How Much Does Car Insurance Cost Per Year in Vietnam? A Comprehensive Guide
Anh Tuan, the owner of a grocery store on Nguyen Trai Street, Thanh Xuan District, recently purchased a shiny new Hyundai H100 truck from Xe Tai Ha Noi. His excitement was short-lived, however, as he had a minor accident while making a delivery on Chua Boc Street. Fortunately, he had comprehensive car insurance, which saved him a considerable amount on repairs.
Anh Tuan’s story highlights the importance of having car insurance. So, how much does car insurance cost per year? Let’s delve into the details with Xe Tai Ha Noi in this comprehensive guide.
Types of Car Insurance: Compulsory and Voluntary
In Vietnam, there are two main types of car insurance:
1. Compulsory Third Party Liability (TPL) Insurance:
This type of insurance is mandatory for all vehicle owners under Vietnamese law. It covers damages to third parties, both personal and property, caused by your vehicle.
2. Voluntary Physical Damage Insurance:
This type of insurance is not mandatory but highly recommended to protect your own asset. Physical damage insurance covers damages to your vehicle in cases such as:
- Accidents
- Fire and explosion
- Theft of parts
- Natural disasters, floods…
A brand new red Hyundai H100 truck parked on a street.
How Much Does Car Insurance Cost Annually?
The annual cost of car insurance depends on several factors, including:
- Vehicle Type: Truck, car, passenger van…
- Vehicle Value: The more expensive the car, the higher the insurance premium.
- Deductible: The higher the deductible, the lower the premium.
- Insurance Provider: Each insurance company offers different rates.
- Additional Coverage: Such as glass breakage insurance, flood insurance…
Reference Car Insurance Price Table
| Vehicle Type | Compulsory TPL Insurance (VNĐ) | Physical Damage Insurance (Estimated) |
|---|---|---|
| 5-seater Car | 480,000 – 1,040,000 | 1.5% – 2% of vehicle value |
| Truck under 2.5 tons | 790,000 – 1,580,000 | 1.8% – 2.5% of vehicle value |
| Passenger Van under 9 seats | 970,000 – 2,080,000 | 1.6% – 2.2% of vehicle value |
A damaged car at the scene of a car accident on a city street.
Note: This table is for reference only. For an accurate quote on your specific situation, please contact a reputable insurance company directly.
Frequently Asked Questions About Car Insurance
1. Can I pay for car insurance in installments?
Yes. Many insurance companies now offer installment payment options with attractive interest rates.
2. Is the car insurance purchasing process complicated?
The car insurance purchasing process is now quite simple. You only need to provide some basic documents such as vehicle registration, ID card…
3. Where can I buy reputable car insurance?
You can consider reputable insurance companies such as PVI Insurance, Bao Viet Insurance, PTI Insurance…
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