The new regulation stipulates that civil liability insurance for motor vehicles, including motorcycle insurance, is still a mandatory document.
Article 6 of Decree 67/2023/NĐ-CP regulates the limits of liability insurance as follows:
The liability insurance limit for damages to health and life caused by motor vehicles is 1.5 million VND per person in one accident.
The liability insurance limit for damages to property is as follows:
Caused by motorcycles with two wheels; three-wheeled motorcycles; mopeds (including electric mopeds) and similar types of vehicles as specified in the Road Traffic Law is 5 million VND per accident.
Thus, when purchasing motorcycle insurance, the driver involved in an accident may be compensated up to 1.5 million VND for life and health and 5 million VND for property damage.
A survey by the Labor Newspaper reporter in early August at several insurance companies such as PTI motorcycle insurance of Vietnam Post Insurance Corporation, Bao Viet Insurance, Military Insurance Corporation MIC, PVI Insurance Corporation showed that the price of civil liability insurance for motorcycles (motorcycle insurance) is the same for all companies.
Accordingly, the price of motorcycle insurance is 66,000 VND per year for vehicles over 50cc from all companies.
Electric motorcycles: 60,500 VND per year.
Motorcycles under 50cc: 60,500 VND per year.
Large displacement motorcycles, three-wheeled motorcycles and other vehicles over 175cc: 319,000 VND per year.
The companies note that when purchasing motorcycle insurance, citizens need the following documents:
National ID Card/Identity Card/Passport. A copy can be used.
Motorcycle registration certificate or vehicle registration certificate. A copy can be used.
Currently, citizens can purchase motorcycle insurance in two simple ways as follows:
Method 1: Purchase directly at reputable units
Currently, there are many bad individuals taking advantage of the trust of insurance buyers and profiting from fake and cheap motorcycle insurance cards. Therefore, citizens can purchase motorcycle insurance directly at motorcycle insurance sales points such as distributors, reputable gas stations, and banks. Present the required documents and pay the fee at the counter, you will receive the mandatory civil liability insurance certificate and voluntary insurance certificate.
Method 2: Purchase motorcycle insurance online
In addition, vehicle owners can choose popular payment applications such as My Viettel, Viettel Pay, Momo wallet, etc.
To purchase motorcycle insurance on these applications, citizens need to download the app and log in. Then, select the motorcycle insurance purchase feature, enter the required information accurately such as the provider, insurance package, vehicle information and complete the payment process.
Immediately after successful purchase, the system will send you the electronic motorcycle insurance certificate (TNDS) with a QR code.
In the case of purchasing insurance for someone else or a non-owner vehicle, simply enter the accurate information of the person requesting insurance and follow the guided steps.
