When will I get my motorbike insurance money back?

The Government has just issued Decree 67/2023/ND-CP dated September 6, 2023 regulating compulsory civil liability insurance of motor vehicle owners, compulsory fire and explosion insurance, and compulsory insurance in construction investment activities.

Accordingly, the Decree stipulates that the insurance premium for 2-wheeled motorbikes from 50cc and up is 60,000 VND, non-commercial cars with less than 6 seats are 437,000 VND, from 6-11 seats is 794,000 VND...

The compulsory civil liability insurance period of motor vehicle owners is at least one year and at most three years, except for cases where the insurance period is less than one year as prescribed.

According to regulations, the insurance liability limit for damage to health and life caused by motor vehicles is 150 million VND per person in an accident.

The Decree stipulates that the subject of compulsory civil liability insurance of motor vehicle owners is the civil liability of motor vehicle owners towards third parties and passengers as prescribed by law.

Notably, Decree 67/2023/ND-CP also stipulates cases where compulsory civil liability insurance of motor vehicle owners is refunded.

Article 11 of Decree 67/2023/ND-CP stipulates the termination of the compulsory civil liability insurance contract of motor vehicle owners and the legal consequences of the termination of the compulsory civil liability insurance contract of motor vehicle owners as follows:

In case a motor vehicle has its vehicle registration certificate and license plate revoked according to regulations of the Minister of Public Security, the insurance contract shall terminate from the time the vehicle registration certificate and license plate are revoked.

The insurance company is responsible for refunding the insurance premium paid to the insurance buyer corresponding to the remaining term of the insurance contract from the time the insurance contract terminates.

According to the above regulations, in case the vehicle registration certificate and license plate of a motor vehicle are revoked, the insurance contract shall terminate from the time of revocation and the insurance company shall be responsible for refunding the insurance premium paid to the insurance buyer corresponding to the remaining term of the insurance contract from the time the insurance contract terminates.

Cases of motor vehicles having their vehicle registration certificates and license plates revoked according to Article 23 of Circular 24/2023/TT-BCA include:

1- The vehicle is broken and cannot be used, or is destroyed due to objective reasons.

2- Vehicles that have expired their usage period and are not allowed to be circulated according to the law.

3- The vehicle is stolen, misappropriated and cannot be found or the vehicle is abandoned, the vehicle owner requests to revoke the vehicle registration certificate and license plate.

4- Tax-free imported vehicles or temporarily imported vehicles of foreign agencies, organizations and individuals for re-export, transfer of ownership or destruction.

5- Vehicles registered in economic zones according to Government regulations when re-exported or transferred to Vietnam.

6- Vehicle registration, transfer and move procedures.

7- Vehicle engine and frame removed to register for another vehicle.

8- The vehicle has been registered but the vehicle documents are found to be fake or the vehicle has a conclusion from a competent authority that the engine number or frame number has been cut, welded, re-punched, erased or the license plate has been issued incorrectly.

Minh Hoa (t/h)

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