Insurance company: Auto compensation and note

Common mistake of many drivers is that once they have bought insurance, they can get compensation from insurance company when unexpected risks happen. In fact, every insurance contract has many restricted terms or not including several additional benefits. Learn more this following article to avoid paying insurance fee but not receive compensation.

Insurance company: Auto compensation and note

Water hammer insurance

A number car owners remember the flood in Quang Ninh in July 2015 as an experience when a lot of car losses were caused by water hammer but they couldn’t get compensation from insurance company. That results from their insurance contract did not include water hammer insurance, so not many damaged cars were compensated in that case.

According to a representative of an insurance company, the water hammer insurance fee is only 1 million VND/year. It is not high but customers might not be consulted or they were not careful when reading contract.

Water hammer rarely happens but when it does, it causes severe damage to cars. Therefore, this is the kind of insurance that insurance company encourages customers to buy or they can choose insurance package including water hammer insurance benefit.

Liberty AutoCare insurance

Being one of current widest coverage insurances, Liberty AutoCare of Liberty insurance company protects you from any risks instead of listed risks like many other insurances. Risks which are compensated by Liberty but refused by other insurance companies like: losses by cruel behaviors of others, scratches caused by dog, etc.

One of the most current controversial restricted terms is contaminated gas problem. Cars filled with contaminated gas will not be compensated as rules written in insurance contract. Insurance company only pays for water hammer, disaster, flame, etc.

Auto insurance is believed to be the most popular kind of insurance to car owners. However, the problem is that car owners buy insurance only for avoiding being punised and they do not care about regulations listed in the contract. This leads to many conflicts, even sues when unexpected risks occur and car owners cannot get compensated as they wish.