Compulsory insurance for cars, motorbikes and electric motorbikes from March 1, 2021
From March 1, according to Circular 04 (2021), motor vehicle owners, car and motorbike insurance premiums are required to have insurance.
According to Circular 04 (2021) of the Ministry of Finance guiding Decree 03/2021/ND-CP on compulsory civil liability insurance of motor vehicle owners, auto and motorbike insurance premiums.
Specifically,insurance premiumFor 2-wheeled motorbikes of 50 cc or less, it is 50,000 VND/year, for those of 50 cc or more, it is 60,000 VND/year, and for 3-wheeled motorbikes, it is 290,000 VND/year.
Motorcycles including electric motorbikes and similar motor vehicles have insurance rates of: Electric motorbikes are 50,000 VND/year and other motor vehicles are 290,000 VND/year.
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For non-commercial vehicles, insurance premiums range from VND437,000/year to a maximum of over VND1.8 million/year.
The carstransport businessTransporting people and goods has specific regulations in Circular 04 (2021). The lowest insurance premium is for business cars with less than 6 seats at 756,000 VND/year and the highest is more than 4.6 million VND/year./.
