..:: Automobile insurance ::..

AUTOMOBILE INSURANCE

OVERVIEW
INSURANCE COVERAGE
EXCLUSION
PRODUCT DOCUMENT
CLAIMS GUIDELINE
OTHER PRODUCTS

product overview

Having an automobile such as a car, truck, van… is a norm for any business as such vehicle has an important role in day-to-day business operation. Automobiles are expensive property and represent a significant investment of the business. However, they are always exposed to various perils such as natural disasters, fire & explosion, theft, collisions in traffic and so on.

They are also subject to compulsory third party liability insurance for motor vehicles as an automobile itself is a peril to third parties on the road. In case of accidents, drivers and passengers in the automobile may also suffer potentially serious injuries.

Having an Automobile insurance program such as TMIV’s would not only ensure comprehensive coverage for your automobiles, your liability and your people but you will also have access to TMIV’s claims support service at Honda, Toyota, Lexus, Mitsubishi, Ford, Hino, Isuzu, Nissan and other authorised garages countrywide.

INSURANCE COVERAGE

main coverage

1- PHYSICAL DAMAGE INSURANCE

Physical damage caused by natural disasters, unexpected and unforeseen accidents in the following cases:

Collision or impact (including collision with other objects), overturning, falling, sinking, falling of the whole automobile, or being struck by falling objects;
Fire, conflagration, or explosion;
Force majeure events caused by natural disasters;
Loss of the entire Automobile due to theft or robbery;
Malicious acts or intentional damage not committed by The Insured, the drive, or any person with ownership, usage, or operational interests in the Automobile.

Necessary and reasonable expenses, as agreed in the Policy, incurred in performing tasks required and instructed by The Insurer in the event of a Loss (within the scope of coverage), including:

Expenses for preventing or minimizing further damage;
Expenses for rescue and transportation of the damaged Automobile to an appropriate repair facility, subject to The Insurer’s approval, maximum not exceeding 10% of the Sum Insured.

In all cases, the total compensation amount shall not exceed the Sum Insured Condition(s) for receiving insurance benefits, if applied, shall be specified in the Proposal and/or Policy Schedule.

2- THIRD PARTY LIABILITY INSURANCE

Compulsory civil liability insurance of motor vehicle owners as per Decree 67/2023/ND-CP
Third party Voluntary insurance: Main coverage follows the provisions of compulsory civil liability insurance of motor vehicle owners.

3- PERSONS IN VEHICLE INDEMNITY INSURANCE

TMIV undertakes to pay compensation on behalf of the Vehicle Owner, in the event that the Person(s) in Vehicle suffers death, Bodily injury due to an Accident occurring while inside the vehicle or during the process of getting in or out of the vehicle while it is in operation as stipulated in this Policy.

Condition(s) for receiving insurance benefits, if applied, shall be specified in the Proposal and/or Policy Schedule.

extended coverage

EXCLUSION

1. PHYSICAL DAMAGE INSURANCE

- Losses due to natural wear and tear, inherent nature of the property, depreciation in commercial value, malfunction due to defects or additional malfunction due to repair or during repair process (including testing).
- Engine are damaged (including internal combustion and electric engines) caused by operating the Automobile in flooded areas/roads or due to water ingress resulting in hydrostatic lock, except in cases where the Automobile is unexpectedly involved in an accident and falls into a pond, lake, river, or stream, etc. causing engine damaged (unless otherwise agreed).
- Damage to tires, tubes, or truck tarpaulins, except when such damage occurs simultaneously and from the same cause as damage to other parts of the Automobile in the same accident.
Other specific exclusions are mentioned in the policy.

2. THIRD PARTY LIABILITY INSURANCE

- Exclusions according to the regulations on Compulsory Civil liability Insurance of Motor Vehicle Owner issued by the Government of Vietnam are in effect at the time of signing this Policy.
- Death or bodily injury to any person employed by the Passenger where such death or bodily injury arises out of or in the course of such employment.
- Damage to property owned by or entrusted to or under the care, custody or control of The Vehicle Owner/The Insured or of the Passenger or being conveyed by such Vehicle.
Other specific exclusions are mentioned in the policy.

3. PERSONS IN VEHICLE INDEMNITY INSURANCE

- War, Act of Terrorism, invasion, act of foreign enemy, hostilities or warlike activities (whether declared or not) or civil war, mutiny, rebellion, Strike, civil riot, riot, revolution...
- Ionization, irradiation or radioactive contamination from any nuclear fuel or from any nuclear waste, from the combustion of nuclear fuel, radioactive, toxic, explosive or hazardous properties of any explosive nuclear chains or components.
- Any criminal act committed by the Policyholder, the Insured, or Person(s) in Vehicle
- The Person(s) in Vehicle self-causes injury intentionally (unless due to the act of intending to save others), commits suicide or attempts suicide or commits unsuccessful suicide, fights, provokes a fight or instigates a fight (unless for justifiable self-defense)
Other specific exclusions are mentioned in the policy.

INSURANCE PREMIUM

Insurance premiums are determined based on risk assessment and specific insurance pricing principles of the product. For detailed advice and appropriate quotes, please contact Tokio Marine Insurance Vietnam Co. directly.