If you’re considering our car or motorbike insurance services, it’s crucial to understand the nuances of owning and operating a vehicle in Vietnam. Whether you’re a tourist or an expat, navigating the legal and insurance requirements can be complex. Here’s a comprehensive guide to help you make informed decisions.
Understanding Motorbike Ownership and Legal Requirements
Before diving into insurance specifics, it’s important to grasp the legal aspects of motorbike ownership in Vietnam:
- Tourists: If you’re visiting Vietnam, it’s generally advisable to rent insured motorcycles for each country you visit. Ensure that your travel insurance covers you for the duration of your stay, including cross-border travel if applicable. Note that many rental companies do not allow motorcycles to leave the country.
- Expats: If you’re planning to stay longer, owning a motorbike might be a viable option. Ensure that you have the necessary legal documents such as the ‘cavet’ (the Vietnamese vehicle registration card) or a notarized bill of sale to prove ownership. This is essential for insurance purposes.
Types of Vehicle Insurance in Vietnam
Mandatory Insurance:
- Coverage: Up to VND100 million (approximately $4500) for material damage or bodily injury to a third party.
- Cost: VND66,000/year for motorcycles and VND437,000/year for cars.
- Verification: Ensure that the seller provides this mandatory insurance and check its validity.
Optional Insurance:
- Third-Party Liability Extension: You can increase the coverage amount beyond the mandatory limits.
- Motorbike Value: Decide whether you want coverage based on replacement value or market value after depreciation. You will need the purchase invoice for this.
- Partial Theft or Parts Replacement: Coverage for theft of parts or replacement in case of accidents.
- Engine Replacement (‘Thuy Kich’): Especially for cars, this covers engine replacement due to flooding.
Passenger Coverage:
- Hospitalization and Evacuation: Optional coverage for passengers, including medical expenses and evacuation.
- Death or Disability: Specify the coverage amount you desire.
Preparing for Your Insurance Quote
To provide a tailored insurance quote, we need the following information:
- Ownership Proof: Do you have the ‘cavet’ or a notarized bill of sale?
- Current Insurance Status: Is the mandatory insurance still valid?
- Desired Coverage: Details on any additional coverage for third-party liability, vehicle value, partial theft, engine replacement, and passenger coverage.
Steps to Obtain Your Insurance Quote
- Gather Information: Ensure you have all the necessary documents and details about your vehicle and desired coverage.
- Contact Us: Use the link at the bottom of this article to schedule a consultation.
- Submit Details: Provide your vehicle registration card and other relevant information.
Schedule a Consultation
Understanding motorbike insurance in Vietnam can be challenging and there are many risks to owning a motorbike in Vietnam, but we’re here to help. Schedule a video call with our team to discuss your needs and ensure you have the best coverage possible. Click here to book your appointment.
By providing comprehensive and tailored advice, we aim to make your transition to driving in Vietnam as smooth and secure as possible. Contact us today to get started on securing the right insurance for your needs.
