OPES shares ways to calculate auto body insurance premiums

1. What is auto body insurance?

Auto body insurance is a form of voluntary insurance, which aims to protect the body and exterior parts of the vehicle such as tires, glass, lights, mirrors, front/rear bumpers from damage caused by accidents, collisions, natural disasters or external vandalism.

In the event of an accident, the insurance company will cover the cost of repairing or replacing damaged parts, helping the car owner minimize the financial burden. This type of insurance is especially useful for new drivers or those who frequently travel in complex traffic environments.

Auto body insurance helps protect the exterior parts of the vehicle.

2. How to calculate auto body insurance premiums

The formula for calculating the normal insurance premium is as follows:

Insurance Premium = Vehicle Value × Insurance Premium Rate

In there:

- Vehicle value: Is the actual value of the vehicle at the time of insurance participation.

- Insurance premium rate: Usually from 1.2% to 2.0% depending on vehicle type and insurance package

For example:

If you buy a new car worth 600 million VND and the fee rate is 1.4%, the insurance premium will be: 600,000,000 × 1.4% = 8,400,000 VND

If you own a 2-year-old used car, the new car value is 2 billion VND, the remaining quality rate is 85% and the fee rate is 1.7%, then the insurance premium will be: 2,000,000,000 × 85% × 1.7% = 28,900,000 VND

Instructions on how to calculate auto body insurance premiums

Auto body insurance premiums are not fixed and depend on many factors. When calculating premiums, insurance companies often consider:

- Vehicle value: The higher the value of the vehicle, the higher the insurance premium.

- Vehicle type and year of manufacture: New, imported vehicles usually have higher fees.

- Purpose of use: Business vehicles have higher fees than personal vehicles

- Accident and claim history: Fees may increase or decrease in subsequent years

- Coverage: Comprehensive insurance package will cost more than basic package

- Deductible: The higher the deductible, the lower the premium.

- Insurance period: Usually 1 year, but can be shorter depending on needs

3. Drive safely with auto insurance products at OPES

OPES is a pioneer digital insurer in Vietnam, founded with the mission of providing simple and convenient insurance solutions through a modern technology platform. OPES constantly innovates to provide a completely digital insurance experience, from participation to claim, helping customers save time and effort.

Benefits of buying auto insurance at OPES:

- 100% online process: The entire process from registration, payment to claim is done completely online, saving time and effort.

- Advanced Telematics technology: Applying driving behavior tracking technology to assess risks more accurately, thereby calculating reasonable insurance premiums based on actual driving behavior.

- Quick compensation process: Assessment time is only within 24 hours from receiving loss notification and compensation payment within 3-5 working days.

- Extensive partner network: Cooperating with nearly 3,000 high-quality auto repair garages nationwide, helping customers receive quick and convenient service.

OPES Digital Insurance

Auto insurance products at OPES:

- Auto physical damage insurance (O•CAR): Comprehensive protection for vehicles against risks such as collision, fire, explosion, natural disasters and theft. Integrated Telematics technology helps monitor and improve driving behavior; at the same time, provides 24/7 rescue service.

- Compulsory automobile liability insurance (O•DRIVE): This is a compulsory automobile insurance product. This insurance pays compensation to third parties for people and property in the event of an accident, helping car owners reduce financial and legal burdens.

Thus, through the above article, OPES has helped you learn how to calculate auto body insurance premiums. If you have any questions, please contact OPES today for advice and quotes on the best insurance products for your beloved car!./.

CONTACT INFORMATION:

Address: 6th Floor, No. 5 Dien Bien Phu, Dien Bien Ward, Ba Dinh District, Hanoi City

Hotline: 1800558855

Website: opes.com.vn

Facebook: www.facebook.com/stringvietnam

Email: [email protected]

Source: https://baolongan.vn/opes-chia-se-cac-cach-tinh-phi-bao-hiem-than-vo-oto-a195960.html