Are you sure you know everything about mandatory motorbike insurance?

Besides the driver’s license and vehicle registration card (also known as vehicle registration), mandatory motorbike insurance is also one of the indispensable documents when you participate in traffic.

Compulsory motorbike insurance is not only one of the extremely important documents but also helps you feel secure against risks of legal liability, damage or theft of your vehicle without having to spend a lot of money.

So what is mandatory motorbike insurance?

Compulsory motorbike insurance (or its full name is compulsory motorbike owner’s civil liability insurance), this is one of the documents that motor vehicle drivers must bring when participating in motorbike insurance. traffic in Vietnam according to regulations in Circular No. 22/2016/TT-BTC dated February 16, 2016.

Compulsory motorbike insurance is a type of civil liability insurance for third parties (the party that caused the accident). The main purpose of this insurance product is to overcome the consequences of accidents for victims and ensure the responsibility of motorbike drivers when participating in road traffic.

So what effect does mandatory motorbike insurance have?

Compulsory motorbike insurance aims to help insurance buyers compensate for damages to third parties. In cases where risks or accidents occur within the scope of insurance, drivers of motorbikes and motorbikes with a valid driver’s license will not have to compensate the person who is collided or the person sitting directly in the vehicle.

Instead, the insurance company will pay this civil liability on behalf of the vehicle owner. Damage to the vehicle and body of the vehicle owner who caused the accident will not be covered.

Besides, with mandatory motorbike insurance, all third party bodily damage is compensated by the insurance company whether the victim is at fault or not.

Regarding the vehicle, the insurer needs to consider compensating the third party based on the nature of the accident. Vehicles that comply with the law will receive payment and vice versa, vehicles that violate the law will not receive compensation. If it is a mixed error, compensation will be based on the conclusion of the traffic police.

How many types of motorbike insurance are there currently?

According to the provisions of Clause 3, Article 4 of Decree 03/2021/ND-CP, there are currently 2 types of motorbike insurance: Compulsory motorbike civil liability insurance (CIT) and Voluntary motorbike insurance.

In there, Motorcycle civil liability insurance is mandatory insurance that motorbike and motorbike owners must have when participating in traffic according to State regulations. When an accident occurs, civil liability insurance will compensate the accident victim due to the motor vehicle owner’s fault (not compensation to the vehicle owner).

The person involved in an accident will be compensated by insurance for damages to people and property caused by the vehicle owner’s fault in accordance with the provisions of law. The insured will not have to compensate for the damage themselves. Compensation level is the maximum amount the insurance company pays, specifically:

– Insurance liability level for human damage caused by two-wheeled motorbikes, three-wheeled motorbikes, mopeds and similar motor vehicles (including motor vehicles used for disabled people) is 150,000,000 VND/1 person/1 accident.

– Insurance liability level for property damage caused by two-wheeled motorbikes, three-wheeled motorbikes, mopeds and similar motor vehicles (including motor vehicles for disabled people) is 50,000,000 VND/1 accident.

Voluntary motorbike insurance, as the name suggests, is an optional type of insurance. Traffic participants can purchase to provide the benefit of paying financial compensation for property or vehicle occupants (including the vehicle owner and passengers) in the event of an accident, fire or theft.

Depending on the type of insurance contract signed between the buyer and the insurance company, the applicable subjects, scope of liability and compensation level will be specified in the contract.

How much does it cost to buy motorbike insurance?

The selling price of mandatory motorbike insurance ranges from 55,000 – 66,000 VND/year depending on the type of vehicle, specifically (all include VAT):

– Electric motorbike – 60,500 VND/year.

– Motorcycles under 50 cubic centimeters (under 50 cc) – 60,500 VND/year.

– Motorcycles (motorcycles) over 50cc – 66,000 VND/year and Large displacement vehicles (over 175cc), 3-wheeled motorbikes, other vehicles – 319,000 VND/year.

Unlike mandatory motorbike insurance, the selling price of voluntary motorbike insurance will depend on the agreement between the buyer and the insurance company about the subject being protected:

– For the subject of protection who is a person, the voluntary insurance premium is calculated according to the formula (% of insurance premium x Insurance liability level x Number of seats).

– The object of protection is the property (the vehicle) and the fee formula will be calculated (% of insurance premium x Insurance liability level x Tonnage).

What documents are needed to buy motorbike insurance and where to buy?

Registering for compulsory insurance for motorbikes is very simple, you only need to prepare: Vehicle registration certificate (also known as vehicle registration card) and Identity card (or Citizen ID card).

According to regulations of the Ministry of Finance, insurance enterprises are allowed to print their own Insurance Certificates according to the form prescribed by the Ministry of Finance. So you can Buy motorbike insurance at insurance companies on the market. In addition, you can also buy it at other motorbike insurance sales points such as banks or gas stations.

Should I buy electronic motorbike insurance (compulsory motorbike insurance online) instead of paper copy??

According to new regulations of the Government, from March 1, 2021, the electronic certificate of motorbike insurance will officially be applied in parallel with the traditional form of paper card, motor vehicle owners can use the Electronic insurance certificate instead of paper card.

Thus, traffic participants can use the electronic mandatory motorbike insurance and present the electronic compulsory motorbike insurance to the authorities.

How much is the fine for not carrying mandatory motorbike insurance?

According to the provisions of Point d, Clause 2, Article 58 of the 2008 Road Traffic Law and Decree 03/2021/ND-CP, traffic participants must carry mandatory motorbike insurance.

If the driver does not have or does not carry a valid motor vehicle owner’s civil liability insurance certificate (motorbike insurance), he will be fined from 100,000 VND to 200,000 VND (point a, clause 2 of Article 21 Decree 100/2019/ND-CP, Clause 11, Article 2, Decree 123/2021/ND-CP).

Which cases will not be compensated by motorbike insurance companies?

Cases that are not compensated by motorbike insurance companies usually result in damages in the following cases:

– Intentional acts of causing damage by the motor vehicle owner, driver or person suffering damage.

– The driver who caused the accident intentionally fled without fulfilling the civil liability of the motor vehicle owner. In case the driver causing an accident intentionally flees but has fulfilled the civil liability of the motor vehicle owner, it is not subject to insurance liability exclusion.

– The driver is underage or over the age to drive a motor vehicle according to the law on road traffic, the driver does not have a driver’s license or is using an invalid driver’s license (with valid driver’s license number). The blank number recorded on the back does not match the latest issued blank number in the driver’s license management information system) or using a driver’s license not issued by a competent authority, a driver’s license that is erased, or Using an expired driver’s license at the time of the accident or using an inappropriate driver’s license for a motor vehicle that requires a driver’s license.

– In case the driver is deprived of the right to use a driver’s license for a limited period of time or has his driver’s license revoked, he is considered to not have a driver’s license.

– Damage causing indirect consequences includes: Reduced commercial value, damage associated with the use and exploitation of damaged assets.

– Damage to property caused by a driver operating a vehicle with alcohol in his blood or breath, using drugs and prohibited stimulants according to the provisions of law.

– Damage to property stolen or robbed in an accident.

– War, terrorism or earthquake.

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