Still confused about the insurance

[OneMoreFarang]

A few weeks ago I opened a thread about the renewal of a motorcycle insurance.

 

Now I look at the details. Here are the details from one quotation:

 

1st Class
Bodily Injury or death 300,000 Baht / person, 10,000,000 Baht/accident
Property Damage 600,000 / accident

 

3rd Class
Bodily Injury or death 1,000,000 Baht / person, 10,000,000 Baht/accident
Property Damage: 1,000,000 / accident

 

So the 3rd class insurance pays more for bodily injury than the 1st class per person. Is that normal?

 

What would happen is I crash an expensive car and there would be i.e. 2 million property damage and a 2 million hospital bill for one person?

Would the insurance pay part and then I would have to pay the rest, maybe millions?

 

I am sure lots of people in Thailand have only the compulsory insurance which pays less. What do they do if they crash into an expensive car?

I can't imagine that Somchai with his Click has to pay the Ferrari  repair and a month of intensive care in a private hospital.

 

What happens in real life in Thailand?

Does it even make sense to have a 3rd class insurance and not only the compulsory insurance?

 

I am not so concerned about my own property damage and my own hospital cost. I have a good health insurance and if I crash my bike I have to pay for the repair myself. Ok, understood.

[transam]

Question it.....could be a mistake.....

[richard_smith237]

I think the 1st Class insurance will cover damage to your own property even if you are deemed at fault, whereas 3rd Class only covers third party damage. 

 

The policy definitely looks odd though... 

 

I always assumed that if a Motorcycle crashes into my car and causes 1MB+ damage he won't be able to afford the damages - but thats down the the insurance to sort out, my own 1st class Insurance 'should' pay for the damage and then chase up any 3rd parties themselves and I guess take them to court if necessary. 

 

 

[Kwasaki]

7 minutes ago, OneMoreFarang said:

I am sure lots of people in Thailand have only the compulsory insurance which pays less. What do they do if they crash into an expensive car?

I can't imagine that Somchai with his Click has to pay the Ferrari  repair and a month of intensive care in a private hospital.

Here we go again with scenario's on vehicle insurance. ????

 

My guess is they got your quotes mixed up, if not take the 3rd class one.

 

I only have CTPL on my bike and a voluntary thief policy, anything else is the risk I choose to take.

 

What I know of a bike crashing into my Vigo is I had first No.1 class insurance whatever it's called and our insurance fixed and paid for the repairs.

I would think a Ferrari or Merc owner etc etc would have the same. 

[ballpoint]

On ‎5‎/‎16‎/‎2019 at 10:05 AM, OneMoreFarang said:

What do they do if they crash into an expensive car?

They get shot by the owner.

[OneMoreFarang]

1 hour ago, ballpoint said:

They get shot by the owner.

No, not the owner. The driver did it, or maybe the gardener...

[zhangxifu]

On 5/16/2019 at 10:14 AM, richard_smith237 said:

I think the 1st Class insurance will cover damage to your own property even if you are deemed at fault, whereas 3rd Class only covers third party damage. 

 

The policy definitely looks odd though... 

 

I always assumed that if a Motorcycle crashes into my car and causes 1MB+ damage he won't be able to afford the damages - but thats down the the insurance to sort out, my own 1st class Insurance 'should' pay for the damage and then chase up any 3rd parties themselves and I guess take them to court if necessary. 

And that's why they always try to make the car to take the blame. Even the local motorbike has no license or compulsory insurance, nothing,  they are never suggested to be in fault. Easiest scenario for everyone. That is usually seen as fair. You must take it to court if you want to find out the truth, if it matters.

OP has a good point there. If he doesn't want to insure his own ride and already has a good accident cover he doesn't really need a private insurance for the vehicle. A different driver and the other passengers come to mind though.

[jackdd]

On 5/16/2019 at 10:05 AM, OneMoreFarang said:

I am sure lots of people in Thailand have only the compulsory insurance which pays less. What do they do if they crash into an expensive car?

I can't imagine that Somchai with his Click has to pay the Ferrari  repair and a month of intensive care in a private hospital. 

The police report would say that the Ferrari is at fault even if the motorbike driver caused it, because he has 1st class insurance and the insurance will pay it.

If the police report would say the same if a foreigner is at fault...

 

But as far as i understand it, if you have 1st class insurance and somebody else damages your vehicle (and is deemed to be at fault in the police report), your insurance would pay for your vehicle, but they would try to get the money back from the person at fault.

 

On 5/16/2019 at 10:05 AM, OneMoreFarang said:

Does it even make sense to have a 3rd class insurance and not only the compulsory insurance?

Depends on your financial situation. An insurance does generally only make sense if you can't pay this amount out of your pocket (and don't mind paying it).

Probably less than one percent of accidents caused in Thailand result in damages higher than one million baht. So if you have an insurance with a one million baht cover it will nearly always be enough, but there is a small risk left when it won't be enough (and you either have to pay out of your own pocket or leave Thailand).

If you say paying for damages less than a million baht out of your own pocket is no problem for you, then you do of course not need this insurance.