vehicle owner.
Vehicle physical insurance: compensation for vehicle material damage to the vehicle owner.
Accident insurance for car occupants: compensation for damage to body and life for the car owner and accompanying people (if purchased).insurance).
The more auto insurance you buy, the higher the level of coverage will be. However, depending on actual usage needs and financial ability, car owners can choose to buy the most suitable and economical insurance.
Auto insurance, parts theft insurance based on vehicle value
For new cars, for the first 3 years, experts say that you should buy 2-way car insurance (including compulsory CIT insurance and auto insurance).
Newly purchased or used cars for less than 3 years should also buy an extended parts theft insurance package…
For used cars, purchasing CIT insurance is mandatory. If it’s an old car but the car’s value is over 500 million, you should still consider buying more vehicle insurance.
For used cars with a value of over 700 million, you should buy vehicle material insurance and parts theft insurance.
Auto insurance, parts theft insurance based on purpose of use, level of use
If car buyers have a need to move constantly, high usage makes the possibility of collisions, accidents, thefts … often more likely to happen, to prevent those risks, it is advisable to buy 2-way insurance Or should buy car body insurance.
Auto insurance based on vehicle use area
If the vehicle moves mainly in an environment near the sea or an area frequently flooded due to high tides, rainy season, etc., especially for people living in Ho Chi Minh City, in order to prevent water damage, it is advisable to buy an insurance package water damage for vehicles.
Consider buying high deductible deductible insurance
Buying deductible insurance often has a high deductible because the deductible will often be inversely proportional to the premium rate.
The higher the deductible, the lower the premium will be. Then the benefits that buyers get are:
- Save on insurance costs.
- Save time, be fully proactive when it comes to fixing small damages.
- Know the regulations, especially those that exclude compensation
Some cases where auto insurance excludes no compensation need to know such as:
- Civil liability insurance: the driver flees after causing the accident; without a valid driver’s license…
- Car material insurance: stolen parts, unregistered vehicles according to State regulations…
- Water-shock insurance: the car goes into the flooded area, but the driver still intentionally lets the car start again.
Some other special notes when choosing an insurance company:
- Prefer to buy insurance from the company associated with the dealer where the car is purchased or the garage is known.
- Find out more about the repair addresses that the insurance company provides.
- Limit the purchase of auto insurance in the form of advance payment before recovering losses.