Decree 174/2024/ND-CP regulating sanctions for violations in the field of insurance business takes effect from February 15, 2025.
Article 19 of this Decree provides for sanctions against violations of regulations on compulsory insurance by non-life insurance enterprises and branches of foreign non-life insurance enterprises.
Accordingly, the Decree stipulates a fine of 30 million to 50 million VND for one of the following violations: Promotions and payment discounts for compulsory civil liability insurance of motor vehicle owners, as prescribed in Clause 1, Article 75 of Decree 67/2023/ND-CP.
According to Decree 67/2023/ND-CP, motorbike insurance fees are regulated as follows:
The common motorbike insurance premium for motorbikes over 50cc is 66,000 VND/year.
Motorbikes under 50cc: 60,500 VND/year.
Large displacement motorbikes, 3-wheeled motorbikes and other vehicles over 175cc: VND 319,000/year.
Survey by Lao Dong Newspaper reporters at the end of October at some insurance companies such as: PTI Motorcycle Insurance of Post and Telecommunication Joint Stock Insurance Corporation, Bao Viet Insurance, MIC Military Insurance, PVI Insurance Corporation... The selling price of civil liability insurance for motorcycles (motorbike insurance) has the same price as above.
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.
