..:: Motorcycle insurance ::..

MOTORCYCLE INSURANCE

OVERVIEW
INSURANCE COVERAGE
EXCLUSION
PRODUCT DOCUMENT
CLAIMS GUIDELINE
OTHER PRODUCTS

product overview

Together with automobiles, motorcycles are also exposed to various perils such as natural disasters, fire & explosion, theft, collisions in traffic and so on.
They are also subject to compulsory third party liability insurance for motor vehicles as a motorcycle itself is a peril to third parties on the road. In case of accidents, drivers and passengers on the motorcycle may also suffer potentially serious injuries.
With TMIV’s Motorcycle insurance’s coverage, you will receive the most comprehensive protection available in the market

INSURANCE COVERAGE

main coverage

1. The Insurer shall indemnify the Insured for physical loss or damage to Motorcycle caused by the following cases:
1.1. Sudden and unforeseen accidents beyond the control of The Insured, including:
Collision, impact (including collision with other objects), overturning, falling, sinking, falling of the Motorcycle, or being struck by falling objects;
Fire, conflagration, explosion; spontaneous ignition, or lightning strike;
Force majeure events caused by natural disasters, including: storm, flood, landslide, earthquake, hail, tsunami.
1.2. Total theft or robbery of the entire Motorcycle, accompanied by the following related acts :
Acts of break-in, forced entry, or escape from the residence or premises using force;
Acts of robbery, assault, use of force, or threat of force;
Theft occurring at parking areas managed by schools, hospitals, government agencies, or at licensed public parking facilities or buildings with official parking tickets issued by authorized state agencies.
1.3. Malicious acts or intentional vandalism not committed by The Insured, the driver, or any person with ownership, operational, or usage rights over the Motorcycle.
1.4. Loss or damage to the Motorcycle during transportation by other means within the territory of Vietnam, excluding air transport. The Insured Motorcycle must be subject to appropriate safety measures for transportation as prescribed by law.
2. The Insurer, at its sole discretion, may compensate The Insured for any loss or physical damage to the Motorcycle either by cash payment, or by repairing, restoring, or replacing the Motorcycle, or any part, component, or spare part thereof. The liability of the Insurer shall not exceed the value of the damaged or lost part, nor the reasonable cost of reassembling such damaged or lost part. The Sum Insured stated by The Insured in the Schedule shall constitute the maximum amount payable by The Insurer for any claim arising from loss or damage.
3. The Insurer shall pay necessary and reasonable expenses incurred in connection with a covered loss for the following purposes:
3.1. To protect and transport the damaged Motorcycle to the nearest repair facility, and for transportation costs within the territory of the country where the loss or damage occurred, provided that such costs shall not exceed 10% of the Sum Insured.
3.2. Assessment costs incurred to determine the cause and extent of the loss, provided that such assessment is conducted with the prior consent of The Insurer.

extended coverage

EXCLUSION

Consequential loss or loss due to diminution in commercial value, natural wear and tear, mechanical or electrical breakdown or failure; or damage resulting from defects or further damage occurring during repair (including testing)
Damage to tires, labels, or logos, except where such damage occurs simultaneously and from the same cause as damage to other parts of the Motorcycle at the time of the accident.
Theft or loss of spare parts, components, or replacement equipment of the Motorcycle unless the entire Motorcycle is also stolen at the same time.
Engine are damaged (including internal combustion and electric engines) caused by operating the Motorcycle in flooded areas/roads or due to water ingress resulting in hydrostatic lock, except in cases where the Motorcycle is unexpectedly involved in an accident and falls into a pond, lake, river, or stream,etc causing engine damaged (unless otherwise agreed).
The Motorcycle enters prohibited roads or areas (including stopping or parking), drives in the wrong direction, makes a turn or U-turn where prohibited, runs a red light, or fails to comply with the instructions of a traffic officer; does not use or inadequately uses headlights as required; or reverses in a tunnel or on an expressway.
Transporting goods illegally or failing to comply fully with safety regulations for loading, unloading, and transporting goods (including cases where damage to the Motorcycle is caused by the shifting or impact of the cargo during transit, rather than by a collision, overturn, or accident.).
The driver is found to have a blood alcohol concentration exceeding 50 milligrams/100 milliliters of blood or more than 0.25 milligrams/liter of breath; or is under the influence of drugs and other prohibited stimulants as prescribed by law.
Loss of the entire Motorcycle due to fraud or abuse of trust to appropriate the Motorcycle (rented or loaned Motorcycle), or seizure of the Motorcycle as collateral for debt recovery or legal disputes (unless otherwise agreed).
Damage to additional devices installed on the Motorcycle beyond the original manufacturer’s specifications (unless otherwise agreed), and damage caused by such additional devices.
Losses occurring outside the territory of the Socialist Republic of Vietnam.
The driver does not have a Driving license or the driver’s Driving license is inappropriate with respect to the type of Motorcycle for which Driving licenses are required. In cases where the driver has had their license temporarily or permanently revoked, they are also deemed to be driving without a Driving license.
Racing (legally or illegally); using the insured Motorcycle to tow another vehicle in contravention of legal regulations.
Any accident, loss, damage, or liability (except as may be required by applicable law) directly or indirectly, proximately or remotely, caused by, resulting from, arising out of, or attributable to war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power, strike, riot, or civil commotion, or any consequence thereof and in the event of a claim, The Insured shall bear the burden of proving that the accident, loss, damage, or liability arose independently of, and was in no way connected with, contributed to by, or attributable to any of the aforementioned events or their consequences. Failing such proof, The Insurer shall not be liable to make any payment in respect of such claim.
Any amount that The Insured would otherwise have been entitled to recover from a third party, had there been no agreement between such party and The Insured.
Liability of any kind, whether directly or indirectly caused by, attributed to, arising from, or resulting from ionizing radiation or contamination by radioactivity from any nuclear fuel or nuclear waste, or from the combustion of nuclear fuel. For the purposes of this exclusion, combustion shall include any self-sustaining process of nuclear fission.
Any accident, loss, damage, or liability directly or indirectly caused by, attributed to, arising from, or resulting from nuclear weapon materials.

INSURANCE PREMIUM

Insurance premiums are determined based on risk assessment and specific insurance pricing principles of the product. For detailed advice and appropriate quotes, please contact Tokio Marine Insurance Vietnam Co. directly.