Compulsory Car Insurance Costs in Vietnam: A Comprehensive Guide

“Better safe than sorry” – this old adage holds true, especially when it comes to road safety. Besides driving carefully and obeying traffic laws, having compulsory car insurance is essential for peace of mind on the road. So, how much does compulsory car insurance cost? Let’s delve into the details with Hanoi Truck!

What is Compulsory Car Insurance and Why Do You Need It?

Compulsory Motor Vehicle Civil Liability Insurance, also known as compulsory car insurance, is a type of insurance that vehicle owners in Vietnam must purchase by law. This insurance protects you and other road users in case of an accident.

Surely, Mr. Nguyen Van A (the owner of a truck driving on Nguyen Trai Street, Thanh Xuan District, Hanoi) still remembers the collision with a motorbike a few months ago. Fortunately, Mr. A had purchased compulsory insurance, so the insurance company covered the motorbike repair costs and the victim’s medical expenses, relieving him of financial and emotional burdens.

Truck colliding with a motorbike

Compulsory Car Insurance Costs in Vietnam

Compulsory car insurance premiums are determined based on several factors, including:

• Vehicle Type: Trucks, buses, cars, etc. Each type of vehicle has a different insurance premium.
• Seating Capacity: The more seats a vehicle has, the higher the insurance premium.
• Purpose of Use: Vehicles used for commercial transportation (such as trucks carrying goods from dealerships on Giai Phong Street) will have higher premiums than those used for personal purposes.
• Gross Vehicle Weight: The heavier the vehicle, the higher the insurance premium.

Compulsory Car Insurance Price List (Reference):

Note:

• The above prices are for reference only. Actual premiums may vary depending on the insurance company and the time of purchase.
• You should carefully research the insurance packages offered by reputable companies to choose the one that best suits your needs.

Frequently Asked Questions about Compulsory Car Insurance

Where to Buy Compulsory Car Insurance?

You can purchase compulsory car insurance directly from insurance companies, insurance agents, or online through the insurance companies’ websites. Currently, many auto repair shops and truck dealerships (such as Thai Phong Auto) also offer car insurance services.

How Long is Compulsory Car Insurance Valid?

The validity period of compulsory car insurance is typically one year.

What are the Penalties for Not Having Compulsory Car Insurance?

According to current regulations, vehicle owners without compulsory car insurance will be fined from 400,000 VND to 600,000 VND for motorbikes and from 1,000,000 VND to 1,600,000 VND for cars.

Hanoi traffic

Conclusion

We hope this article has provided you with useful information about compulsory car insurance costs in Vietnam. Don’t forget to visit Hanoi Truck’s website for more informative articles about trucks and related services!