According to the Road Traffic Law issued in 2008, motor vehicles are defined as: cars, construction vehicles, tractors, forestry vehicles, motorbikes, specialized vehicles serving national security and defense, two-wheeled vehicles, three-wheeled vehicles, motorbikes and similar types of motor vehicles. Vehicle insurance is the type of insurance for the above types of vehicles with the purpose of minimizing property damage or injuries when an accident occurs.
Types of motor vehicle insurance
There are many different types of motor vehicle insurance. There are four basic types as follows: Compulsory civil insurance for motor vehicle owners, this is insurance that all motor vehicle owners must participate in according to the provisions of law. The insurance will pay the benefits of third parties in the event of a traffic accident caused by a motor vehicle.
Cargo civil insurance: This is insurance for goods being transported on a car. When incidents such as: accidents, loss, damage to goods occur, the insurance will compensate according to regulations.
Motor vehicle physical damage insurance: This type of insurance will protect the value of the car's assets against risks related to loss or damage.
Accident insurance for the driver or passengers: This is insurance that will pay the driver or passengers if the vehicle is involved in an accident and these people suffer certain injuries.
Simplify the claim process
Regulations on the settlement of rights of participants in compulsory civil insurance are also increasingly being improved. The Law on Insurance Business, which takes effect from January 1, 2023, stipulates that compulsory insurance includes compulsory civil liability insurance of motor vehicle owners and assigns the Government to specify in detail the insurance conditions, insurance premiums, and minimum insurance amounts for compulsory insurance.
The Government has issued Decree No. 67/2023/ND-CP on compulsory insurance, including compulsory liability insurance for motor vehicle owners. Accordingly, the Insurance Certificate must include the name, address, and hotline number of the insurance company.
In particular, Decree No. 67/2023/ND-CP has provisions on the responsibility of insurance companies to resolve customer benefits. Typically, it is necessary to establish and maintain a 24/7 hotline to promptly receive accident information, provide guidance and answers to vehicle owners. Calls to the hotline must be recorded to ensure vehicle owners' rights.
Upon receiving notification of an accident, within 1 hour, the insurance company must guide the vehicle owner through the documents and procedures for claiming compensation. Within 24 hours, it must organize a loss assessment to determine the cause and extent of the loss as a basis for settling insurance compensation. Within 3 working days from the date of receiving the vehicle owner's notification of the accident, the insurance company must make an advance payment for damages to health and life, even in cases where it has not been determined that the accident is within the scope of compensation for damages...
Decree No. 67/2023/ND-CP has inherited and supplemented many new regulations compared to previous legal documents on compulsory civil liability insurance of motor vehicle owners to simplify compensation procedures and ensure the rights of insurance buyers such as: Compensation assessment is done by the insurance company, only in cases of death will police records be required; vehicle owners can provide compensation documents in electronic form or can provide evidence proving the repair and replacement of damaged property. Within 3 working days, the insurance company must make an advance payment for damage to health and life.
In addition, this Decree also expands the scope of humanitarian assistance to cases not covered by insurance, increases the level of support for cases of total disability...
Source: https://baochinhphu.vn/bao-hiem-xe-co-gioi-gop-phan-bao-ve-tai-chinh-cho-nguoi-tham-gia-giao-thong-102250610144222165.htm
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