How many types of motor vehicle insurance are there in Vietnam? What is đá bóng trực tiếp purpose of motor vehicle insurance in Vietnam?

Hello, Lawnet would like to answer as follows:

1. How many types of motor vehicle insurance are there in Vietnam?

According to Clause 3, Article 4,Decree No. 67/2023/ND-CPstipulates participation in motor vehicle insurance as follows:

- In addition to participation in compulsory insurance in compliance with insurance conditions, insurance premiums, minimum coverage or maximum coverage prescribed herein, policyholders and insurers may negotiate additional insurance conditions, or increase in đá bóng trực tiếp coverage and insurance premiums in accordance with law. In this case, đá bóng trực tiếp compulsory insurance must be a separate part in đá bóng trực tiếp insurance policy.

- đá bóng trực tiếp state government shall encourage agencies, organizations and individuals that do not belong to entities required to participate in compulsory insurance under đá bóng trực tiếp provisions of this Decree shall buy compulsory insurance on đá bóng trực tiếp basis of arrangements with insurers and in compliance with regulations of law.

Note: In case đá bóng trực tiếp insurance buyer and đá bóng trực tiếp insurance company can agree in đá bóng trực tiếp insurance contract to expand insurance conditions, increase đá bóng trực tiếp insurance amount, and corresponding additional insurance premium, đá bóng trực tiếp insurance company is responsible for separating đá bóng trực tiếp compulsory insurance part of đá bóng trực tiếp insurance contract to comply with đá bóng trực tiếp law.

In which:

+ Compulsory insurance: is đá bóng trực tiếp insurance that meets đá bóng trực tiếp requirements of conditions, insurance amount, fees,... according to đá bóng trực tiếp provisions ofDecree No. 67/2023/ND-CP.

+ Extended insurance: is đá bóng trực tiếp insurance in addition to đá bóng trực tiếp mandatory insurance, which is voluntarily agreed upon by both parties with terms that have a broader scope of protection.

Thus, according to đá bóng trực tiếp above regulations, there are two types of motor vehicle insurance: mandatory motor vehicle insurance and voluntary motor vehicle insurance specifically:

- Compulsory motor vehicle insurance (Civil liability insurance for motor vehicles owners): This is a type of insurance that motor vehicles owners must participate in to protect public interests, đá bóng trực tiếp environment, and social safety. When an accident occurs, in principle, compulsory motor vehicle insurance does not compensate đá bóng trực tiếp motor vehicles owner but compensates for damages to đá bóng trực tiếp accident victim due to đá bóng trực tiếp motor vehicle owner's fault.

- Voluntary motor vehicle insurance: This is an optional type of insurance; road users can choose to buy or not buy voluntary motor vehicle insurance. However, if you participate in voluntary motor vehicle insurance, đá bóng trực tiếp motor vehicles owner will be compensated for property damage or personal injury (including đá bóng trực tiếp motor vehicles owner and passengers) in đá bóng trực tiếp event of an accident, fire, explosion, or theft. rob...

Depending on đá bóng trực tiếp type of insurance applied for, đá bóng trực tiếp scope of liability and compensation level will be different.

 2. What is đá bóng trực tiếp purpose of motor vehicle insurance in Vietnam?

According to đá bóng trực tiếp provisions of Clause 1, Article 7 ofDecree No. 67/2023/ND-CP, purchasing motor vehicle insurance has đá bóng trực tiếp effect of compensating for non-contractual damages to health, life and property to third parties and passengers on đá bóng trực tiếp motor vehicles caused by motor vehicles participating in traffic and operating. Except for some cases where compensation is not provided in Clause 2, Article 7 ofDecree No. 67/2023/ND-CP

In addition, đá bóng trực tiếp driver must carry đá bóng trực tiếp motor vehicle owner's Civil Liability Insurance Certificate when operating đá bóng trực tiếp vehicle as prescribed in Point d, Clause 2, Article 58 of đá bóng trực tiếp Law on Road Traffic 2008.

Therefore, motor vehicles drivers, when participating in traffic, must not forget to bring vehicle insurance. If đá bóng trực tiếp documents are checked by đá bóng trực tiếp Traffic Police and they cannot present motor vehicle insurance, đá bóng trực tiếp driver will be administratively sanctioned according to Point a, Clause 2, Article 21 of Decree 100/2019/ND-CP, amended by Decree 123/2021/ND-CP:

"2. A fine ranging from VND 100,000 to VND 200,000 shall be imposed upon:

a) Any person operating a motorcycle or moped and đá bóng trực tiếp like without carrying an unexpired certificate of civil liability insurance for motor vehicles; or"

Thus, buying compulsory motor vehicle insurance is also to avoid being fined for administrative violations when participating in traffic. If there is no motor vehicle insurance or there is but does not carry it, đá bóng trực tiếp vehicle driver will be fined from 100,000 - 200,000 VND.

3. motor vehicle insurance compensation level

According to Clause 6, Article 12,Decree No. 67/2023/ND-CPstipulates đá bóng trực tiếp compensation level for motor vehicle insurance as follows:

Compensation for health and life:

- đá bóng trực tiếp specific insurance compensation amount is determined according to each type of injury or damage or according to đá bóng trực tiếp agreement of đá bóng trực tiếp parties or đá bóng trực tiếp decision of đá bóng trực tiếp Court (if any), but does not exceed đá bóng trực tiếp prescribed level of insurance liability.

- Thus, đá bóng trực tiếp insurance liability level for health and life damage caused by motor vehicles is 150 million VND/person/accident. (According to Clause 1, Article 6 ofDecree No. 67/2023/ND-CP)

At đá bóng trực tiếp same time, in Appendix VI issued withDecree No. 67/2023/ND-CP, đá bóng trực tiếp compensation level is specifically determined as follows:

+ Maximum compensation: 150 million VND/person in đá bóng trực tiếp case of đá bóng trực tiếp victim's death or brain damage causing sequelae of vegetative state.

+ Compensation according to đá bóng trực tiếp level of injury:

Compensation amount = Rate of injury x Level of insurance liability

Note: If đá bóng trực tiếp fault is entirely due to a third party, đá bóng trực tiếp insurance company will only compensate up to 50% of đá bóng trực tiếp prescribed level.

Table of regulations on payment of compensation for damage to health and life (Appendix VI):

Download

Property compensation level:

- đá bóng trực tiếp specific compensation level for damage to property in an accident is determined according to đá bóng trực tiếp actual damage and đá bóng trực tiếp degree of fault of đá bóng trực tiếp motor vehicle owner but does not exceed đá bóng trực tiếp insurance liability limit. In particular, đá bóng trực tiếp insurance liability for property caused by motor vehicles is 50 million VND/accident. (According to Clause 2, Article 6 ofDecree No. 67/2023/ND-CP)

4. How much does motor vehicle insurance cost?

Compulsory motor vehicle insurance premiums (Compulsory insurance premiums for motor vehicle owners' civil liability) are specified in Appendix I ofDecree No. 67/2023/ND-CP. Insurance fees depending on each vehicle are as follows (excluding 10% VAT):

- Motorcycles under 50cc, electric motor vehicles are 55,000 VND;

- Motorcycles over 50cc are 60,000 VND;

- Remaining motor vehicles: 290,000 VND.

Compulsory insurance premiums for motor vehicle owners' civil liability (Appendix I):Download

Note:đá bóng trực tiếp price of voluntary motor vehicle insurance does not have a fixed level but depends on đá bóng trực tiếp insurance contract between đá bóng trực tiếp person and đá bóng trực tiếp insurance company.

Is there a penalty for buying motor vehicle insurance online in Vietnam?

According to Article 10 ofDecree No. 67/2023/ND-CP, đá bóng trực tiếp Certificate of Compulsory Civil Liability Insurance is presented in paper or electronic form. đá bóng trực tiếp electronic version of motor vehicle insurance is as valuable as đá bóng trực tiếp hard copy (paper copy) and can be presented when requested by đá bóng trực tiếp Traffic Police.

Thus, vehicle drivers can absolutely buy and use electronic motor vehicle insurance without being fined when asked by traffic police to present it because đá bóng trực tiếp legal value of đá bóng trực tiếp paper and electronic copies is đá bóng trực tiếp same.

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