Hanoi Truck Insurance: Essential Guide & Coverage

Anh Tuan, a Hanoi truck driver known for his pristine Hyundai and efficient deliveries across the city, had an unexpected accident. While transporting goods from Thaco Truong Hai dealership on Nguyen Van Linh Street to Long Bien warehouse, a motorbike ran a red light and collided with his truck. Fortunately, he was unharmed, but his truck sustained front-end damage, and the cargo was affected. Relieved, he remembered his compulsory car insurance, which covered almost all repair and compensation costs.

Tuan’s story highlights the importance of compulsory car insurance. What is it, how much does it cost, and how do you purchase it? Let’s delve into the details.

What is Compulsory Car Insurance?

Compulsory Motor Vehicle Liability Insurance (MVLI) is legally required for all car owners in Vietnam before operating their vehicles. This insurance provides financial protection if you cause an accident resulting in damage or injury to a third party.

Benefits of Compulsory Car Insurance

• Financial Protection: In case of an accident, the insurance company covers compensation costs for the injured party, relieving you of a significant financial burden.
• Peace of Mind: Drive with confidence knowing you’re financially protected in case of an accident.
• Legal Compliance: Purchasing compulsory insurance fulfills your legal obligations and avoids penalties for administrative violations.