Insurance company: How to buy car insurance? (Part 3)

Common wish of many people when buying insurance is to get reimbursed by insurance company as soon as possible when unexpected risks happen or cars will be fixed at trusted garage. To get benefits, customers need to research and consider carefully about kinds of insurance as well as regulations in the contract befor signing. In this article, you will be introduced the way to save money when buying car insurance and provided with helpful experiences.

Insurance company: How to buy car insurance? (Part 3)

How to save money when buying insurance

One of common ways to save cost when buying car insurance is choosing high deductible. As we mentioned in the previous article, deductible is a sum of money that if your loss costs lower than it, insurance contract will have no effect and you have pay for the loss on your own. To get reimbursed from insurance company, your loss has to cost higher than deductible. With higher deductible, you pay lower premium.

Common deductible in Vietnam is 200.000 VND. Not all insurance companies accept the way of increasing deductible to reduce the premium. However, with high deductible, you will not get reimbursed for scratches on the car.

To save cost, you can choose to buy as group of people or buy group of products. If you buy several insurance products at the same time, you definitely get reduction on a certain level. Before buying insurance, you can learn if your friends share the same demand to buy as group because you will get beneficial premium.

Helpful experiences should be remembered

You should require your insurance company to provide you insurance protocol attached to contract. Insurance protocol will make clear about benefits, rights, responsibilities and restriction.

Reading carefully terms in the contract is necessary because you will not get reimbursed if your lisence is over or wrong usage of car. Read them carefully and consider to discuss with insurance company.

Before signing the contract, you should learn carefully about your rights and responsibilities. You should understand that reimbursement money is not given by the insurance company. That money comes from you and other insurance buyers. That’s the reason why you should make clear about everything to protect your benefits.