How Much Does Compulsory Car Insurance Cost in 2023?
Mr. Ba, the owner of a Dongfeng B180 truck used for transporting construction materials on the Lang – Hoa Lac route, recently had a close call. While driving, a motorbike suddenly dashed out from an alley, forcing him to brake abruptly. Fortunately, the motorcyclist only suffered minor injuries, but the front of Mr. Ba’s truck was damaged.
After the incident, Mr. Ba was relieved that he had purchased car insurance. “Luckily, I had insurance, otherwise it would have cost me a fortune,” he shared. So, how much does compulsory car insurance cost, and why is it so important? Let’s find out!
Dongfeng truck insurance
What is Compulsory Car Insurance?
Compulsory Motor Vehicle Liability Insurance (MVLI) is a type of insurance that car owners are required to purchase by law. This insurance covers damages to third parties, both personal and property, caused by motor vehicles during traffic participation.
Benefits of Purchasing MVLI:
- Protection of Rights: You will be compensated for damages to people and property that you unintentionally cause to others while participating in traffic.
- Avoid Financial Risks: Instead of having to pay a large sum of money in case of an accident, MVLI helps you minimize your financial burden.
- Compliance with the Law: Purchasing MVLI is mandatory for all car owners according to the law.
How Much Does Compulsory Car Insurance Cost?
The price of compulsory car insurance is regulated by the Ministry of Finance and varies depending on the type of vehicle. Below is the MVLI price list for cars in 2023:
| Vehicle Type | Liability Limit | Insurance Premium |
|---|---|---|
| Passenger Car | 150 million VND/person/incident | 480,700 VND/year |
| Truck (under 2,500 kg) | 150 million VND/person/incident | 576,800 VND/year |
| Passenger Van (under 16 seats) | 150 million VND/person/incident | 1,105,200 VND/year |
| Passenger Van (16 to 30 seats) | 150 million VND/person/incident | 1,808,700 VND/year |
Note:
- The above fees do not include VAT.
- Fees may vary depending on the insurance company.
Frequently Asked Questions about Compulsory Car Insurance
1. Where to Buy Compulsory Car Insurance?
You can purchase MVLI at reputable insurance companies such as Bao Viet Insurance, PVI Insurance, PTI Insurance,… Or you can contact reputable truck dealers like Xe Tai Ha Noi at 123 Nguyen Trai Street, Thanh Xuan District, Hanoi for advice and support in purchasing insurance.
2. What is the Procedure for Purchasing Compulsory Car Insurance?
The procedure for purchasing MVLI is quite simple. You only need to provide your vehicle registration certificate and ID card/Citizen Identity Card to the insurance provider.
3. Does MVLI Cover Accidents Caused by Overloaded Vehicles?
No. MVLI will not compensate for accidents caused by vehicles exceeding the permitted load. Therefore, you need to comply with traffic laws and avoid overloading to ensure safety for yourself and the community.
Overloaded truck
Conclusion
Compulsory car insurance is a “safety net” that helps you drive with peace of mind and protect your finances. Be a wise car owner and choose the most suitable insurance package for yourself. For detailed advice on truck insurance, please contact Xe Tai Ha Noi – Hotline: 0987.654.321.
Similar products:
- Comprehensive Car Insurance
- Passenger Accident Insurance
- Motor Vehicle Liability Insurance
We hope this article has provided you with useful information about how much compulsory car insurance costs. Don’t forget to visit the Xe Tai Ha Noi website for the latest updates on the truck market.
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