Are you a pickup truck owner looking to understand pickup truck liability insurance? This compulsory insurance is essential for all vehicle owners to comply with legal regulations and protect themselves financially from unforeseen risks. This article from the experts at Xe Tải Mỹ Đình provides detailed and up-to-date information about civil liability insurance for pickup trucks, giving you peace of mind on the road.
Compulsory insurance certificate for pickup trucks
1. Pickup Truck Liability Insurance Costs [2024]: Latest Fee Updates
One of the primary concerns for pickup truck owners is the cost of pickup truck liability insurance. According to current regulations, civil liability insurance is compulsory for all types of motor vehicles, including pickup trucks. The insurance premium levels are clearly defined in Circular 22/2016/TT-BTC of the Ministry of Finance and are differentiated based on the vehicle’s purpose of use.
Specifically, the premium schedule for pickup truck liability insurance in 2024 is divided into two main categories:
- Pickup trucks not used for commercial transportation: The base insurance premium is VND 437,000/year. After adding 10% VAT, the total is VND 480,700/year. This rate applies to pickup trucks used for personal or family purposes and not involved in commercial transportation of passengers or goods.
- Pickup trucks used for commercial transportation: The base insurance premium is higher, at VND 933,000/year. After adding 10% VAT, the total premium is VND 1,026,300/year. This rate is for pickup trucks used for commercial transportation purposes, such as for-hire cargo trucks or company vehicles transporting goods.
Determining the correct purpose of vehicle use is crucial for owners to purchase the appropriate insurance type at the correct premium. This premium is fixed and applied by all insurance companies in the market.
Table of compulsory insurance fees for pickup trucks
2. Compensation Limits for Pickup Truck Liability Insurance in Accidents
Once you have purchased compulsory car insurance, pickup truck owners need to understand the insurance compensation limits in the unfortunate event of an accident. Pickup truck liability insurance plays a vital role in protecting the financial interests of vehicle owners when they cause damage to third parties. According to regulations from the Ministry of Finance, the compensation limits are as follows:
- Damage to health and life of third parties: The maximum compensation limit per person per accident is VND 150 million. The specific compensation amount will be determined based on the extent of injury or as agreed upon between the insurance company and the vehicle owner, but not exceeding VND 150 million per person per accident. For example, if an accident injures multiple people, the total compensation for personal injury in a single accident could reach hundreds of millions of VND, depending on the number of injured people and the severity of their injuries.
- Damage to property of third parties: The maximum compensation limit for property damage in an accident is VND 100 million. Similar to personal injury compensation, the specific compensation amount will depend on the actual extent of damage and will be determined after assessment by the insurance company and confirmed by a police report. For example, if a pickup truck causes an accident damaging multiple motorcycles and other property of others, the total maximum compensation for property damage will be VND 100 million per accident.
It is important to note that liability insurance only compensates for damages to third parties, meaning people and property damaged due to the fault of the pickup truck owner. This insurance does not cover damages to the vehicle owner themselves or their pickup truck in the accident. To protect your own vehicle, owners should consider other types of insurance, such as vehicle physical damage insurance.
3. Benefits of Purchasing Pickup Truck Liability Insurance
Beyond complying with legal regulations, purchasing pickup truck liability insurance offers many practical benefits for vehicle owners. Here are some key advantages:
- Legal peace of mind: Liability insurance is a mandatory document that drivers must carry when participating in traffic. Having insurance helps vehicle owners avoid legal troubles and administrative penalties during inspections.
- Reduced financial burden in case of incidents: Traffic accidents are undesirable, but the risk is always present. When accidents occur and cause damage to others, compensation costs can be substantial, exceeding the financial capacity of many vehicle owners. Liability insurance helps share this burden, ensuring that owners do not have to bear the entire compensation amount themselves.
- Quick and transparent compensation procedures: Reputable insurance companies have clear, fast compensation processes and provide dedicated customer support. This helps vehicle owners save time and effort when resolving compensation issues after an accident.
- Reasonable premium: Compared to the potential risks and damages that can occur, the premium for pickup truck liability insurance is insignificant. It is a small investment that provides significant peace of mind and financial protection for vehicle owners.
4. Important Notes When Purchasing Pickup Truck Liability Insurance
To ensure your rights and choose the appropriate pickup truck liability insurance package, vehicle owners should note the following points:
- Choose a reputable insurance company: Opt for insurance companies with established brands and reputations in the market to ensure service quality and compensation rights.
- Carefully check information on the insurance certificate: After purchasing insurance, vehicle owners should carefully check the information on the insurance certificate, such as the vehicle owner’s name, license plate number, insurance period, type of insurance, etc., to ensure accuracy.
- Understand the compensation process: Vehicle owners should familiarize themselves with the insurance company’s compensation process in advance to know how to handle situations in case of an incident, ensuring that their rights are resolved quickly and effectively.
- Purchase insurance according to the vehicle’s purpose of use: Choose the correct type of insurance (commercial transportation or non-commercial transportation) to avoid future complications in the event of an incident.
Conclusion:
Pickup truck liability insurance is an indispensable part for every vehicle owner. Not only is it a legal requirement, but it is also an effective financial protection solution, giving vehicle owners more peace of mind on every journey. Choose the right insurance package from a reputable provider to ensure your rights and safety, as well as the safety of the community. If you have any questions or need further advice on truck and pickup truck insurance, please contact Xe Tải Mỹ Đình for the best support.
