Truck Insurance in Hanoi: Drive with Peace of Mind

For years, Mr. Ba, a seasoned truck driver on the Giai Phong – Phap Van route, has always believed in the saying “better safe than sorry.” He shared, “Accidents on the road are inevitable. Once, while transporting goods to Son Tay, the road was slippery, and my truck suddenly spun out of control. Luckily, there were only minor scratches. Since then, I’ve always purchased comprehensive car insurance, giving me peace of mind.”

Mr. Ba’s story highlights the importance of protecting your livelihood. So, what is truck insurance, and how is it calculated? Let’s delve into the details below!

What is Truck Insurance?

Truck insurance, a type of motor vehicle insurance, compensates for physical damage to a truck due to unexpected and uncontrollable risks such as accidents, collisions, fires, explosions, and natural disasters.

Benefits of Truck Insurance:

• Reduces financial burden in case of accidents
• Provides peace of mind, allowing drivers to focus on their business
• Offers access to repairs at reputable garages

Types of Truck Insurance

There are two main types of truck insurance available:

• Compulsory Motor Vehicle Liability Insurance: Mandatory by law, this protects third parties in case of accidents.
• Voluntary Physical Damage Insurance: Optional coverage chosen by the vehicle owner, extending protection beyond the compulsory insurance.

A truck crashed in an accident

How is Truck Insurance Calculated?

Truck insurance premiums are calculated based on several factors:

1. Vehicle Value: The higher the vehicle’s value, the higher the premium.

2. Vehicle Type: Trucks, buses, cars… each type has a different premium rate. For example, trucks usually have higher premiums than cars due to their larger size and higher risk of damage.

3. Engine Capacity and Load Capacity: Vehicles with larger engine displacement and higher load capacity have higher premiums.

4. Coverage Scope: The broader the coverage, the higher the premium.

5. Number of Seats: Vehicles with more seats have higher premiums.

6. Deductible: The deductible is the amount the vehicle owner pays out-of-pocket in case of an accident. The higher the deductible, the lower the premium.

7. Insurance History: Vehicles with past accidents and insurance claims may have higher premiums in subsequent years.

8. Insurance Company: Each insurance company has its own rates and offers.

Truck Insurance Premium Calculation Formula (for reference):

Insurance Premium = Vehicle Value x Premium Rate

Example: Mr. Tuan purchases insurance for his Hyundai HD120S truck, valued at 1 billion VND, with a premium rate of 1.5%.

Mr. Tuan’s insurance premium is: 1,000,000,000 x 1.5% = 15,000,000 VND

A truck was destroyed by a terrible accident

Important Notes When Purchasing Truck Insurance

• Choose reputable insurance companies with good service. Consult friends, family, or online forums and communities for truck drivers.
• Select a coverage plan that suits your needs and financial capabilities.
• Carefully read the insurance policy, especially the exclusions and responsibilities of each party.
• Provide complete and accurate information about the vehicle and owner to ensure full insurance benefits.