According to a survey by reporters, currently, some insurance companies such as Bao Minh, PTI, PVI… sell accident insurance for people riding motorbikes. Accordingly, the motorbike insurance fee is from 20 thousand VND/year.
Basically, insurance companies stipulate that the scope of insurance for motorcyclist accidents is bodily damage to the insured person due to an accident while: the vehicle is in operation, getting on or off the vehicle, crossing a bridge, crossing a ferry, or crossing a river.
The insured person is the driver and other passengers in the vehicle.
The benefits of the insured are as follows:
The insured person in case of death due to an accident. In this case, the scope of insurance is the entire amount of insurance stated in the insurance certificate.
Permanent or temporary disability due to accident. Coverage, insurance premium according to the percentage of insurance amount stated in the table of disability insurance payment rates.
Annual fee schedule (for Vietnamese car owners) will be regulated differently by each company. For example, Bao Minh stipulates:
Insurance amount/person/case up to 20,000,000 VND: 0.1% of insurance amount for 1 person.
Insurance amount/person/case from 20,000,000 to 45,000,000 VND: 0.15% of insurance amount for 1 person.
Insurance amount/person/case from 45,000,000 to 75,000,000 VND: 0.30% of insurance amount for 1 person.
As for PVI, insurance premiums for motorbikes from 50cc and up range from 18 to 47 thousand VND; motorbikes from 50cc and up range from 36 to 94 thousand VND.
To identify cheap motorbike insurance from 20 thousand VND, we first need to understand the legal regulations on motorbike insurance.
Clause 3, Article 4 of Decree No. 67/2023/ND-CP stipulates: In addition to participating in compulsory insurance according to the insurance conditions, insurance premiums, minimum insurance amounts or insurance liability limits prescribed in this Decree, the insurance buyer and the insurance enterprise may agree in the insurance contract on expanding the insurance conditions, increasing the insurance amount and corresponding additional insurance premiums in accordance with the provisions of law.
In this case, the insurance company is responsible for separating the compulsory insurance part in the insurance contract.
Thus, according to current regulations, in addition to compulsory motorbike insurance (compulsory civil liability insurance with a common fee of 66 thousand VND/year), buyers and insurance providers can agree on voluntary motorbike insurance.
With insurance from 20 thousand VND/year, it can be voluntary motorbike insurance. This insurance is not compulsory, traffic participants can buy more. However, if the motorbike owner only has this insurance but not compulsory insurance, the buyer will still be fined for not having civil liability insurance.
