What happen to the insurance when selling the car

[CanNot]

Hello, 

I'm about to sell my car. I'm wondering what will happen to the existing compulsory and private first class insurance. 

Do I need to inform the insurance? I want to avoid something happen after I sold the car and my name is still involved. 

 

Looking forward for your advice. 

 

 

[JBChiangRai]

The insurance goes with the car, the insurance company would like to be notified, but it’s not mandatory.

[KannikaP]

15 minutes ago, JBChiangRai said:

The insurance goes with the car, the insurance company would like to be notified, but it’s not mandatory.

I think not. When I insured my car, I put four named drivers only. How can that be transferred to a new owner/drivers?

[KhaoNiaw]

3 minutes ago, KannikaP said:

I think not. When I insured my car, I put four named drivers only. How can that be transferred to a new owner/drivers?

 

It's transferred if the insurance is for unnamed drivers, though also following whatever conditions there may be regarding age.  It's not transferred if it's for named drivers. 

[KannikaP]

1 minute ago, KhaoNiaw said:

 

It's transferred if the insurance is for unnamed drivers, though also following whatever conditions there may be regarding age.  It's not transferred if it's for named drivers. 

So if I sell my car, the new owner will have my name and address still on the insurance policy? Crazy system. OK, the Por ra Bor can go with the car.

[JBChiangRai]

1 hour ago, KannikaP said:

I think not. When I insured my car, I put four named drivers only. How can that be transferred to a new owner/drivers?

You’re right, I was assuming any driver policies.  I may be wrong but I think named driver policies started with Roojai. I’ve never seen it offered until recently.

 

With named drivers you would need to tell the insurance company who may want an extra fee if they consider the risk increases or may even decline.

 

Roojai have offered to refund me in the past if I didn’t pass the insurance across to the car’s new owner.

[KannikaP]

3 hours ago, KhaoNiaw said:

 

It's transferred if the insurance is for unnamed drivers, though also following whatever conditions there may be regarding age.  It's not transferred if it's for named drivers. 

Really?

[JoePai]

20 hours ago, KannikaP said:

So if I sell my car, the new owner will have my name and address still on the insurance policy? Crazy system. OK, the Por ra Bor can go with the car.

No - for the voluntary Insurance you ask your insurance company to change the name/address to the new owner

You can also ask the insurance company to cancel the policy and return the remaining premium back to your bank 

[richard_smith237]

Answer:   There are two types of insurance. 

 

1) Por Ror Bor - (Compulsory insurance) - this follows the car (and usually the tax).

 

2) Private Insurance (i.e. 1st Class Insurance) - this can take varying forms

  - A: No named drivers, the insurance follows the cam

  - B: Named drivers, in which case insurance would have to be altered

 

 

It also depends if you want to 'get a refund' on the existing remains insurance. most people will not and will transfer the car with existing insurance and let the insurance company know of the transfer. 

 

 

 

[KannikaP]

1 hour ago, JoePai said:

No - for the voluntary Insurance you ask your insurance company to change the name/address to the new owner

You can also ask the insurance company to cancel the policy and return the remaining premium back to your bank 

Isn't that what I said?

[KannikaP]

1 hour ago, richard_smith237 said:

Answer:   There are two types of insurance. 

 

1) Por Ror Bor - (Compulsory insurance) - this follows the car (and usually the tax).

 

2) Private Insurance (i.e. 1st Class Insurance) - this can take varying forms

  - A: No named drivers, the insurance follows the cam

  - B: Named drivers, in which case insurance would have to be altered

 

 

It also depends if you want to 'get a refund' on the existing remains insurance. most people will not and will transfer the car with existing insurance and let the insurance company know of the transfer. 

 

 

 

So I insure my car for a year., and after 6 months decide to sell it. Are you saying that I let the new owner have 6 months insurance on my tab? No way with me, unless it is negotiated in the price.

[ravip]

Normally the insurance is on the policy owner, hence the no claim bonus which can be transferred on the new policy when you buy another car - on comprehensive policies only.

 

I am not 100% sure, if this is international.

 

Some more info

[JoePai]

6 minutes ago, ravip said:

Normally the insurance is on the policy owner, hence the no claim bonus which can be transferred on the new policy when you buy another car - on comprehensive policies only.

 

I am not 100% sure, if this is international.

In Thailand the insurance is on the vehicle so the NCB goes with the policy to the new owner

[JoePai]

20 minutes ago, KannikaP said:

Isn't that what I said?

No, you said quote : So if I sell my car, the new owner will have my name and address still on the insurance policy

 

... I said you change the name on the policy (to the new owner) or cancel it

[jeffandgop]

When we've sold our cars, we include the First Class insurance as an incentive for the buyer to purchase our vehicles.  To do this you need to notify your insurance carrier that you've sold the car and provide a copy of the new buyer(s) ID (& there may be additional docs) to your insurance carrier so they can send the new buyer a copy of the endorsed policy in their name.

[richard_smith237]

1 hour ago, KannikaP said:

So I insure my car for a year., and after 6 months decide to sell it. Are you saying that I let the new owner have 6 months insurance on my tab? No way with me, unless it is negotiated in the price.

 

As they say... "up to you"....   if you want to sell your car and you start getting pernickety and petty about the costs of insurance you may see potential buyers walk away....  

 

Are you going to charge more because the car has a fresh set of tyres ? Also has a dash-cam installed, has a full tank of fuel, has recently been taxed etc ?... 

 

When selling a car, if you are hitting within 50,000 baht of your target price (if you've priced well) then its a good sale.

 

In my time here I've sold on 6 cars - they all had remaining insurance, not once was insurance considered, other than letting the other party know the existing insurance expires in xx months etc.

 

 

 

 

[CanNot]

Just went to the dealer where I will buy the new car and will help me to sell the old one.

 

They told me the buyer will make a new insurance and the existing one will be canceled, I would get the money back for the remaining insurance time. 

[cjinchiangrai]

I just sold a bike and they are welcome to the insurance. Until it is tagged and titled, it is an exposure to me.

[richard_smith237]

11 minutes ago, CanNot said:

Just went to the dealer where I will buy the new car and will help me to sell the old one.

 

I'm sure they will...     They will give you 400,000 baht for your 600,000 baht car, then the staff will sell it themselves and try and make 150,000 baht profit on it.

 

 

11 minutes ago, CanNot said:

They told me the buyer will make a new insurance and the existing one will be canceled, I would get the money back for the remaining insurance time. 

 

IF purchasing 'through' the dealership then that 'can' be the case. 

IF purchasing directly from you, the insurance simple transfers across - its just a lot easier that way.

 

Usually, insurance is anywhere from 10,000 baht to 30,000 baht for normal cars.. so its not much considering the price of the car anyway.

 

When selling, you'll be negotiated against anyway... so you can factor that into the base price from the negotiation point if you want. 

 

BUT.. if you are going to let the dealer sell the car for you (or they give you a part exchange) - then you are going to lose over 100,000 baht... I'm not sure why 10,000 baht or so for the insurance would bother you.

 

 

If selling a car and listing it for 650,000 baht  (reasonable price)

A Dealer will offer about 450,000 baht.

A tent dealership will offer about 480,000 baht for the car.

 

Its ok to be prepared to negotiate and be brought down, but not by 25-30%.

 

Its better to give FB Market Place a go first and see if you can deal directly.

Yes, there are time wasters - but that comes with the territory unless prepared to let someone else Profit more than 100,000 baht because I can't be bothered to deal with facebook Market place - makes no sense to me. 

 

 

 

 

 

 

 

[richard_smith237]

22 minutes ago, CanNot said:

Just went to the dealer where I will buy the new car and will help me to sell the old one.

 

Also...  know the value of your car...

 

use https://www.one2car.com/en

 

Find your car on there, price it similarly / effectively and be prepared to drop about 10%

[couchpotato]

On 10/12/2024 at 1:39 PM, JBChiangRai said:

The insurance goes with the car, the insurance company would like to be notified, but it’s not mandatory.

Sorry you are wrong on this. The seller has 2 options.

1) Cancel his insurance (and possibly get a refund of the unused months). The buyer will then need to purchase his own insurance.

2) Take main policy to the Insurance Company/broker with the buyer/and or documents and just change the names (s) on the policy.

PS....The CPL compulsory insurance will stay with the car for next tax payment.

 

[JBChiangRai]

3 hours ago, couchpotato said:

Sorry you are wrong on this. The seller has 2 options.

1) Cancel his insurance (and possibly get a refund of the unused months). The buyer will then need to purchase his own insurance.

2) Take main policy to the Insurance Company/broker with the buyer/and or documents and just change the names (s) on the policy.

PS....The CPL compulsory insurance will stay with the car for next tax payment.

 

 

What you are saying is only true if the policy is named drivers.

 

If it's the more normal and abundant "any driver" policy then my reply was correct.

[LukKrueng]

On 10/12/2024 at 12:46 PM, CanNot said:

Hello, 

I'm about to sell my car. I'm wondering what will happen to the existing compulsory and private first class insurance. 

Do I need to inform the insurance? I want to avoid something happen after I sold the car and my name is still involved. 

 

Looking forward for your advice. 

 

 

The compulsory insurance stays with the car. The 1st class is up to you and what you agreed with the buyer. You can cancel it or just leave it.

[Celsius]

as someone else mentioned or, cancel and get some money back.

[KannikaP]

On 10/13/2024 at 12:30 PM, JoePai said:

In Thailand the insurance is on the vehicle so the NCB goes with the policy to the new owner

 

Meaning that I could go for 10 years without a claim, build up a full NCB, but must pay full premium on my next policy. And the new owner, who could have had multiple claims, gets MY NCB. No way Jose!

Is the insurance not in the name of the policy holder?

[KannikaP]

On 10/14/2024 at 10:37 AM, MikeandDow said:

read the post  revealed that more than a third  and do you expect news  articles to be 100% in Thailand think you are dreaming

In proper English please.

[JoePai]

1 hour ago, KannikaP said:

 

Meaning that I could go for 10 years without a claim, build up a full NCB, but must pay full premium on my next policy. And the new owner, who could have had multiple claims, gets MY NCB. No way Jose!

Is the insurance not in the name of the policy holder?

Meaning that I could go for 10 years without a claim, build up a full NCB, but must pay full premium on my next policy. And the new owner, who could have had multiple claims, gets MY NCB.

Correct - and yes the Policy is in the name of the Policy Holder - welcome to Thailand  😉

[KannikaP]

3 minutes ago, JoePai said:

Meaning that I could go for 10 years without a claim, build up a full NCB, but must pay full premium on my next policy. And the new owner, who could have had multiple claims, gets MY NCB.

Correct - and yes the Policy is in the name of the Policy Holder - welcome to Thailand  😉

So the NCB is in the name of the first policy holder (Me), who can then transfer it onto his new vehicle if he does not transfer it to the new owner?

[JoePai]

1 hour ago, KannikaP said:

So the NCB is in the name of the first policy holder (Me), who can then transfer it onto his new vehicle if he does not transfer it to the new owner?

Yes, you supply the insurance company the name of the new Owner, copy of Passport and phone number - the insurance company will take care of the rest

[KannikaP]

Just now, JoePai said:

Yes, you supply the insurance company the name of the new Owner, copy of Passport and phone number - the insurance company will take care of the rest

But does the new owner get the advantage of YOUR NCB?