The federal government has issued a decree regulating obligatory motor third-party legal responsibility insurance coverage.
In keeping with the decree, the restrict of third-party legal responsibility for well being and life injury triggered in motor accidents is VND150m ($6,180) per individual.
For property injury, the brand new laws cap the insurance coverage legal responsibility at VND50m in an accident attributable to two-wheeled motorbikes; three-wheeled motorbikes; bikes (together with electrical motorbikes) or automobiles with related buildings to VND50m in an accident, in keeping with a report carried by vneconomy.vn.
The ceiling on insurance coverage legal responsibility for property injury is VND100m in an accident attributable to vehicles, tractors, trailers or semi-trailers pulled by vehicles or tractors.
The brand new guidelines additionally spell out the insurance coverage premiums payable. For example, the premium is VND55,000 for a two-wheeled motorcycle with an engine capability of below 50 cc; VND60,000 for a two-wheeled motorcycle with an engine capability of not less than 50cc; VND55,000 for electrical motorbikes; VND437,000 for non-commercial vehicles with lower than seats, and VND794,000 for non-commercial automobiles seating 6-11 individuals.
Primarily based on the insurance coverage declare historical past of every motorcar or the accident historical past of the automobile proprietor, the insurance coverage firm adjusts the insurance coverage premium. The utmost enhance or lower within the insurance coverage premium is 15% calculated on the prescribed insurance coverage premium.
