What is the maximum period of compulsory civil liability insurance of motor vehicle owners for motor vehicles with cylinder capacity not exceeding 50 cc in Vietnam? How much is the insurance premium of motor vehicles with cylinder capacity not exceeding 50 cc?
- What is the maximum period of compulsory civil liability insurance of motor vehicle owners for motor vehicles with cylinder capacity not exceeding 50 cc in Vietnam?
- Shall the compulsory civil liability insurance of motor vehicle owners for motor vehicles with cylinder capacity not exceeding 50 cc include damage to health and life of passengers on the motor vehicles?
- How much is the insurance premium of motor vehicles with cylinder capacity not exceeding 50 cc in Vietnam?
What is the maximum period of compulsory civil liability insurance of motor vehicle owners for motor vehicles with cylinder capacity not exceeding 50 cc in Vietnam?
Period of compulsory civil liability insurance of motor vehicle owners (including motor vehicles with cylinder capacity exceeding or not exceeding 50 cc) shall be from 1 to 3 years, except for the cases specified in Article 9 of Decree 67/2023/ND-CP:
- Period of compulsory civil liability insurance of motor vehicle owners shall be from 1 to 3 years, except for the following cases where insurance period shall be less than 1 year:
+ Foreign motor vehicles which were temporarily imported for re-export participate in traffic within Socialist Republic of Vietnam territory for less than 1 year.
+ Service life of motor vehicles is less than 1 year as per the law.
+ Temporarily registered motor vehicles according to regulations of Ministry of Public Security.
- In case a motor vehicle owner has multiple vehicles covered by insurance at different times in a specific year and wishes to unify insurance coverage time in the following year in order to manage, insurance period of these vehicles may be less than 1 year and equal to remaining effective period of the first insurance policy concluded in that year. For policies and certificates of insurance which have been unified in terms of coverage time, insurance period of the following year shall conform to Clause 1 of this Article.
- In case a vehicle title transfer takes place within the effective period specified on a certificate of insurance, the former motor vehicle owner has the power to terminate the policy as prescribed in Article 11 hereof.
Thus, the period of compulsory civil liability insurance of motor vehicle owners for motor vehicles with cylinder capacity exceeding or not exceeding 50 cc shall be from 1 to 3 years.
What is the maximum period of compulsory civil liability insurance of motor vehicle owners for motor vehicles with cylinder capacity not exceeding 50 cc in Vietnam? How much is the insurance premium of motor vehicles with cylinder capacity not exceeding 50 cc?
Shall the compulsory civil liability insurance of motor vehicle owners for motor vehicles with cylinder capacity not exceeding 50 cc include damage to health and life of passengers on the motor vehicles?
Pursuant to Article 7 of Decree 67/2023/ND-CP on the insurance coverage and insurance exclusions:
First, for insurance coverage:
Insurers shall provide indemnities for the following damage:
(1) Non-contract damage to health, life and property done to a third party by motor vehicles participating and operating in traffic.
(2) Damage to health and life of passengers on the motor vehicles caused by motor vehicles participating in traffic and operating.
Second, for insurance exclusions
Insurers shall not provide indemnities in the following cases:
(1) Damage done intentionally by motor vehicle owners, motor vehicle operators or victims of the accidents.
(2) Vehicle operators intentionally fleeing the scene after committing accidents without exercising civil liabilities of motor vehicle owners. Vehicle operators intentionally fleeing the scene after committing accidents and exercising civil liabilities of motor vehicle owners shall not be insurance exclusions.
(3) Operators who fail to satisfy requirements of age range to operate motor vehicles as per regulations in the Law on Road Traffic; operators who do not carry legitimate, proper driving licenses according to regulations of laws on training, testing and granting driving licences, or carry damaged driving licences or use expired driver's licences at the points of time when accidents occur or carry inappropriate driving licenses when operating motor vehicles which require specific driving license. In case driving licenses of operators are revoked or suspended, the operators are considered not carrying driving licenses.
(4) Damage that causes indirect consequences including: reduced commercial value, damage related to use and utilization of damaged property.
(5) Damage to property caused by operators whose blood/breath alcohol concentrations (BACs) exceed the maximum permitted BAC under guidance of the Ministry of Health; or use narcotics or other prohibited stimulants as per the law.
(6) Damage to property due to thievery or robbery as a result of an accident.
(7) Damage to special property including: gold, silver, precious stones, financial instruments namely money, antiques, precious fine arts, and cadavers.
(8) War, acts of terrorism, earthquake.
Thus, the insurance coverage of compulsory civil liability insurance of motor vehicle owners for motor vehicles with cylinder capacity not exceeding 50 cc, in addition to damage to motor vehicles, also includes damage to health and life of passengers on the motor vehicles caused by motor vehicles participating in traffic and operating.
How much is the insurance premium of motor vehicles with cylinder capacity not exceeding 50 cc in Vietnam?
Pursuant to Clause 1 Article 8 of Decree 67/2023/ND-CP on the insurance premiums of motor vehicles with cylinder capacity not exceeding 50 cc:
Insurance premiums
1. Insurance premiums of each type of motor vehicles shall be prescribed in Annex I enclosed herewith.
2. On the basis of insurance coverage records of each motor vehicle or accident records of each motor vehicle owner, insurers shall consider increasing or decreasing insurance premiums. The maximum increase/decrease shall be 15% of the insurance premiums prescribed in Annex I enclosed herewith.
The insurance premiums of each type of motor vehicles shall be prescribed in Annex I enclosed herewith are as follows:
A. Premiums for 01-year insurance period (exclusive of VAT)
No. | Vehicle type | Premium (VND) |
I | Motorbikes |
|
1 | Lower than 50 cc | 55.000 |
2 | Of 50 cc or above | 60.000 |
II | Motorized tricycles | 290.000 |
III | Mopeds (including electric mopeds) and similar motor vehicles |
|
1 | Electric mopeds | 55.000 |
2 | Other vehicles | 290.000 |
Thus, the insurance premium of motor vehicles with cylinder capacity not exceeding 50 cc is VND 55.000. For motor vehicles with cylinder capacity exceeding 50 cc, the insurance premium is VND 60.000.
* Note: The above insurance premiums are for 01-year insurance period (exclusive of VAT)
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