Decree 67/2023/ND-CP stipulates that the motorbike insurance premium over 50cc is 66,000 VND/year.
Motorbikes under 50cc: 60,500 VND/year.
Large-duty motorbikes, 3-wheeled motorbikes and other vehicles over 175cc: 319,000 VND/year.
According to regulations, insurance companies are not allowed to promote or discount any forms of payment for compulsory civil liability insurance of motor vehicle owners (Clause 1, Article 75 of Decree 67/2023/ND-CP).
Thus, the compulsory motorbike insurance premium cannot be lower than VND 60,000/year.
However, currently, some places are selling motorbike insurance under 60,000 VND. People need to be cautious with these types of insurance.
With a fee of less than VND 60,000/year, this insurance can be voluntary insurance, or even fake insurance - not compulsory motorbike insurance.
People should note that when participating in traffic, vehicle owners without compulsory motorbike insurance will also be fined.
Decree 168/2024/ND-CP (effective from January 1, 2025) stipulates that the fine for motorbike insurance will increase compared to before.
Point a, Point b Clause 2 Article 18 of Decree 168 stipulates a fine of VND 200,000 to VND 300,000 for one of the following violations:
Drivers of motorbikes, mopeds (motorbikes) of similar vehicles to motorbikes and mopeds similar to motorbikes for transportation business do not carry a valid certificate of compulsory civil liability insurance of the motor vehicle owner.
Drivers of motorbikes, mopeds, motorbike-like vehicles and motorbike-like vehicles do not have a valid certificate of compulsory civil liability insurance of the motor vehicle owner.
