Compulsory motor vehicle insurance coverage
According to Article 5 of Decree 22/2016/TT-BTC, the scope of compensation for damages of compulsory motor vehicle civil liability insurance includes:
- Non-contractual damage to body, life and property of third parties caused by motor vehicles.
- Damage to the body and life of passengers under the passenger transport contract caused by motor vehicles.
According to Article 9 of Decree 22/2016/TT-BTC, the maximum amount an insurance company may have to pay is as follows:
- The insurance liability for personal injury caused by motor vehicles is 100 million VND/person/accident.
Traffic accident insurance.
- The insurance liability for property damage caused by two-wheeled motorbikes, three-wheeled motorbikes, motorbikes and similar motor vehicles (including motor vehicles for the disabled) is 50 million VND/accident.
- The insurance liability for property damage caused by automobiles, tractors, construction vehicles, agricultural and forestry vehicles and other special vehicles used for security and defense purposes (including trailers and semi-trailers pulled by automobiles or tractors) is 100 million VND/accident.
Note: The insurance company does not compensate for damages in the following cases:
- Intentional acts causing damage by the vehicle owner, driver or the injured person.
- The driver who caused the accident intentionally fled and did not fulfill the civil responsibilities of the vehicle owner or motor vehicle driver.
- Driving without a driving license or an inappropriate driving license. In case the driver has had his/her driving license revoked for a period of time or indefinitely, he/she is considered to have no driving license…
Damage compensation procedures
Step 1: Complete the claim form
Motor vehicle owners are responsible for providing documents in the compensation file or facilitating and coordinating with the insurance company to collect relevant documents as prescribed.
Step 2: Submit application and claim settlement
- Within 5 days from the date of the accident (except in cases of force majeure), the motor vehicle owner must send a written notice in the prescribed form and a claim file under the responsibility of the motor vehicle owner to the insurance company.
- The insurance company's compensation payment period is 15 days from the date of receipt of the compensation file under the responsibility of the motor vehicle owner and no more than 30 days in case the file must be verified.
In case of refusal to pay compensation, the insurance company must notify the motor vehicle owner in writing of the reason for refusal to pay compensation within 30 days from the date of receipt of the insurance claim application.
CHAU THU
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