Hanoi Truck Insurance: What You Need to Know

Anh Tuan, owner of a Dongfeng truck carrying construction materials on Nguyen Trai Street, once shared with me: “Driving a truck on the road, I always feel anxious, especially when encountering an incident. Fortunately, I have car insurance, otherwise…”. Anh Tuan’s story is also a common concern of many truck drivers in Hanoi in particular and across the country in general. So what is car insurance? Why is it so important? Let’s find out with XE TẢI HÀ NỘI!

What is Car Insurance?

Compulsory Motor Vehicle Liability Insurance (CMVL) is a type of insurance that car and truck owners (including light trucks, medium trucks, and heavy trucks) must purchase according to the law. This type of insurance helps compensate for damage to people and property of third parties when your vehicle causes an accident.

Why Buy Car Insurance?

Participating in CMVL insurance for cars is not only an obligation but also a responsibility of every vehicle owner when participating in traffic. Imagine, if you unfortunately have an accident on the road and cause damage to others, the compensation amount can be up to hundreds of millions of VND, even billions of VND. In that case, CMVL insurance will be a “savior” to help you reduce the financial burden.

Truck accident

Types of Car Insurance

Currently, there are 2 types of car insurance:

1. Compulsory CMVL Insurance

• Insurance company: Provided by many non-life insurance companies in Vietnam.
• Coverage: Compulsory according to the law, compensates for damage to people and property of third parties.
• Liability limit:
  • People: 150 million VND/person/accident.
  • Property: 100 million VND/accident.

2. Voluntary CMVL Insurance

• Insurance company: Provided by many non-life insurance companies in Vietnam.
• Coverage: Broader than compulsory insurance, can include damage to people and property of the vehicle owner and the insured.
• Liability limit: Depends on the insurance package you choose.