VietNamNet Bridge – The average cost to repair a luxury car, which was flooded and destroyed during the last heavy rain is expected to be VND 40-50 million, while the cost may be as high as VND 700 million for some cars. It will take approximately one month to settle the damages of the 600 broken-down cars in the city

To date, insurance companies still do not have not exact figures from their clients who suffered car losses in the heavy rain. Bao Viet Vietnam and PJICO have reported that each of them have received claims for damages from 10 clients.

However, this number is not believed to reflect all the damages, as many car owners have not claimed damages to insurers or have not lugged their cars to garages yet.

Both insurers have estimated that each of them will have to compensate 200 clients.

Bao Viet said that it may have to spend VND 3 billion to compensate for the 200 clients, while PJICO has estimated the sum of money would be VND 5 billion.

PJICO has estimated that it will take one week to deal with the slightly damaged cars, but it will take months to repair the severely damaged ones, as the car parts for replacement will be imported from foreign manufacturers. In general, it will take time to repair the cars as garages have been overloaded

PJICO said that the expense of repairing one car is VND 40-50 million. As for luxurious cars or specialized vehicles, the expenses would be VND 600-700 million/car

Luxury cars account for 20% of total flooded cars, which accounts for a big proportion of the compensation money of the insurer.

Insurers have estimated that the total damages of the cars would be some VND 30 billion, or 10% of the insurance premiums from vehicle insurance in the city.

Dinh Quang Tan, Head of the Vehicle Insurance Division under Bao Viet Group, who has 20 years of experience, said that this is the first time he is seeing such damages to vehicles

(Source: VNE)