Hanoi Truck Insurance: 2023 Compulsory Coverage Costs
“An ounce of prevention is worth a pound of cure” – a Vietnamese proverb highlighting the importance of caution, especially in traffic. One crucial precaution for truck drivers is compulsory Third Party Liability (TPL) insurance. What does compulsory truck insurance cost in 2023? Let’s explore the details with Hanoi Trucks!
What is Compulsory Truck Insurance? Understanding the Costs
Mr. Nguyen Van A, an expert from the Vietnam Automobile Transportation Association, explains: “Compulsory TPL insurance is mandatory for all vehicle owners participating in traffic. It provides financial protection if you cause an accident resulting in damage to a third party’s person or property.”
Latest Compulsory Truck Insurance Fees for 2023
The following table outlines compulsory TPL insurance fees for vehicles, effective from March 1st, 2022, as stipulated in Circular 22/2022/TT-BTC:
| Vehicle Type | Liability Limit | Insurance Premium (VNĐ/year) |
|---|---|---|
| Passenger Vehicle | 150 million VND | 480,000 – 507,000 |
| Passenger Vehicle | 1 billion VND | 777,000 – 834,000 |
| Truck under 2,500kg | 150 million VND | 437,000 – 464,000 |
| Truck under 2,500kg | 1 billion VND | 706,000 – 750,000 |
| Truck from 2,500kg – 3,500kg | 150 million VND | 480,000 – 507,000 |
| Truck from 2,500kg – 3,500kg | 1 billion VND | 777,000 – 834,000 |
Note:
- Specific insurance premiums may vary depending on the insurer, vehicle type, seating capacity, and load capacity.
- In addition to compulsory TPL insurance, consider comprehensive vehicle insurance for complete protection.
FAQs about Compulsory Truck Insurance
1. Where to Buy Compulsory Truck Insurance?
You can purchase compulsory TPL insurance at:
- Reputable insurance companies like Bao Viet Insurance, PTI, BIC.
- Truck dealerships, such as the Thaco Truong Hai truck dealership on Nguyen Van Linh Street, Long Bien District.
- Online insurance platforms.
2. Is the Purchase Process Complicated?
The process is quite simple. You only need to prepare basic documents like:
- Vehicle registration.
- Citizen Identity Card/ID Card.
3. What are the Penalties for Not Having Compulsory Insurance?
According to Decree 100/2019/NĐ-CP, driving without compulsory TPL insurance incurs fines from 400,000 VND to 600,000 VND for trucks under 3,500kg.
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