When will I get my motorbike insurance money back?

The government has just issued Decree 67/2023/ND-CP dated September 6, 2023, regulating mandatory civil liability insurance for owners of motor vehicles, mandatory fire and explosion insurance, and mandatory insurance in investment and construction activities.

Accordingly, the Decree stipulates that the insurance premium for motorcycles with an engine capacity of 50cc or more is 60,000 VND, for non-commercial passenger cars with fewer than 6 seats is 437,000 VND, and for cars with 6-11 seats is 794,000 VND...

The mandatory civil liability insurance policy for motor vehicle owners has a minimum term of one year and a maximum term of three years, except in cases where the insurance term is less than one year as stipulated.

According to regulations, the insurance liability limit for injuries and fatalities caused by motor vehicles is 150 million VND per person in a single accident.

The decree stipulates that the subject of mandatory civil liability insurance for motor vehicle owners is the civil liability of motor vehicle owners towards third parties and passengers as prescribed by law.

Notably, Decree 67/2023/ND-CP also stipulates the cases in which mandatory civil liability insurance premiums for motor vehicle owners can be refunded.

Article 11 of Decree 67/2023/ND-CP stipulates the termination of mandatory civil liability insurance contracts for motor vehicle owners and the legal consequences of such termination as follows:

In the event that a motor vehicle's registration certificate and license plate are revoked in accordance with regulations issued by the Minister of Public Security , the insurance contract terminates from the time of revocation of the registration certificate and license plate.

Insurance companies are responsible for refunding the premiums paid to the policyholder corresponding to the remaining term of the insurance contract from the time the insurance contract terminates.

According to the regulations, if a motor vehicle's registration certificate and license plate are revoked, the insurance contract terminates from the time of revocation, and the insurance company is responsible for refunding the insurance premiums paid to the policyholder corresponding to the remaining term of the insurance contract from the time the insurance contract terminates.

Cases in which motor vehicles have their registration certificates and license plates revoked according to Article 23 of Circular 24/2023/TT-BCA include:

1. The vehicle is damaged and unusable, or destroyed due to unforeseen circumstances.

2. Vehicles that have exceeded their service life are not permitted to operate according to the law.

3. If a vehicle is stolen, misappropriated and cannot be recovered, or is scrapped, the owner requests the revocation of the vehicle registration certificate and license plate.

4. Imported vehicles exempt from tax or temporarily imported vehicles of foreign agencies, organizations, or individuals that are re-exported, transferred ownership, or destroyed.

5. Vehicles registered in economic zones as regulated by the Government when re-exported or transferred into Vietnam.

6. Vehicle registration, transfer of ownership, and relocation procedures.

7. Vehicles with engines and frames removed for registration on other vehicles.

8. Vehicles that have been registered but are found to have forged vehicle documents, or vehicles where the competent authority concludes that the engine number or chassis number has been cut, welded, re-stamped, erased, or the license plate was issued improperly.

Minh Hoa (compiled)

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