5 Types of Truck & Car Insurance Every Vehicle Owner Should Consider

28/03/2024

1,797

Trucks are one of the most common means of transporting goods today and represent a significant asset for both individuals and businesses. Therefore, protecting this asset is essential—most notably through purchasing truck insurance, which is a necessary and responsible practice. This article provides comprehensive information on the key types of insurance that truck and car owners should be aware of.

CONTENTS

Compulsory Third-Party Liability Insurance for Trucks

Under Decree 103/2008/NĐ-CP, Compulsory Third-Party Liability Insurance (Civil Liability Insurance) is a mandatory insurance type that all individuals and organizations owning motor vehicles must purchase when participating in traffic. This insurance protects victims in traffic accidents caused by motor vehicles while also safeguarding the vehicle owner’s financial interests against unexpected risks.

Coverage scope

This insurance covers non-contractual damages related to life, health, and property of third parties caused by motor vehicles
Bodily injury or death of passengers under transportation contracts.
Applied only to accidents occurring within the territory of Vietnam.

Liability limits

For bodily injury, the coverage is up to 100,000,000 VND per person per accident.
For property damage, the limit is 50,000,000 VND per accident.
Customers can purchase compulsory third-party liability insurance online through providers such as MSIG Vietnam.

Bảo hiểm xe tải

Passenger Accident Insurance

This is a voluntary insurance type designed for drivers, assistants, and passengers while traveling, including when boarding or alighting from the vehicle.

MSIG Vietnam currently offers two plans—Basic and Advanced—with the following benefits:

Currency: VND

Benefits	Basic	Advanced
Accidental death (while traveling by car/truck)	50,000,000 VND	100,000,000 VND
Permanent disability or injury (while traveling by car/truck)	50,000,000 VND	100,000,000 VND
Medical expenses (while traveling by car/truck)	10,000,000 VND	20,000,000 VND

Truck Physical Damage Insurance (Comprehensive Insurance)

This is a voluntary insurance type, also known as vehicle material damage insurance.

Coverage scope: The insurer compensates for physical damage to the vehicle caused by unexpected and uncontrollable events

Collisions, rollovers, falls,
Fire, explosions
Natural disasters
Total theft or robbery, and other accidental risks.
It may also cover bodily injury to the driver and passengers depending on the policy.

Bảo hiểm thân vỏ xe tải

Voluntary Third-Party Liability Insurance

Coverage scope:

This insurance covers non-contractual damages to third-party life, health, and property, as well as injuries or death of passengers under transport contracts caused by the insured vehicle.

Insurance benefits

In cases where compensation paid by the vehicle owner exceeds the limits of compulsory insurance, the insurer will cover the excess amount based on the voluntary coverage level selected.

For bodily injury, the insurer reimburses the actual costs exceeding the compulsory liability limit as regulated by the Ministry of Finance.
For property damage, once the compulsory insurance limit has been exhausted, the insurer pays the remaining amount based on the insured value chosen by the vehicle owner.
In all cases, compensation does not exceed the agreed liability limit.

Cargo Liability Insurance

Cargo liability insurance covers the legal responsibility of the vehicle owner for goods transported under a contract between the vehicle owner and the cargo owner.

Coverage scope: This insurance applies to damages to goods caused by accidents where the vehicle owner is at fault during transportation.

Insurance benefits: The insurer covers reasonable and necessary compensation costs that the vehicle owner must pay to the cargo owner under the Civil Code when accidents occur. Compensation includes expenses for:

Loss prevention, storage, handling, warehousing, damage assessment, and the value of damaged goods.
The total compensation amount does not exceed the insured liability limit for goods transported on the vehicle.

Understanding different types of truck and car insurance helps vehicle owners make informed decisions to protect both their assets and financial stability. Choosing the right combination of mandatory and voluntary insurance ensures better risk management and peace of mind during operations