Compulsory PVI auto insurance

Compulsory insurance for motor vehicle owners not only helps minimize unforeseen financial burdens but also helps create a safer traffic environment, in which each participant is responsible for their own safety. safety of yourself and others. In this way, we can reduce the number and severity of traffic accidents, while also providing a financial safety net for those affected by these unfortunate events. Because of such practical value, the State has issued regulations on compulsory insurance participation for each motor vehicle owner. And currently there are many insurance businesses issuing this insurance product, prominent among them is compulsory auto insurance issued by PVI. So

Compulsory insurance or PVI civil liability insurance is an insurance program of the compulsory insurance type and is designed and issued by the PVI insurance brand (Vietnam Petroleum Insurance). Accordingly:

Compulsory civil liability insurance will be mandatory for car owners. If you do not participate in mandatory civil liability insurance, when subjected to an administrative check by the traffic police, you may be fined from 400,000 to 600,000 VND. This is a penalty for violating the provisions of the Road Traffic Law on conditions for legal participation in traffic.

Besides, when participating Compulsory PVI auto insurance Customers will be supported by PVI to pay part or all of the insurance amount when unfortunately the car owner/driver is at fault causing damage to the person or property of a third person while participating in traffic within a limited time limit. The maximum compensation level is: 150 million VND/person/case when the third person suffers loss of health or life, and 100 million VND/case when the third person suffers property loss.

Thus, quick and reasonable compensation from insurance companies will help traffic participants be protected promptly, especially against the financial burden they may face in the event of a collision. Unintended risks and damages occur. This has helped ensure that injured parties in traffic accidents are compensated for a portion of their damages and reduce the financial burden on car owners or drivers.

Current fees Compulsory PVI auto insurance includes two fees: the original insurance fee specified in Circular 04/2021/TT-BTC and the VAT fee applied to each specific auto insurance product. For example, the insurance fee including VAT for a non-passenger vehicle with less than 6 seats is 480,700 VND, a 7-seat car is 873,400 VND, a 16-seat car is 1,397,000 VND,…; passenger transport business cars: cars with less than 6 seats are 831,600 VND, 8-seat cars are 1,378,000 VND, or 5-seat taxis are 1,413,720 VND,…; or if it is a truck under 3 tons, the PVI fee applied is 938,300 VND,…

Hopefully the above sharing of IBAOHIEM has helped you visualize and better understand the product Compulsory PVI auto insurance.

Learn product details here: Compulsory car insurance

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