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Tips on How to Get Cheaper Car Insurance

Car insurance does not have to be expensive, learn about the various ways to get cheaper car insurance in Thailand.

Getting Cheaper Car Insurance

A number of factors influence the cost of your car insurance policy (premium). In addition, different insurance companies handle things differently. Finding out what you can do to cut costs can be difficult due to these factors.

You’ve come to the right place if you’re looking for a way to lower your annual car insurance premiums, in this article we will explain to you how to save money on car insurance by using simple strategies and straightforward methods.

Key Points:

  • There are several factors to keep in mind when trying to lower your car insurance premiums.
  • Before you purchase car insurance, you need to consider the type of car you have.
  • Before purchasing insurance, you should research the types of coverage you require, both mandatory and private.

Consider the Type of Car That Will Fit Your Needs

Before you purchase car insurance, you need to consider the type of car you need. While purchasing a large SUV may seem appealing, insuring a top-of-the-line vehicle can be more costly than insuring a small and low-cost commuter car. If you buy a hybrid or alternative fuel vehicle, some insurers will give you a discount.

Smaller engines are more likely to be in a lower insurance group, resulting in lower premiums. However, it is important to keep in mind that each type of vehicle will be treated differently by each insurer.

Think About the Type of Coverages You Need

Before purchasing insurance, you should research the types of coverage you require, for both mandatory and optional insurance. The next step is to think about your own circumstances, such as the age of your vehicle, your driving habits, and the average distance you travel.

In Thailand, there are 4 different types of car insurance: compulsory car insurance (which is mandatory insurance required by law), type 1 car insurance, type 2 car insurance, and type 3 car insurance. Car insurance of type 1 provides the most comprehensive coverage, whereas car insurance of types 2 and 3 provide less coverage.

You might be able to save money by opting for a type 2 or 3 car insurance policy instead of type 1 if you own an older car that is not high in value. Type 2 or 3 car insurance, on the other hand, may not provide the level of coverage you need, and it is not always less expensive than the more comprehensive coverage. Therefore, before making a purchase, find out the precise insurance rates for the various vehicles you’re considering.

Moreover, you should really consider paying annually instead of monthly. Paying for car insurance on a monthly basis is like taking out a loan with interest, but paying for it all at once is less expensive. If you can’t afford to pay in full, there are other options, such as using a 0% interest rate credit card.

To get a more precise, and often lower, premium, compare 3 or more insurance providers.

Enroll in a Defensive Driving Program

By taking a defensive driving, accident prevention, or other course, drivers may be able to decrease the number of points on their license. When you complete an approved defensive driving course, your insurance company may offer you a discount.

Before you sign up for a class, make sure to ask your agent or insurance provider about this discount. After all, it’s important that the time and money spent on the course result in significant insurance savings. It’s also important that you enroll in an approved course.

By following a few simple tips and tricks, you can save money on your car insurance.

Additional Add-Ons

There are a few extras you can add to your car insurance policy. Purchasing add-ons as separate services can sometimes result in lower premiums. Here are some examples of add-ons you can purchase.

Daily Income Compensation – With this add-on, you will get income coverage if you are hospitalised due to an accident for up to 30 days from the date of the accident.

Travel Allowance – A travel allowance is an add-on that can be taken with a car insurance policy if your vehicle breaks down due to an accident, natural calamity such as a tsunami, flood, riot, or strike that causes major property damage.

Asset Coverage – If your vehicle gets totalled or stolen, asset coverage covers will compensate you for your losses.

Tire & Liquid in Car – With this add-on, your tire and liquid in the car will be protected from any unwanted situations, no matter how small they might be. This tire and liquid in car add-on include charges for consumables that are no longer fit for use as a result of damage caused by an accident.

Consolatory Compensation – This add-on covers you if a third-party driver causes any damages.

Fire & Theft – This additional add-on protects you from damages to a third party as a result of an accident, as well as damage to your own vehicle as a result of a fire or theft.

Flood coverage – The insurance company will need to evaluate the flood damage to your vehicle coverage for engine damage and accessories are included in this additional add-on.

Other Helpful Tips To Lower Your Car Insurance Premiums

Enhance Security
If lowering your insurance premium is your main motivation for installing an anti-theft device, consider whether the cost of adding the device would result in substantial enough savings to justify the hassle and cost. Your insurance agent should be able to tell you which devices, once installed, will help you save money on your premiums.

Before installing any security upgrades, get quotes on how much your insurance will cost to see if the extra cost is worth it for the insurance savings. You may consider adding security features such as dashboard cameras, alarms, immobilizers, and locking wheel nuts.

Avoid Upgrading
Adding alloy wheels, body kits, and performance improvements to your car will make it much more appealing to thieves. Upgrades and modifications to the styling, audio, or performance of your vehicle could result in a significant increase in your insurance premiums.

Keep Your Mileage Low
Always give an accurate estimate of your mileage when getting a quote, keep in mind that fewer miles means you’re a lower risk for insurers, which means your insurance will be less expensive. As a result, make an effort to cut down on the number of miles you drive each year.