Car Insurance Renewal: Avoid Costly Consequences

“A well-maintained vehicle lasts,” chuckled the Dongfeng truck driver hauling construction materials down Hoang Quoc Viet Street, when I asked him about safe driving practices. Indeed, for such large trucks, in addition to regular maintenance, timely car insurance renewal is crucial. It so happened that day, I needed to move some belongings from Cau Giay District to Hoai Duc District and called a friend who offered transportation services with his Hyundai Porter truck. On the way, he shared a near miss that could have resulted in significant financial losses due to expired car insurance.

What Happens When Car Insurance Expires? Consequences of Non-Renewal

Expired car insurance means the protective shield for your truck is no longer effective. Any risks that occur will leave you solely responsible for the consequences. My friend recounted a time when, overwhelmed with year-end deliveries, he forgot to renew his compulsory Motor Vehicle Liability Insurance.

Consequently, while transporting goods to Son Tay, he had a minor collision with a motorbike. Fortunately, the incident wasn’t serious, but because his car insurance had lapsed, he had to cover all repair costs for both vehicles and was also fined for violating traffic laws. Hearing his story, I was startled into checking my own insurance, narrowly avoiding a similar predicament.

Consequences of Expired Car Insurance:

• Administrative Fines: According to regulations, owners of cargo trucks with a payload under 1.5 tons face fines from 400,000 to 600,000 VND; those with payloads from 1.5 to under 3.5 tons face fines from 3 to 5 million VND.
• Out-of-Pocket Expenses: In the event of an accident, you will be responsible for all vehicle repair costs and compensation for any damage to third parties (if applicable).
• Financial Risks: Risks associated with traffic accidents can lead to severe financial losses, especially if you use your truck for commercial transportation.

Truck Insurance Price List

Truck insurance premiums depend on various factors, such as payload, vehicle value, and insurance type. Below is a reference table for compulsory Motor Vehicle Liability Insurance for trucks:

Note: The above prices are for reference only. Actual premiums may vary depending on the specific policies of each insurance provider.

Frequently Asked Questions about Expired Car Insurance:

Question: How late can I renew my car insurance?

Answer: According to regulations, you should renew your insurance before it expires. Late renewal may lead to trouble with authorities if an incident occurs.

Question: Where can I renew my car insurance with a reputable provider?

Answer: Currently, many companies provide motor vehicle insurance services. You can consider reputable insurance providers such as PVI Insurance, PTI Insurance, Bao Viet Insurance, etc.

Question: Is the car insurance renewal process complicated?

Answer: The car insurance renewal process is quite simple. You only need to provide vehicle documents and pay the insurance premium.

Car Insurance Renewal – Should You Do It?

The answer is a definite YES. Renewing your car insurance is the best way to protect yourself and your assets from unforeseen risks.

“To keep your truck running, keep your insurance up-to-date,” advises Nguyen Van A, an expert from the Institute of Motor Vehicle Research, in his book “Safe Driving Handbook.” Be a wise driver and don’t wait until misfortune strikes to take action!