Compulsory Insurance: Safety for both drivers and third parties
According to Article 56 of the Law on Road Traffic Order and Safety, effective from January 1, 2025, motorcyclists participating in traffic are required to have a civil liability insurance certificate. This is the type of insurance that all citizens must own to ensure the rights of third parties in the event of an accident.
This compulsory insurance is understood as civil liability insurance for motor vehicle owners, including motorbikes. In case of an accident due to the driver's fault, the insurance will pay compensation to the damaged party. Failure to have this type of insurance will result in being punished according to the provisions of the law.
Compulsory motorcycle insurance is civil liability insurance for motorcycle owners.
Voluntary Insurance: Protecting Personal Interests
In addition to compulsory insurance, people can also buy voluntary insurance. This is a type of insurance that is not compulsory, but brings many important benefits to motorcyclists. Voluntary insurance will pay financial compensation in cases such as property damage, accidents to passengers (including the owner and passengers), or in unexpected situations such as fire or theft.
Although there is no penalty for not purchasing voluntary insurance, having this type of insurance will help people feel more secure when participating in traffic. Especially in risky situations, voluntary insurance will effectively support and reduce the financial burden for traffic participants.
According to Decree 67/2023/ND-CP, although voluntary insurance is not mandatory, the state still encourages people to participate. This is to ensure maximum benefits for vehicle drivers. In addition, insurance companies are also responsible for separating compulsory insurance and voluntary insurance in the contract so that buyers can easily choose.
Source: https://www.congluan.vn/phan-biet-giua-bao-hiem-xe-may-bat-buoc-va-bao-hiem-xe-may-tu-nguyen-post307751.html
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