BIDV Insurance Corporation

BIC's motor vehicle insurance gives you peace of mind on every road you go through with our diversified and flexible products.

Compulsory Civil Liability Insurance
-Who to buy: Motor vehicle  owners participating in transportation within Socialist Republic of Vietnam territory.
- Scope of coverage :
1. Non-contractual Bodily injury, death and property damage to a third party caused by motor vehicles.
2. Bodily injury, death of passengers caused by motor vehicles.
- Limit of liability:
+ Bodily injury: VND 150 million/person/occurrence 
+ Property Damage: VND 100 million any one occurrence 
- Period of Insurance: 1 year;  If the period of technical safety and environmental protection is  more than 1 year the maximum insurance period shall be as same as such period.
- Insurance premiums: are specified under Annex I Compulsory civil liability insurance of motor vehicle  owner attached to Circular No. 04/2021/TT-BTC.
References:
Decree No. 03/2021/ND-CP dated January 15, 2021 of the Government on Compulsory Civil Liability Insurance of Motor Vehicle owner ; Circular No. 04/2021/TT-BTC dated January 15, 2021 of Ministry of Finance on elaborating to Decree No. 03/2021/ND-CP.

Physical damage insurance
- Scope of coverage: 
BIC will provide coverage for any physical damage caused by natural disasters and unexpected accidents in the following cases:
+ Crash, collision (including collisions with other objects), overturning, toppling, sinking, falling of the whole vehicle or other objects fell on, malicious action caused by anyone except for the vehicle owner.
+ Fire or explosion.
+ Force majeure perils due to the nature.
+ Loss of the entire vehicle due to theft or robbery.
In addition, BIC shall pay expenses necessarily and reasonably arising under the agreement of contract to follow BIC’s instructions in case of the insured event, including:
+ Expenses of loss prevention and mitigation.
+ Expenses of rescuing and transporting the damaged vehicle to the nearest garage, not exceeding 10% of the sum insured.
+ Survey fee.
- Endorsements:
+ Endorsement 01: Selection of garage (Code BS01/BIC-OTO)
+ Endorsement 03: New for old (Code BS03/BIC-OTO)
+ Endorsement 05: Engine hydrolock (Code BS05/BIC-OTO)
+ Endorsement 14: Partial loss due to theft, robbery (Code BS14/BIC-OTO)
+ Other endorsements.

Personal accident insurance for driver, assistant driver and people on the vehicle
Cover for death & bodily injury to the Insured when the vehicle is joining in traffic or when the Insured is getting on/off the vehicle.

Vehicle owner’s civil liability for cargoes carried by the vehicle
- Scope of coverage: 
+ BIC shall provide coverage for the vehicle owner’s civil liability for any loss of the cargoes carried by the vehicle in accordance with the Civil Law  and other statutory regulations in case of any crash, overturning, toppling, falling; sinking; fire or explosion; collision with other objects of the vehicle; natural disasters: storm, flood, landslide, lightning, earthquake, hail or tsunami;
+ BIC shall pay necessary and reasonable expenses to the vehicle owner in order to: prevent and mitigate futher damage to the cargoes; preserve, handle and store the cargoes during transportation as a result of the accident.
+ Conduct survey to assess BIC’s responsibility.
- Additional scope of coverage: 
BIC shall provide coverage to the cargoes which are owned by the vehicle owner.

Voluntary Civil Liability Insurance for motor vehicle owners
In addition to participation in compulsory civil liability insurance of motor vehicle users, motor vehicle users and insurance enterprises may agree to extend insurance requirements, increase insurance limit of liabilities with respective additional insurance premiums.