Peace of Mind for Motorbike Owners

 

For Vietnamese households, motorbikes are their important assets. However, most of local people often buy Compulsory insurance for motorized vehicle owners’ civil liability for partially being protected from human and asset losses for the third person. Only a small number of people care about voluntary insurance form, in which, insurers will compensate for stolen motorbikes in cash or restore and replace it with another which is produced by the same company, have the same design and having years of operation with reference to the insured at the time of loss. AAA Assurance Corporation has pioneered in this area with the produced named Entire insurance for stolen motorbikes.”

 

AAA General Director Do Thi Kim Lien said if customers encounter one of the seven risks such as being robbled or attacked by forces when travelling; catching fire; being broken into houses by thieves; theft at public parking lots (in case of having motorbike-keeping tickets); meeting accidents when driving motorbikes; meeting with accidents when motorbikes are transported by road, railway and waterway and encountering natural disasters, they will receive cash compensation or another motorbike as mentioned above. Particularly, if your motorbike suffers from a loss of below 75 per cent, but repair costs exceed the figure, you will get a 100-per-cent compensation.

 

Insurance premium levels depend on value and time for using motorbikes. Insurance premium fluctuates from VND59,000 – VND1 million per motorbike annually. Besides, customers will enjoy fees reduction when participating in long-term insurance or making no loess when renewing contracts.

 

In addition to premium levels for voluntary insurance products, customers always pay attention to service factors to decide whether to buy the insurance or not. They also care concerned about time for the compensation. Lien affirmed that “ Stealing cases take at least 30 days to complete the compensation and others will need five day maximally since receiving motorbike owners’ valid documents. The owners will be given the compensation regardless of their motorbikes found or not. In case of being overdue, the company shall pay interest rate, applied to demand deposits, for outstanding value to customers in line with the Law on Insurance Business.”

 

In realty, the habit of “locking the stable door after the horse has bolted” remains popular in Vietnam. Only when, they lose assets, they think of insurance or ask for authorities’ intervention. Furthermore, many of them do not understand about the importance of the insurance which will bring securities for themselves. A number of insurance companies do not take care of customers well, affecting their prestige. However, in a modern society, buying insurance is an effective way to protect our assets and life from unexpected mishaps.