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    Car Insurance Buying Guide for Those Moving to Thailand

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    pennermadison

    Posts : 1
    Join date : 2014-01-28

    Car Insurance Buying Guide for Those Moving to Thailand

    Post by pennermadison on 28th January 2014, 4:59 pm

    It is compulsory for vehicle owners in Thailand to have car insurance, and you will be required to have at least a Compulsory Motor Insurance (CMI or PorRorBor) policy.

    You can buy CMI from the local Department of Land Transport Office (DLT), from car insurance companies and from brokers, including online brokers such as at DirectAsia.co.th. The only informationrequired is your passport number and car details.

    CMI however only covers third party liability, which means injury to other drivers and their passengers, up to the limit prescribed by the law.You can buy additional Voluntary Motor Insurance(VMI) to enjoy greater protection and peace of mind.

    There are more than fifty insurance companies and dozens of financial institutions offering car insurance in Thailand. Products and price are generallysimilar, in part due to a regulatory tariff, which ensures that premiums charged are within a minimum and maximum tariff.

    In Thailand, voluntary insurance varies from full comprehensive cover to more limited covers. Extra covers like Personal Accident and Bail Bond, the latter covering the cost of bail if you happen to be arrested after an accident, are often packaged with the various products.
    If you buy a new car in Thailand on finance, you may find it a challenge to choose an insurance provider, because prescribed particular insurance plans are often sold together with car finance. Given little choice, new car buyers can end up with expensive insurance, even if the dealer promotes the policy as “free”.
    If you are paying cash for a car, are buying a second hand car or are coming into the second year of new car ownership, you will find much greater freedom of choice of car insurance.
    Motor insurance premiums
    Factors relating to the vehicle itself e.g. model type, engine capacity, engine type and year of manufacture are those insurance providers in Thailand usually take into account when calculating the premium. These are not rules. Insurers will use judgment for each insurance application.
    Some providers will seek more detail about drivers and will use statistical experience to provide more accurate premiums. They are age, gender, family status, vehicle usage and claims history. These are few simple examples, although many providers in Thailand do not currently emphasize driver risk factors.
    No Claim Bonus (NCB), or No Claim Discount (NCD)
    If you have a No Claim discount in your home country, a Thai insurer may at their discretion, consider this. “NCB” as it is referred to in Thailand, should provide a discount between 20-50%.
    Buying Online
    A new trend is browsing for and purchasing car insurance online. This enables you to check and compare covers and pricing and is increasingly popular owing to its direct and instant nature. There can be an added benefit for non-Thai speakers that online information may be presented in English.
    Do some research on the internet, call up or visit auto insurance providers and compare policy terms to ensure that you are choosing a plan that matches your needs at a fair price.
    For all the information you need to know about buying car insurance in Thailand with DirectAsia.com, please visit  DirectAsia.com Thailand, or call our friendly Thai and English speaking staff on Tel: 0-2627-7777.  
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