Headlines 26/01/2021 08:56 SA

Mandatory motor vehicle insurance: Maximum indemnity is 150 million dong/person/case

Hồng Thuận

On January 15, 2021, the Ministry of Finance issues the Circular No. 04/2021/TT-BTC elaborating on several articles of the Decree No. 03/2021/ND-CP on compulsory insurance for civil liability of motor vehicle owners.

According to this document, the medical and life insurance coverage for any damage caused by motor vehicles will be 150 million dong per each person involved in an insured incident (currently, 100 million dong/person/case as prescribed in the Circular No. 22/2016/TT-BTC).

The insurance coverage against any damage to property caused by two-wheeled, three-wheeled motor vehicles or motorbikes is 50 million dong/case.

The insurance coverage against any damage caused by motor vehicles, tractors, trailers or semi-trailers towed by motor vehicles or tractors; by specialized motor vehicles, is 100 million dong/case.

For more details, please read the Circular No. 04/2021/TT-BTC (entering into force as of March 1, 2021).



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