Previously, voters in An Giang province proposed to review and adjust regulations on purchasing motorbike insurance in a voluntary manner when people have a need, instead of the current mandatory one. Because when an insurance event arises, people encounter many difficulties in carrying out insurance procedures.
Minister of Finance Nguyen Van Thang signed document No. 166/BTC-QLBH in response to voters of An Giang province as follows:
In the world today, most countries apply compulsory civil liability insurance for car, motorbike, and scooter owners, and some countries even apply it to electric bicycles, including developed countries with low numbers of motorbikes and scooters such as the US, EU, Japan, and Korea, or developing countries with large numbers of motorbikes and scooters participating in traffic such as India, China, and ASEAN countries.
Compulsory civil liability insurance for motor vehicle owners (including auto insurance and motorbike insurance) has been implemented in Vietnam since 1988 under Decree No. 30-HDBT dated March 10, 1988 of the Council of Ministers. Currently, motorbikes and mopeds are still the main means of motor transport and the largest source of accidents in Vietnam, accounting for 63.48% of the causes of accidents.
According to statistics, the number of motorbikes participating in compulsory civil liability insurance for motor vehicle owners in the first 6 months of 2024 was only about 6.5 million, accounting for about 9% of the number of vehicles in circulation (the total number of motorbikes in Vietnam is about 72 million).
With an insurance premium of 55,000 VND or 60,000 VND, if you unfortunately cause an accident to a third party regarding health or life, the insurance will pay the third party a maximum of 150 million VND per person in an accident, and for property, the insurance will pay a maximum of 50 million VND per accident.
Currently, compulsory civil liability insurance for motor vehicle owners (including motorbike owners) is regulated in the Law on Insurance Business 2022; Law on Road Traffic Order and Safety 2024 (effective from January 1, 2025); Decree 67/2023/ND-CP on compulsory insurance, including compulsory civil liability insurance for motor vehicle owners. Accordingly, many new regulations have been inherited and supplemented to increase the rights of motor vehicle owners regarding: Insurance premiums; insurance amount; simplification of documents and compensation procedures...
In the coming time, in order to improve the effectiveness of implementing this type of insurance, the Ministry of Finance will continue to coordinate with the Vietnam Insurance Association (VIA), insurance companies and relevant agencies to promote and disseminate the role, meaning and content of this type of insurance so that people as well as motor vehicle owners can better understand the insurance benefits, the insured risks when an insurance event occurs, how to contact and request compensation from the insurance company (currently, insurance companies must print hotline numbers and instructions on the Insurance Certificate).
Currently, HHBHVN has also set up a 24/7 hotline for the entire insurance market (1900.633.880), along with separate hotlines for insurance companies to promptly record, guide, answer,... for people and businesses about this insurance policy.
In line with the above solutions, the Ministry of Finance will strengthen inspection, examination and strictly handle violations of regulations on compulsory civil liability insurance of motor vehicle owners.
At the same time, the Ministry of Finance will coordinate with relevant agencies to continue researching and simplifying procedures and records for insurance compensation and humanitarian aid payments, ensuring that insurance compensation is carried out quickly and in accordance with regulations, avoiding insurance fraud, and actively contributing to the implementation of social security.
