Mr. Duong Van Hao (Thai Nguyen province), who has been delivering goods by motorbike in Hanoi for 6 years. With a lot of work to do, he buys compulsory civil liability insurance for motorbikes every year. But he admitted that the purpose of purchasing insurance also has many reasons.
"The cost of buying motorbike insurance is not large, less than 100,000 VND per year. While my work time is mainly traveling on the road, if I get fined a few times for not having insurance, it will cost me millions.
If an accident occurs, there is still a chance to be compensated, even though no one wants this," Mr. Hao shared.
As for Ms. Ha Phuong (Hoang Mai ward, Hanoi), although her office work does not require much travel, after being fined several times for motorbikes without compulsory civil liability insurance, Ms. Phuong decided to buy this type of insurance.
Ms. Phuong said: "Two years ago, my husband was riding a motorbike and collided with a car. The car was damaged and had to pay a lot of money. At that time, I thought that insurance would solve the problem, but being compensated was very difficult, it took time and the compensation was very small, so I bought it for the main purpose of not being fined for participating in traffic."
According to Decree 168/2024/ND-CP effective from January 1, 2025, motorbike drivers who do not carry or do not have a valid certificate of compulsory civil liability insurance of motor vehicle owners will be fined from VND 200,000 to VND 300,000.
The issue of compulsory civil liability insurance for motorbikes continues to heat up the parliament, when the draft Law amending and supplementing a number of articles of the Law on Insurance Business was discussed at the 10th session of the 15th National Assembly.
According to Ms. Nguyen Thi Viet Nga - National Assembly Delegate of Hai Phong City, after many years of implementation, compulsory civil liability insurance for motorbike and motorbike owners has not yet achieved the expected results.
"The rate of people buying insurance is mainly a form of dealing with traffic inspectors, but has not really considered this a tool to protect their own rights," said Ms. Nga.
According to Ms. Nga, there are many reasons for this situation, mainly due to the compensation settlement process in many places that is cumbersome, time-consuming and non-transparent. People have to provide many documents and evidence that are difficult to prove, while insurance companies still show signs of "arid payment".
"The compensation level is still relatively low compared to the actual cost of compensation for damages. Post-sales inspection and supervision is still weak, there is no synchronous database system between the authorities and insurance companies.
Although there are sanctions, they are not strictly implemented, many violations are not handled or are not handled consistently," Ms. Nga said.
According to data from the Ministry of Finance, in the first 11 months of 2024, the total revenue from compulsory civil liability insurance for motorbikes, mopeds and similar motor vehicles was 736.9 billion VND. The estimated compensation cost is 28.5 billion VND, the compensation rate is 4%.
Some economic experts believe that, with other types of insurance, the amount of insurance payment usually accounts for about 70% of total revenue. The current compensation rate for motorbike insurance is too low, so it is necessary to increase the transparency of this type of insurance. Especially the stage of receiving, handling and compensation by insurance companies for buyers when they encounter incidents.
