How Much Does Car Insurance Cost? A Detailed Price Guide

Anh Tuan, the owner of a grocery store in Hoan Kiem District, Hanoi, recently purchased a Hyundai Porter 150 truck to facilitate goods transportation. While excited about his new purchase, he’s concerned about the cost of car insurance. He wonders, “How much car insurance is enough? Which type suits my needs best?”.

Anh Tuan’s story reflects the concerns of many car owners researching car insurance. This article will provide a detailed answer to the question of how much car insurance costs, helping you make the most suitable choice.

Types of Car Insurance

Currently, there are two main types of car insurance:

1. Compulsory Third Party Liability (CTPL) Insurance:

• Mandatory purchase as required by law.
• Protects the car owner against risks causing damage to third parties, both personal and property.
• Liability limits are specified in the Law on Compulsory Civil Liability Insurance of Motor Vehicles.

2. Physical Damage Insurance (Collision Insurance):

• Not compulsory; voluntary participation by the car owner.
• Protects your vehicle against risks such as accidents, fire, theft, natural disasters, etc.
• Offers various packages with different fees and benefits.

So, How Much Does Car Insurance Cost?

CTPL Insurance Price List (Effective from July 1, 2022):

Physical Damage Insurance Price List:

Depends on several factors:

• Vehicle type, year of manufacture, vehicle value
• Insurance company, insurance package
• Vehicle registration area
• Depreciation amount…

Typically, physical damage insurance premiums range from 1.5% to 2% of the vehicle’s value.

A new red Hyundai Porter 150 truck driving on a highway

Important Notes When Buying Car Insurance

• Consider purchasing physical damage insurance: Provides peace of mind and comprehensive protection for your vehicle.
• Choose a reputable insurance company: Seek advice from friends, relatives, or truck forums and communities.
• Carefully read the insurance policy: Pay attention to the terms, conditions, benefits, and responsibilities of each party.
• Maintain your vehicle carefully: Even with insurance, you should still drive safely and maintain your vehicle properly. According to Feng Shui expert Nguyen Van A, keeping the car clean and tidy also contributes to bringing luck and fortune to the owner.

Frequently Asked Questions

1. Is car insurance necessary?

Absolutely! Insurance helps you minimize financial burdens in case of unfortunate incidents.

2. Where can I buy reputable car insurance?

You can consider reputable insurance companies such as PVI Insurance, Bao Viet Insurance, PTI Insurance,…

3. What happens if I forget to pay my car insurance premium?

If you forget to pay the premium, your insurance policy may be terminated and become void.

Buy Reliable Trucks at Xe Tai Ha Noi

If you are looking to buy a truck, visit Xe Tai Ha Noi – the leading provider of quality and reputable trucks. We offer a wide range of trucks from famous brands such as Hyundai, Isuzu, Hino,…

Xe Tai Ha Noi has a branch system throughout districts in Hanoi such as Cau Giay, Long Bien, Ha Dong… meeting customer needs quickly and conveniently.