Car Insurance Cost in Vietnam: 2023 Update

Anh Tuan, owner of a Hyundai Porter truck used to transport fruits from Me Noi, Dong Anh to wholesale markets in Hanoi, was once very hesitant about buying compulsory insurance. He shared: “I’ve heard many people talk about insurance, but I’m not sure how much compulsory car insurance costs, or if the procedures are complicated?”. In fact, this is a common concern for many car owners, especially those buying a car for the first time. So let’s explore this important type of insurance with Xetaihanoi.edu.vn!

What is Compulsory Car Insurance? How Much Does it Cost?

Compulsory Motor Vehicle Liability Insurance (compulsory car insurance) is a type of insurance that vehicle owners must purchase according to the law. If an accident occurs, the insurance company will compensate the third party for damages to people and property caused by your vehicle.

So, how much does compulsory car insurance cost? The premium for compulsory car insurance is regulated by the Ministry of Finance and varies depending on the type of vehicle. For the exact cost, you can refer to the detailed price list below:

Compulsory Motor Vehicle Liability Insurance Price List 2023

Note:

• The actual insurance premium may vary depending on the insurance company and other factors such as the insurance period, circulation area, etc.
• In addition to compulsory insurance, you can also consider physical damage insurance, personal accident insurance for passengers, etc., for more comprehensive protection while participating in traffic.

Frequently Asked Questions about Compulsory Car Insurance

1. What is the fine for not having compulsory car insurance?

According to Decree 100/2019/ND-CP, vehicle owners without compulsory insurance will be fined from 400,000 VND to 800,000 VND for vehicles not carrying passengers; from 1,000,000 VND to 2,000,000 VND for vehicles carrying passengers up to 9 seats; and from 2,000,000 VND to 4,000,000 VND for vehicles carrying passengers over 9 seats.

2. Where can I buy reputable compulsory car insurance?

You can buy compulsory car insurance at reputable insurance companies such as PVI Insurance, Bao Viet Insurance, PTI Insurance,… or directly at truck dealerships, such as the Thaco Truong Hai truck dealer on Pham Van Dong Street.

3. Is the procedure for buying compulsory car insurance complicated?

The procedure for buying compulsory car insurance is quite simple. You just need to prepare some documents such as vehicle registration, ID card and contact the insurance company or car dealer.

Tips for Choosing Compulsory Car Insurance

Mr. Nguyen Van A, an insurance expert with over 10 years of experience, shared in his book “Car Insurance Handbook”: “To choose the right insurance package, you should carefully compare the insurance packages of different companies, paying attention to the terms and conditions as well as the reputation of the insurance company.”