Third party liability insurance for motor vehicle owners
Compulsory third party liability insurance for motor vehicle owners is
regulated by Circular No. 126/2008/TT-BTC dated December 22, 2008 issued
by the Ministry of Finance, on the principles, terms and conditions,
tariff, and level of compulsory insurance for civil liability of motor
vehicle owners and Circular No. 151/2012/TT-BTC dated September 12, 2012
issued by the Ministry of Finance outlining the amendments to Circular
No. 126/2008/TT-BTC dated December 22, 2008 and Circular No.
103/2009/TT-BTC dated May 25, 2009 issued by the Ministry of Finance on
the management, use, and payment of motor vehicle insurance funds.
Moreover, owners of motor vehicles are encouraged to purchase voluntary
third party liability insurance to better protect them against legal
includes: policy provisions, insurance certificate, insurance schedule,
and endorsements, if any. These documents shall be interpreted in the
following order of priority:
Policy Schedule, and
insurance coverage will take effect from the time (1) the insurance
certificate is issued or (2) from the beginning of the insurance period,
whichever comes last, and will continue until the end of the insurance
The loss of and/or damage to the components of the vehicle that is
caused by theft or an attempt thereat, and is confirmed either to have
been stolen and is unrecoverable or to have been damaged by the stealing
attempt. In case partial loss by theft is stated in the Policy Schedule,
a maximum of 2 claims of partial loss by theft can be made during the
period of insurance.
A vehicle is considered as a Total Theft if (1) it is confirmed by the
authorities that it is stolen and unrecoverable, or if (2) the insurable
loss by theft in aggregate equals or exceeds 75% of the sum insured.
This is out-of-pocket money that the Policyholder pays for in an
insurance claim as a form of co-insurance. Liberty Insurance customers
are to choose one of two forms: fixed deductible or scaled
deductible to ensure they obtain the best product and services
at a lower cost. This also ensures fairness among customers.
The customer will pay up to VND 1, 2, 5, or 10 million per claim
Benefit: save 12% to 45% of premium compared to scaled deductible
customer will pay at the maximum:
For the 1st & 2nd claims: VND 0
For the 3rd claim onwards: VND 1 million per case
Benefit: The average Liberty customer only makes less than 2 claims
per year. Therefore, very few would be affected by choosing scaled
Customers are responsible for either 30% of any one incidence of loss or
the prevailing deductible at the time of the loss, whichever is greater
(applicable to both types of deductibles).
To increase savings?
Avoid repainting when there are only a few scratches. The painting
cost is based on the car part (bumpers, mudguards, doors, etc.)
rather than the number of scratches
Avoid making small claims to enjoy more favorable renewal premiums
Serious medical condition
A condition which, in the opinion of the Company, constitutes a serious
medical emergency requiring urgent remedial treatment to avoid death or
serious impairment to the Insured’s immediate or long-term health
prospects. The seriousness of the medical condition will be judged based
on the Insured’s geographical location, the nature of the medical
emergency and the local availability of appropriate medical care or
A vehicle is considered a partial damage when the covered damage(s) in
aggregate is less than 75% of the sum insured. Hydraulic stroke (water
damage to engine) is covered under this policy and is subject to a
separate deductible stated in the Schedule.
A vehicle is considered a total damage when covered damage(s) in
aggregate equates to or exceeds 75% of the sum insured.