Car material damage insurance is an optional but also very necessary type of insurance, which will cover repair costs if the vehicle unexpectedly encounters a problem while in motion. Car material damage insurance is usually directly proportional to the vehicle's value. This is insurance used in cases of accidents, damage, or theft, helping the owner not to worry too much about financial issues. However, owners should note that in some exceptional situations, this insurance may not cover repair costs.
In which cases will car material damage insurance pay out?
Typically, when you have car material damage insurance, you will be covered in the following cases:
- Collision (including collision with objects other than motor vehicles), overturning, capsizing, sinking, complete vehicle falling, or being hit by falling objects.
- Fire, conflagration, explosion.
- Force majeure events caused by nature (including but not limited to typhoons, floods, inundations, lightning strikes, storms, earthquakes, landslides, tsunamis, etc.).
- Total loss of the vehicle due to theft or robbery.
- Malicious acts, intentional destruction (excluding malicious acts or intentional destruction by the Owner/Legal Representative of the Owner/Insured Person/Driver/Person entrusted with the use of the vehicle).
What cases are considered violations of the law and not covered by car material damage insurance?
The terms and conditions of car material damage insurance also include exclusion clauses, which are cases where the insurance will not pay you when an incident occurs, including:
- The driver operating the vehicle causing damage with an alcohol concentration exceeding the current legal regulations, as concluded in writing by the competent state authority, or the driver using other stimulants that are prohibited by law.
- Transporting illegal goods or failing to fully comply with legal regulations on transportation and loading/unloading of goods.
- The driver does not possess a valid driver's license.
- The vehicle carries more passengers than permitted by the competent state authority.
- The vehicle carries more than 20% of its payload capacity as stipulated by the competent state authority.
- The vehicle travels at night without headlights as required, enters prohibited roads or areas (turning where prohibited, driving against the flow of one-way traffic, running a red light, or failing to comply with the instructions of traffic controllers) causing an accident.
Will a vehicle that encounters an incident abroad be compensated by insurance?
For vehicles that encounter incidents occurring outside the territory of the Socialist Republic of Vietnam, damages will not be compensated.
If a vehicle is in an accident and valuable items on board are damaged (ceramics, potted plants, etc.), how will it be compensated?
Currently, in most cases, car material damage insurance will not compensate you for indirect consequential damages such as: loss of commercial value, damages related to the use and operation of the damaged property, emotional damages, or damages not directly caused by an accident.
Damages to special property on the vehicle, including gold, silver, precious stones, money, valuable papers like currency, antiques, rare paintings, etc., will also not be compensated.
Notes when purchasing car material damage insurance
Before purchasing car material damage insurance, owners should consult with relatives and friends who have used this type of insurance to understand the advantages, disadvantages, and costs of each specific material damage insurance policy. From there, make a final decision on the type of insurance they should own.
Owners also need to research the deductible insurance amount stipulated for the type of insurance they intend to purchase. Currently, there are two types of deductibles: with deductible (the customer pays for the loss, the insurance company pays the remainder) and without deductible (if the loss is less than the deductible amount, the customer pays; if the loss is greater than the deductible amount, the insurance company pays in full).
As with any type of insurance, before signing a car material damage insurance contract, owners must read all terms and conditions carefully. In case of unreasonable terms, owners can negotiate with the provider, as this will be the legal basis in case of any disputes over rights that arise later.
In addition, vehicle owners should choose to repair their cars at authorized garages that are convenient for their travel. This ensures peace of mind regarding service quality when the vehicle requires repairs.
As soon as an incident occurs, the owner must immediately contact the insurance companies for timely resolution, ensuring their rights and avoiding complications related to the compensation process. For convenience, owners should save the hotline numbers of insurance companies to call immediately in emergency situations such as when the vehicle is in an accident.
No comments:
Post a Comment