For pickup truck owners, understanding the regulations regarding mandatory auto insurance for pickup trucks is crucial. It’s not just a legal obligation but also essential protection for vehicle owners against unforeseen risks. This article from Xe Tải Mỹ Đình provides detailed and comprehensive information about this type of insurance, giving you peace of mind while driving on every road.
Information about mandatory car insurance for pickup trucks in 2024
What is Mandatory Pickup Truck Insurance and Why is it Necessary?
Mandatory auto insurance for pickup trucks, also known as motor vehicle third-party liability insurance (TPL), is a type of insurance that all motor vehicle owners, including pickup trucks, must purchase according to Vietnamese law. The main purpose of this insurance is to protect the interests of third parties who suffer damage caused by motor vehicles.
Why is it necessary to buy mandatory insurance for pickup trucks?
- Legal Compliance: The Road Traffic Law clearly stipulates that motor vehicle owners must have TPL insurance. Failure to have insurance or carry an insurance certificate while participating in traffic can result in administrative fines.
- Financial Protection: If a pickup truck causes an accident and damages to third parties in terms of people or property, the insurance company will pay compensation on behalf of the vehicle owner within the scope of insurance coverage. This helps vehicle owners avoid significant financial burdens that may arise from accidents.
- Peace of Mind While Driving: With mandatory insurance, vehicle owners will feel more secure when driving, knowing they have financial protection against unexpected risks.
2024 Mandatory Pickup Truck Insurance Costs: How Are They Calculated?
The premium for mandatory auto insurance for pickup trucks is regulated by the Ministry of Finance and varies depending on the vehicle’s purpose of use, specifically as follows:
Pickup Trucks Not Used for Commercial Transportation
For pickup trucks used for personal and family purposes and not for commercial transportation, the TPL insurance premium is VND 437,000/year (excluding VAT). After adding 10% VAT, the total cost is VND 480,700/year.
Pickup Trucks Used for Commercial Transportation
For pickup trucks registered for commercial transportation of goods or passengers, the TPL insurance premium is higher, at VND 933,000/year (excluding VAT). After adding 10% VAT, the total cost is VND 1,026,300/year.
Table of mandatory car insurance fees for pickup trucks as regulated
Mandatory Pickup Truck Insurance Compensation Limits: Your Benefits
When a traffic accident occurs within the scope of insurance coverage, the pickup truck owner will be compensated by the insurance company according to the prescribed liability limits. According to Circular 04/2021/TT-BTC, the maximum compensation for mandatory auto insurance for pickup trucks in 2024 is as follows:
Compensation for Health and Life
For damages to health and life caused by a pickup truck to a third party or passengers on the vehicle, the maximum compensation is VND 150 million/person/accident. The specific amount of compensation will be determined based on the actual extent of injury or as agreed between the insurance company and the vehicle owner, but not exceeding the maximum limit.
Property Damage
For property damage caused by a pickup truck to a third party, the maximum compensation is VND 100 million/accident. The specific amount of compensation will be determined based on the actual damage and the police inspection report.
Choosing Mandatory Pickup Truck Insurance: PVI and Its Benefits
Currently, there are many providers of mandatory auto insurance for pickup trucks. PVI is one of the reputable insurance companies trusted and chosen by many vehicle owners. When purchasing TPL insurance for pickup trucks at PVI, customers will receive many benefits such as:
- Transparent Insurance Premiums: Premiums are clearly listed and comply with the regulations of the Ministry of Finance.
- Numerous Promotion Programs: PVI frequently has attractive promotions when purchasing other insurance packages such as vehicle physical damage insurance, cargo insurance, and passenger insurance.
- Fast and Convenient Procedures: 24/7 online insurance purchase support, helping customers save time and effort.
- Fast and Professional Compensation: The compensation process is carried out quickly and transparently, ensuring customer rights.
- Dedicated Consultation: A team of professional consultants is ready to answer all customer questions about mandatory pickup truck insurance.
- Advance Payment Support: In some cases, PVI may provide advance insurance payments to help vehicle owners solve initial financial difficulties when incidents occur.
Conclusion:
Mandatory auto insurance for pickup trucks is an indispensable part for every vehicle owner. Participating in insurance is not only legal compliance but also a way to protect finances and have peace of mind when participating in traffic. Hopefully, this article has provided all the necessary information to help you better understand this type of insurance. If you have any questions or want to learn more about pickup truck insurance packages, please contact Xe Tải Mỹ Đình for detailed advice.
