Roojai Bike Insurance Premium Increase.

[MartinL]

I've just received my renewal quote from Roojai for my bike. Renewal due late April. Entering the second year with them and the bike's nearly a year old.

 

Last year the total premium to be paid, which didn't qualify for a No Claims Discount on a new machine, was 9,205฿ before stamp and VAT.

 

This year it's 9,566฿. Not a big jump in itself BUT in the last year I've earned a 20% No Claims Discount which is mentioned on the renewal notice. Taking that into account and working backwards, that amounts to an increase to around 11,900฿ or a 30% increase, everything else remaining the same.

 

I'll be querying it with them, of course. I can't believe that bike insurance costs have generally risen by 30% in a single year. 

 

Anybody else had similar huge increases in premium for their bike for no (apparent) reason?

 

Just to compare with the car, I renewed that with Roojai this week and premium rose by 8%, something I'd probably feel was reasonable.

[alextrat1966]

How can bike insurance be so expensive? 

 

That's the premium I pay to insure my 6300cc Mercedes-AMG E63.... 12,000-13,000 THB/year

 

I find it hard to believe the premium for insuring a motorbike could be as much as for a high powered car...

[Kwasaki]

5 minutes ago, alextrat1966 said:

How can bike insurance be so expensive? 

 

That's the premium I pay to insure my 6300cc Mercedes-AMG E63.... 

 

I find it hard to believe the premium for insuring a motorbike could be as much as for a high powered car...

Maybe because the car is valued less than his bike whatever it is. 

[MartinL]

3 minutes ago, alextrat1966 said:

How can bike insurance be so expensive? 

 

That's the premium I pay to insure my 6300cc Mercedes-AMG E63.... 

 

I find it hard to believe the premium for insuring a motorbike could be as much as for a high powered car...

Totally agree but if you want to ride, you've got to pay the price.

 

It's even worse than you think, though. The insurance premium I got for this bike from new was, as I've said, 9,205฿ - cheapest available. The most expensive quote I got was nearly 14,000฿ (IIRC) for someone with decades of biking experience, not that that carries much weight in Thailand.

 

[alextrat1966]

1 minute ago, Kwasaki said:

Maybe because the car is valued less than his bike whatever it is. 

I thought it had a lot to do with the displacement, at least for cars.... 

[FriendlyFarang]

25 minutes ago, alextrat1966 said:

How can bike insurance be so expensive? 

 

That's the premium I pay to insure my 6300cc Mercedes-AMG E63.... 12,000-13,000 THB/year

 

I find it hard to believe the premium for insuring a motorbike could be as much as for a high powered car...

Went down on my big bike at maybe 10km/h on a muddy road.

About 50k repair bill, 10k my deductible, 40k for the insurance company.

If I had to pay a few thousand baht out of my own pocket for a plastic part that got some minor scratches, I would not have replaced it, but since everything over 10k was paid for by the insurance anyway, I had them replace every bit that got a scratch, I guess others think the same way.

With a car you usually don't incur such a high repair bill so easily. With a car they would also have dents, scratches etc. patched up, instead of replacing the whole part for a new one.

[Kwasaki]

43 minutes ago, alextrat1966 said:

I thought it had a lot to do with the displacement, at least for cars.... 

Resell value. 

[alextrat1966]

1 minute ago, Kwasaki said:

Resell value. 

Even then, I'd highly doubt there's many bikes of that value. 

 

I find @FriendlyFarang's explanation much more convincing! That does make a lot of sense!

[Etaoin Shrdlu]

You should ask Roojai about the increase. 

 

Usually most of the premium for first class insurance goes towards the own damage portion of cover. Premium for this is usually determined by applying a rate against the market value or depreciated value of the vehicle. Each year the value decreases and so should the premium unless there are other factors in play such as claims. 

 

You can also ask a different broker for alternative quotes. You might want to look for one that works with several insurers and not one that states that they are "partnered" with any specific insurer.

[Kwasaki]

18 minutes ago, alextrat1966 said:

Even then, I'd highly doubt there's many bikes of that value. 

 

I find @FriendlyFarang's explanation much more convincing! That does make a lot of sense!

GS, S1000, CBR1000RR SP. 

Unless your car is new. 

[alextrat1966]

11 minutes ago, Kwasaki said:

GS, S1000, CBR1000RR SP. 

Unless your car is new. 

800,000 THB, a bit far ????

[Kwasaki]

48 minutes ago, alextrat1966 said:

800,000 THB, a bit far ????

Dunno where you insure I'm with Roojai and pay 8,500 baht a year by an arranged 10 monthly instalments plan which includes CTPL. 

I volunteer a 10,000 baht excess payment if it's my fault.

My truck is covered for 495,000 baht.

[alextrat1966]

20 minutes ago, Kwasaki said:

Dunno where you insure I'm with Roojai and pay 8,500 baht a year by an arranged 10 monthly instalments plan which includes CTPL. 

I volunteer a 10,000 baht excess payment if it's my fault.

My truck is covered for 495,000 baht.

I insure with Dhipaya, but mind you it’s 2+ and not First Class insurance. (because the car is an import from Japan) 

 

Still, it covers the value of the car, short of a few hundred thousands Baht which I don’t think I’ll ever cause that much damage.

 

 

[seedy]

Forza 2014 First Class MSIG

2021 - 5102 THB

2022 - 4849 THB

 

[MartinL]

Continuing from OP:-

 

Increase in Third Party Liability and Own Damage was 5% - that's fine and no complaint there.

 

20% NCD had been applied correctly.

 

The BIG increase in premium was in the Additional Coverage category - medical expenses, loss of life, BAIL BOND etc. Here, the BB had increased from 610,000 THB to 1,070,000 THB without my asking or wanting it while medical etc. payouts remained the same. This part of the premium rose from 3,488 THB to 5,814 THB - a 67% increase!! 

 

Overall premium increase 30%.

 

Maybe stupidly, I assumed the BB was a small part of the overall premium for Additional Coverage but it appears it's the major element.

 

Why is a Bail Bond of 1,070,000 necessary anyway? My car insurance, renewed with Roojai only a couple of weeks ago, has a Bail Bond of 300,000 THB. That should be enough.

 

That’s my next question to them.

[nahkit]

26 minutes ago, MartinL said:

Continuing from OP:-

 

Increase in Third Party Liability and Own Damage was 5% - that's fine and no complaint there.

 

20% NCD had been applied correctly.

 

The BIG increase in premium was in the Additional Coverage category - medical expenses, loss of life, BAIL BOND etc. Here, the BB had increased from 610,000 THB to 1,070,000 THB without my asking or wanting it while medical etc. payouts remained the same. This part of the premium rose from 3,488 THB to 5,814 THB - a 67% increase!! 

 

Overall premium increase 30%.

 

Maybe stupidly, I assumed the BB was a small part of the overall premium for Additional Coverage but it appears it's the major element.

 

Why is a Bail Bond of 1,070,000 necessary anyway? My car insurance, renewed with Roojai only a couple of weeks ago, has a Bail Bond of 300,000 THB. That should be enough.

 

That’s my next question to them.

I had a similar experience with Rooojai, albeit with a car rather than a bike. My premiums went up two years running although I'd had no claims and my no-claim discount had risen. In both cases it was because they had increased or added things I hadn't asked for. 

 

They seem to have a different interpretation of what "renewal" means - for me it means same coverage as the previous year, to them it seems to be seen as an opportunity to bump your premium up.