Are car insurance rates going up? My discount went from 30% up to 40% for no accidnts and premium jumped 15%

[Longwood50]

I was kind of shocked.  I bought a new car last year and placed insurance through Roojai.  This year I got a notice of renewal and of course same coverage though the car is now 1 year old and worth less.  My "discount" for good driving went up to 40% since I have never had a claim.  Last year it was only 30%.  Despite that my premium jumped 15%  Are others seeing the same thing? 

[kokesaat]

My guess:  you had the max insurance discount on an older car.  You bought a new car, probably got first year free through the dealer.  When that year is up, you pay......based on a new car, not your older car.

Happened to me several years ago.

Edited August 7, 2022 by kokesaat
left out a word

[Kwasaki]

My 1st class annual  insurance cost with Roojai with 10,000 baht excess payment if my fault is 864 per month including CTPL paid over 10 months. 

[Mavideol]

I am having the same problem, car is 3 years old last year got the discount and extra bonus of 1 K baht to a total of 18,580 K for full coverage and no deductible.... just received the renewal notice, car is 1 extra year old, value of car dropped by 100 K, discount same as last year but premium went up by 2,5 K to a total of almost 23K year,  I am with LMG, maybe will try Viriyah but the agent told me that everything is going up 

[Kwasaki]

7 minutes ago, Mavideol said:

I am having the same problem, car is 3 years old last year got the discount and extra bonus of 1 K baht to a total of 18,580 K for full coverage and no deductible.... just received the renewal notice, car is 1 extra year old, value of car dropped by 100 K, discount same as last year but premium went up by 2,5 K to a total of almost 23K year,  I am with LMG, maybe will try Viriyah but the agent told me that everything is going up 

Try Roojai. ????????

[bkk6060]

?

Used car prices are way up all over the world.  In some cases a used car may be worth more then what was paid new.  Prices for such things as car parts are up big time and not always easy to obtain. And, anyone keep up on the vehicle accident and death rates here?  Some of the highest in the world so of course, they are going to raise the rates your chances of crashing are increased here.

[MartinL]

Had a similar experience earlier this year.

 

No real solution or justification from Roojai but it was still cheaper than the opposition.

 

[FriendlyFarang]

Noticed the same, asked Roojai, got this as answer from then:

"The center price which is controlled by the government is increased so it's affected every insurer in Thailand. "

[Etaoin Shrdlu]

40 minutes ago, FriendlyFarang said:

Noticed the same, asked Roojai, got this as answer from then:

"The center price which is controlled by the government is increased so it's affected every insurer in Thailand. "

The Office of the Insurance Commissioner does set out tariff rates for certain lines of insurance, including motor. It is quite possible that the OIC has revised tariff rates upwards recently, so Roojai is likely telling the truth.

 

In more advanced insurance markets, the regulator seeks to safeguard insurer solvency by requiring insurers to maintain certain solvency and capital adequacy ratios, but is more relaxed about what rates and premiums an insurer can charge. Thailand has historically sought to accomplish the same thing by enforcing pricing tariffs and has been rather lax about capital adequacy and solvency measures. While I think Thailand is shifting to the more modern approach, the OIC still publishes tariff rates to which insurers must adhere, although they can deviate from the tariff by giving approved discounts or levying surcharges.

[Longwood50]

On 8/7/2022 at 5:16 PM, kokesaat said:

My guess:  you had the max insurance discount on an older car.  You bought a new car, probably got first year free through the dealer.  When that year is up, you pay......based on a new car, not your older car.

Happened to me several years ago.

Nope, 

I bought a new car, opted to go direct for my insurance rather than through the dealer.  The dealer gave me a 20,000 baht discount not to take the insurance.