Motorcycle insurance is a short name, motorcycle insurance includes compulsory insurance and voluntary insurance.
Compulsory insurance is civil liability insurance for motor vehicle owners. Without this type of insurance, people will be fined according to the law.
Voluntary motorcycle insurance: This is a non-compulsory insurance. Traffic participants can purchase additional insurance to provide financial compensation benefits for property or passengers (including the vehicle owner and passengers) in case of accidents, fires or robberies.
If you want to receive compensation for motorbike insurance when your vehicle is lost or damaged, you must buy voluntary insurance.
Regarding this voluntary motorbike insurance contract, some insurance companies have the following products:
Vietnam Aviation Insurance Corporation (VNI) sells physical damage insurance for motorbikes and scooters with premium = 1% x insurance amount.
VNI notes that the amount of insurance the policyholder requests for vehicle insurance, the insurance amount must not be greater than the market value of the vehicle.
VNI compensates motorbike owners who purchase physical insurance for physical losses and damages to the vehicle due to the following causes:
Fire and explosion: VNI pays compensation according to the market value of the vehicle at the time of loss but not exceeding 100% of the insurance amount.
Theft at parking lots as prescribed: VNI will pay compensation according to the market value of the vehicle at the time of loss but not exceeding 100% of the insurance amount.
Theft at home, residence; robbery: VNI pays compensation according to the market value of the vehicle at the time of loss but not exceeding 80% of the insurance amount.
Another company has motorbike physical insurance like MIC.
MIC Insurance Company introduces: The parties agree and agree that the insurance buyer has the right to choose to participate in all or each of the insurance risks A, B, C with the following separate benefits:
A. Insurance against theft and total vehicle hijacking
Coverage
MIC compensates the Insured for physical damage to the vehicle caused by theft or robbery in the following cases:
Theft at parking lots of schools, hospitals, government agencies and buildings, public parking lots with licenses issued by competent government agencies and with parking tickets issued.
Houses and residences were broken into, damaged, and/or attacked or threatened with violence.
Robbed (with confirmation from the police).
Fire insurance
Coverage
MIC compensates the insured for physical damage to the vehicle caused by fire, explosion or fire.
C. Insurance due to other causes
Coverage
MIC compensates the insured for physical damage to the vehicle caused by unexpected accidents beyond the control of the insured or the driver in the following cases:
Crash, impact, flip, tip over, sink, or fall the entire vehicle.
Unforeseen accidents caused by nature (such as storms, floods, landslides, lightning strikes, earthquakes, hail, tsunamis...).
External objects impact the vehicle.
MIC also pays necessary and reasonable expenses arising from an accident within the scope of insurance to:
Prevent and limit further losses, protect and take damaged vehicles to the nearest repair shop but not exceeding 10% of the insurance amount.
Loss assessment costs if covered by insurance.
In any case, the total compensation amount of MIC shall not exceed the insurance amount stated on the Insurance Contract/Insurance Certificate.
The insurance premium will be negotiated between the buyer and the insurance company.
