To buy the right type of motorcycle insurance without being fined, first of all, the buyer needs to understand that the name motorcycle insurance is an abbreviation.
There are two types of motorcycle insurance: 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 buy additional insurance to provide financial compensation for property or passengers (including the vehicle owner and passengers) in the event of an accident, fire or theft. If people do not buy this insurance, they will not be fined. On the contrary, if they only have voluntary insurance without compulsory civil liability insurance for motor vehicle owners, they will still be fined.
According to a survey conducted by Lao Dong Newspaper reporters in early December on e-commerce sites and information portals of insurance companies, many units sell motorbike insurance such as: PTI motorbike insurance of the Post and Telecommunication Joint Stock Insurance Corporation, Bao Viet Insurance, PVI Insurance Corporation... The selling price of civil liability insurance for motorbikes (motorbike insurance) is determined according to the provisions of Decree 67/2023/ND-CP.
Accordingly, the common motorbike insurance price for motorbikes over 50cc of all companies is 66 thousand/year.
Motorbikes under 50cc: 60,500 VND/year.
Large displacement motorbikes, 3-wheeled motorbikes and other vehicles over 175cc: VND 319,000/year.
Companies note that people need the following documents when buying motorbike insurance:
Citizen ID/National Identity Card/Passport. A copy may be used.
Motorcycle registration or vehicle registration. A copy is acceptable.
While compulsory motorcycle insurance has a fixed price, voluntary motorcycle insurance packages or combined insurance of these two types are quite diverse. If there is a need to buy advanced insurance (both compulsory and voluntary insurance), users should check the information on the official websites of insurance companies to ensure their rights.
Some insurance companies clearly state the voluntary insurance premium as follows: Cathay Century Insurance Company introduces passenger insurance, the unit price of this insurance is 56,000 VND. The compensation level is 30 million VND/person/incident.
For this type of insurance, VNI charges the following fees: vehicle owners can choose to participate in insurance amounts from 1 million/person/incident to 10 million/person/incident.
ABIC insurance charges this insurance fee at 20 thousand/1 year. The liability insurance level for people is 10 million/person/incident.
