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1. Motorcycles and Automobiles Compulsory Third Party Liability Insurance
Motorcycle and automobile Compulsory Third Party Liability Insurance is a type of insurance that is mandatory for all vehicle owners participating in traffic in Vietnam. In the event of an accident, third-party liability insurance will compensate the injured party for damages caused by the vehicle owner’s fault (not for compensation to the vehicle owner). The injured party will be compensated by the insurance company for personal and property damages caused by the vehicle owner’s fault, in accordance with the law. The insured will not have to compensate for the damage by themselves.
This is a form of compulsory third-party liability insurance. If the vehicle owner does not purchase this insurance, they will be subject to administrative penalties in accordance with the law. As such, buying insurance for your motorcycle or car is not only a legal responsibility but also demonstrates your awareness and responsibility as a road user, for yourself and the community.
2. Automobile Physical Damage Insurance
Unlike compulsory third-party liability insurance, automobile physical damage insurance is a voluntary type of insurance that provides vehicle owners with absolute peace of mind when operating their vehicles. When you purchase physical damage insurance, you will be supported with partial or full payment of repair costs and replacement parts in the event of unexpected incidents such as accidents, collisions, fires, theft, natural disasters, and more.
Depending on your needs and financial capabilities, you can choose the right physical damage insurance package with a variety of accompanying services.
3. Documents Required for Purchasing Insurance
For motorcycles, the procedure is simple, and you will need to prepare the following documents: Vehicle Registration (“cà vẹt xe”) and Citizen Identification Card.
For automobiles, the procedure is slightly more complicated due to the higher value of the vehicle. You will need to prepare the following documents:
– Vehicle Registration and Inspection Certificate.
– Purchase invoice for a new car (in case the car has not yet been registered).
– Vehicle appraisal documents to determine the value of the car before issuing the insurance policy (applicable for first-time insurance purchases or non-continuous insurance renewals).
4. Reasons to Purchase Insurance from The Gioi Di Dong/Us
– Easy Options: Buying insurance from The Gioi Di Dong/us offers convenience and flexibility to customers. You can choose the type of insurance, insurance provider, and package that suits your needs and financial capabilities. The Gioi Di Dong/we always aim to provide the utmost convenience to our customers, ensuring their satisfaction and contentment.
– Comprehensive and Quick Information: The Gioi Di Dong/We is a trusted brand, constantly striving to deliver a complete shopping experience to our customers, with transparent and accurate product information, as well as dedicated consulting services that promptly address any inquiries.
5. Benefits of Third-Party Liability and Physical Damage Insurance for Motorcycles and Automobiles
Benefits of Third-Party Liability Insurance for Motorcycles
– The insurance liability limit for personal injury caused by motor vehicles is 150 million VND/person/accident.
– The insurance liability limit for property damage caused by motorcycles (including electric motorcycles) and similar vehicles as defined by the Law on Road Traffic is 50 million VND/accident.
Benefits of Third-Party Liability Insurance for Automobiles
– The insurance liability limit for personal injury is 150 million VND/person/accident.
– The insurance liability limit for property damage is 100 million VND/accident.
Benefits of Physical Damage Insurance for Automobiles
Partial Loss Settlement: The insurance company will be responsible for paying the reasonable actual cost of repairing or replacing (in case repairs are not possible) the damaged parts or paying the vehicle owner to repair or restore the damaged parts. The insurance company may pay after applying the deductible (if any).
Total Loss Settlement
– The insurance company will compensate for the total loss of the vehicle in case of theft or robbery, with the conclusion of relevant authorities.
– The insurance company will compensate for the total loss if the vehicle is damaged beyond 75% of its market value.
– The insurance company will support the cost of repairing damages equal to or exceeding 75% of the vehicle’s market value at the time of the loss.
Salvage Rights After Settlement: After settling a partial or total loss claim, the damaged parts or the entire vehicle will become the property of the insurance company.
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Visit The Gioi Di Dong/our nearest store to experience convenient shopping and choose the most suitable insurance package for your beloved vehicle!
How to Obtain Motorcycle Insurance After an Accident
Do you want to know what documents are required to get motorbike insurance with Dien May XANH? Compulsory car insurance is a type of coverage that every motorbike owner should possess when on the road. It guarantees protection in the case of an unfortunate traffic accident, and the insurance company shall pay out based on its specific terms. Read on to discover what documentation is needed to obtain such a policy.
