Car Insurance

Driving and riding in Hua Hin and Thailand, all topics on cars, pickups, bikes, boats, licenses, roads, and motoring in general.
Post Reply
GGlasgow
Novice
Novice
Posts: 5
Joined: Wed Dec 03, 2008 8:04 pm

Car Insurance

Post by GGlasgow »

I would like to learn of other expats experiences or obtain information on the following.
Just over 12 months ago I bought a new vehicle from a dealer for 1.3m baht, at that time I effected first class insurance for the vehicle with the dealer for 24,000 baht (after checking the market)....I have no major issues with this so far. My insurance expired while I was our of the country and on my return checked the market for new insurance quotations. Initial quites were very similar in the 24k region, however I noticed the level of insurance offered was for 800k baht. I queried this and was informed that was the insurance value of the vehicle !!
When I checked my original policy, I was surprised to learn the cover for the first years insurance was only 1.1m baht, which I was not aware of at time of taking out the insurance.
The maximum cover I have been able to obtain for this year is 9,900k, recognizing my vehicle has less than 10,000 Km on the clock and a replacement vehicle is still 1.3m baht, I stand to loose a sum of money should I be unfortunate to write off the vehicle.
Is this level of cover standard in Thailand or am I just looking in the wrong place?
mat
Specialist
Specialist
Posts: 123
Joined: Fri Aug 21, 2009 1:40 pm

Re: Car Insurance

Post by mat »

Yes this is correct. All insurance companies cover the car for 80 to 85 % of the new price in the first year. In Thailand there is no system like we know from Europe where you will receive the full new price in case of a total loss during the entire first year. So if you bought the car for 1,300,000 baht, the insured value of 1,100,000 baht is correct.
Every following year the insured sum for own damage/theft will go down with at least another 10 % (depending on the brand of the car this can even be more).
For more info please feel free to contact info@insureinthailand.com.
Note: When choosing a First Class insurance, the coverage for the Third Party is actually the most important part. Coverages for Third Party can be dangerously low at some First Class policies. This can bring you into problems more then a low Sum Insured for your own car. Cars are almost never stolen and even a Total Loss is rare.
GGlasgow
Novice
Novice
Posts: 5
Joined: Wed Dec 03, 2008 8:04 pm

Re: Car Insurance

Post by GGlasgow »

HI Mat, Thank you for this info.
User avatar
a10ams
Specialist
Specialist
Posts: 108
Joined: Tue Dec 05, 2006 6:02 am
Location: Probably offshore somewhere

Re: Car Insurance

Post by a10ams »

I have also heard a story of a man who bought a new car on finance. The car came with 'free insurance' at the time of purchase. I can't remember the exact numbers involved but let's say the car was 1.2M. He paid 50% deposit and financed the other 600k.

Before the car was one year old it was involved in an incident where it was a total write-off. The 'free insurance' only covered the finance so regardless of what happened, the dealer got paid out. Our man got paid out his 85% of 600K.

Worth checking if buying on credit.
A fool and his money are soon partying!
jungle
Member
Member
Posts: 94
Joined: Tue Jul 12, 2011 8:43 am

Re: Car Insurance

Post by jungle »

is it the car that is insured or the driver ( as in the UK / Singapore)
mat
Specialist
Specialist
Posts: 123
Joined: Fri Aug 21, 2009 1:40 pm

Re: Car Insurance

Post by mat »

It is always the car that is insured. However, it is possible to have (max 2) named drivers on the policy to reduce the premium. Even in that case if a third person is driving the car and has an accident at fault, the insurance will still be valid but there will be a deductible of 6000 baht.
If no named drivers are mentioned on the policy, it is for all drivers.
More info at http://www.insureinthailand.com
Post Reply