Car Insurance FAQ
Here are some of the most frequently asked questions about car insurance.
What Is Compulsory Car Insurance and What Does It Cover?
Thai law mandates that all vehicles have compulsory insurance. It covers some basic elements, such as injuries to vehicle occupants, including the driver and injuries to other people caused by the vehicle’s use. The coverage is extremely limited with the maximum coverage of only 300,000 baht, and it excludes damage to the insured vehicle or other vehicles. Every driver should purchase Voluntary insurance in addition to Compulsory insurance. Here is what compulsory car insurance has to offer per person:
– Medical expenses, up to 80,000 baht
– Loss of vital organ, 200,000-300,000 baht
– Compensation for death and permanent disability, up to 300,000 baht
– Daily compensation for hospital admission, with a maximum of 20 days
Key Points
- Customers who are loyal and never experienced any car accidents can receive significant discounts from most insurers.
- Compulsory car insurance is mandatory insurance set by the Thai government.
- Car insurance can be voided or cancelled by both the insurer and the insured.
What is No Claims Bonuses?
No claims bonuses is ia discount given by your insurer if there have been no-fault claims. The following is the discount that will be applied:
– If a driver has gone one year without filing a claim, he or she will receive a 20% discount on premium renewal.
– If a driver has gone two years without filing a claim, he or she will receive a 30% discount on premium renewal.
– If a driver has gone three years without filing a claim, he or she will receive a 40% discount on premium renewal.
– If a driver has gone four years without filing a claim, he or she will receive a 50% discount on premium renewal.
What Is the Best Car Insurance Coverage in Thailand?
Type 1 car insurance offers the most comprehensive set of benefits out of all the car insurance in Thailand. Accidents with other vehicles, whether you are at fault or not will be covered within this policy. As well as accidents without other vehicles (for example, a scratch while parking the car), natural disasters (flood, storm, etc.), fires and theft are all covered under Type 1. For cars valued at more than 200,000 baht, it is recommended that Type 1 insurance is generally the best option.
Each time you renew your car insurance policy to the same insurer, you will most likely receive a discount.
What Should I Do After a Car Accident?
Here are the first steps and things you should do following a car accident.
– Collect the right information.
– Limit conversation with the other party about the accident.
– Notify your insurance provider about the accident, even if you’re not planning to make a claim.
– Make a decision about whether or not to file a claim.
Most insurers have a 24 hours customer support team and they’ll go over each step with you. More information and an explanation of how this process works can be found on your insurer’s website.
Car insurance companies will check your history to determine your insurability.
Can My Car Insurance Company Deny My Claim?
Yes, car insurance companies can deny your claims for many reasons. These include (but are not limited to):
- You file a fraudulent claim fabricating or exaggerating an accident.
- You file a claim for a loss that is excluded from your policy.
- You file a claim under the coverage you don’t have.