Company Fleet Motor Vehicle Insurance

Company Fleet of vehicle insurance best coverage needs professional advice as various aspects of personal or company liabilities are involved depending on the usage of the vehicle by whom.

Company fleet motor vehicle insurance for trucks, buses, cars and motorbikes

Company fleet motor vehicle insurance is tricky because of many liabilities corporations are responsible for in their business activities. Whether it is bus, car or motorbike, vehicle insurance is compulsory. Even if you are renting or owner, the liability for any accidental material damage, bodily injury or death ends up to your company.

Why you need to seek professional advice when looking for Company fleet motor vehicle insurance: bus, car motorbike?

The compulsory insurance does not protect you effectively. Seek professional advice.
Whether it is truck, bus, car or motorbike, vehicle insurance is compulsory. Even if you are renting or owner, the liability for any accidental material damage, bodily injury or death ends up to your company.

Compulsory insurance is not enough for types of vehicle: bus, car or motorbike. Voluntary insurance top-up is needed

The compulsory vehicle insurance is paying out only 4300$ for bodily injury or material damages. Any accidental loss your ‘business associates’ cause to client, 3rd party or your own staff will come back to your company. Obviously depending on your trucks or your staff motorbike causes an accident the VND100Mio=$4,300 limit/ accident will not be sufficient. Also death and disability legal limit is based on 30-month salary, here again the value of a lost life in western countries would be a minimum of 1-to-$3,000,000 going to your dependent family. When it comes to indemnity for a car value, knowing that the minimum purchase value of à car in Vietnam is VND800Mio, the compulsory limit of VND100Mio will certainly leave you out-of-pocket.
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Company fleet motor vehicle insurance in Vietnam

Local legal compliance

Now you know the compulsory insurance limit for 3rd party is VND100Mio are your vehicle insurance still valid. If your staff pay for their vehicle, are they duly insured. If you go through a service company.

 

Liability Reality check

What is the local practice for maximum 3rd party liability when your company responsibility is declared when it comes to material damage to cars, bodily injury, TPD Total permanent disability or death?

What is due to the drivers and passengers’ medical costs, TPD or death claim by dependents?

Are your vehicles covered for leisure driving or professional use -a higher risk due to terrain, distance and frequency of transportation-?

 

International compliance and limits

If it comes to your international clients or your expats manager, what will be your maximum liability? Will the Vietnam jurisdiction’s indemnity of 30-months salary be a satisfactory base for indemnity?

 

The usual benefits are:

– Cover for additional driver 

– Coover for professional usage of the vehicle

– 3rd party top-up cover for material damage and bodily injuries 

– Medical costs, life and disability for drivers and passengers 

– Car value for original parts

– Cover for flooded cars

Whether you company is right or wrong, be sure in case of accidental loss, ‘they’ will come to the deepest pocket responsible personae ie. your company. One thing you need to remember, in Vietnam, the judges tend to side with the weakest and poorest when it comes to indemnifying: in legal actions, pity for the injured victim weighs much more than responsibility.

One size fits all is not applicable in the corporate vehicle and car insurance selection. 

Each insurer is specialized and maintain a reputation in one segment of the market and some are ready to take on certain types of vehicle risks and not others.

Some use their network of garage to reduce costs and others let you access the original car Makers maintenance network.

With abuses most car insurers will adjust their strategy and claim refund policies to adjust their losses. 

Every year, we monitor the best in class vehicle insurers.

Your consultant will review your car insurance and fleet utility characteristics to select the best insurer. We will also help you check your contractors vehicle insurance, so you are not exposed to your supplier negligence.