What happen to the insurance when selling the car

[richard_smith237]

3 minutes ago, KannikaP said:

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

 

What NCB ???....     people may get discounts for not having a claim, but its not quite executed in the same manner that it is in the West (i.e. UK).

 

Thus: Here - The car & insurance get transfered to the new owner and thats that. 

If their renewal policy will depend on the insurer and them.

 

Insurance us much cheaper here than it is the West (well, UK at least)

 

 

One point to note:  - the difference in Insurance of EV's vs ICE's (when refering to 1st class policies)

 

With ICE's

There are two potential options: a) Any driver (the norm) / b) named driver(s) not so common but some people do this and bring down the Premium. 

 

With EV's

ONLY named driver policies are permitted (with up to a Max of 5 drivers) - this is a fairly recent law brought in around this time last year.

 

So, be careful if buying an EV because the insurance will not automatically transfer to you along with the car (as these are named policies - also check that the policy on an ICE is not a named driver policy).

[khunPer]

On 10/12/2024 at 7:46 AM, 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. 

I've just checked the question with my own first-class insurance issuer, as I'm planning to transfer my car to another owner. Insurance follows car and owner's name. If you sell the car, the insurance will still be in your name. The new owner needs to start a fresh insurance in own name.

[JoePai]

2 hours ago, KannikaP said:

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

Yes, they 'take over the policy' - remember the policy is on the vehicle in Thailand not the owner as in many other countries

[KannikaP]

1 minute ago, JoePai said:

Yes, they 'take over the policy' - remember the policy is on the vehicle in Thailand not the owner as in many other countries

So do you lose the NCB on a new policy/car, pathetic as it is, if the new owner has a claim on your old one.

[richard_smith237]

8 minutes ago, KannikaP said:

10 minutes ago, JoePai said:

Yes, they 'take over the policy' - remember the policy is on the vehicle in Thailand not the owner as in many other countries

So do you lose the NCB on a new policy/car, pathetic as it is, if the new owner has a claim on your old one.

 

The policy will have transfered across to the new owner, so no longer in your name - thus, I assume not.

 

11 minutes ago, JoePai said:

Yes, they 'take over the policy' - remember the policy is on the vehicle in Thailand not the owner as in many other countries

 

And... thats not completely true.

 

- With an EV, you have to have a 'named drivers' policy (there is no other option - recent laws)

- With an ICE, you have the choice to have a 'named drivers' policy or an 'any driver' policy.

[richard_smith237]

1 hour ago, khunPer said:

I've just checked the question with my own first-class insurance issuer, as I'm planning to transfer my car to another owner. Insurance follows car and owner's name. If you sell the car, the insurance will still be in your name. The new owner needs to start a fresh insurance in own name.

 

Not completely true - your existing 1st Class policy can be transfered across to the new owner if the policy is an 'any driver' policy. 

 

i.e. you have 6 months remaining on your 1st Class, any driver Policy, you and the new owner notifies the insurance company the the 'policy owner' (name of the policy holder) has changed, the insurance policy then remains on the car for the remaining duration, but maybe classed as a 'fresh policy' for the remaining 6 months.

 

 

[JoePai]

6 minutes ago, richard_smith237 said:

 

The policy will have transfered across to the new owner, so no longer in your name - thus, I assume not.

 

 

And... thats not completely true.

 

- With an EV, you have to have a 'named drivers' policy (there is no other option - recent laws)

- With an ICE, you have the choice to have a 'named drivers' policy or an 'any driver' policy.

Does not matter what powers the vehicle, the policy is with the vehicle so when you sell (any) vehicle you can pass on the balance of the policy to the new owner - or cash it in

[JoePai]

5 minutes ago, richard_smith237 said:

 

Not completely true - your existing 1st Class policy can be transfered across to the new owner if the policy is an 'any driver' policy. 

 

i.e. you have 6 months remaining on your 1st Class, any driver Policy, you and the new owner notifies the insurance company the the 'policy owner' (name of the policy holder) has changed, the insurance policy then remains on the car for the remaining duration, but maybe classed as a 'fresh policy' for the remaining 6 months.

 

 

No not a 'fresh policy, the same one, the only thing that will have change is the name on the policy- thus the 'new' policy holder retains the NCB should they wish to renew when the policy expires

[richard_smith237]

3 minutes ago, JoePai said:

Does not matter what powers the vehicle, the policy is with the vehicle so when you sell (any) vehicle you can pass on the balance of the policy to the new owner - or cash it in

 

Agree with that - but it 'does matter what powers the vehicle' from a named driver perspective. 

 

If you sell an ICE that connected to an any driver policy, that policy can be passed on and the name of the policy holder updated, the policy can remain an any driver policy.

 

EV's have to be on a named driver policy, so the policy holder and the *named drivers also have to be switched over / updated.

 

 

*This may not matter to some, but for others, who's wives drive etc... they have to ensure their wife and perhaps other family members are added to the policy (up to a max of 5 named drivers).

 

 

 

 

 

 

 

[richard_smith237]

6 minutes ago, JoePai said:

No not a 'fresh policy, the same one, the only thing that will have change is the name on the policy- thus the 'new' policy holder retains the NCB should they wish to renew when the policy expires

 

Agreed... the same policy carries over under a new policy holder (as if its a 'fresh policy' as in the previous policy holder is released from anything previously binding). 

 

Come renewal time - I'm not sure how any NCB will be applied... as no claims bonuses seem not to be a thing here as they are in the West (probably because insurance is so much cheaper).

 

 

 

 

 

[khunPer]

2 hours ago, richard_smith237 said:

 

Not completely true - your existing 1st Class policy can be transfered across to the new owner if the policy is an 'any driver' policy. 

 

i.e. you have 6 months remaining on your 1st Class, any driver Policy, you and the new owner notifies the insurance company the the 'policy owner' (name of the policy holder) has changed, the insurance policy then remains on the car for the remaining duration, but maybe classed as a 'fresh policy' for the remaining 6 months.

I have "any driver" insurance. As I said, the insurance follows the car, but not in the new owner's name.

[richard_smith237]

2 hours ago, khunPer said:

I have "any driver" insurance. As I said, the insurance follows the car, but not in the new owner's name.

 

So..  You buy a second hand car that has 6 months remaining insurance; an 'any driver' policy. 

For that remaining 6 months the insurance policy is in someone else's name (previous owner), not the current registered owner of the car (now you)....     

.....  you don't bother informing the insurance company so they can put your name on the insurance policy ?

 

I can see how that works with an 'any driver' policy - but whenever I've sold a car (6 or 7 times now)... we always inform the insurance company of the change of ownership of the vehicle (I'm not sure if thats a legal requirement though).

 

 

[Middle Aged Grouch]

I would first cancel all insurance on the vehicle and only then sell it. I dont trust any new buyer to do the job and cancel etc.

[khunPer]

16 minutes ago, richard_smith237 said:

 

So..  You buy a second hand car that has 6 months remaining insurance; an 'any driver' policy. 

For that remaining 6 months the insurance policy is in someone else's name (previous owner), not the current registered owner of the car (now you)....     

.....  you don't bother informing the insurance company so they can put your name on the insurance policy ?

 

I can see how that works with an 'any driver' policy - but whenever I've sold a car (6 or 7 times now)... we always inform the insurance company of the change of ownership of the vehicle (I'm not sure if thats a legal requirement though).

 

 

That is not, what I said. I said that I was informed that the insurance follows the car, but cannot change owner of the insurance. And initially I also said: "The new owner needs to start a fresh insurance in own name."

[richard_smith237]

Just now, khunPer said:

That is not, what I said. I said that I was informed that the insurance follows the car, but cannot change owner of the insurance. And initially I also said: "The new owner needs to start a fresh insurance in own name."

 

OK - up to you...   perhaps take your advice from someone else in future - the were incorrect.

 

Roojai is a well known insurance company here - many forum members use this company according to previous threads. 

 

https://www.roojai.com/en/article/insurance-tips/how-to-transfer-car/

 

[KhaoNiaw]

24 minutes ago, richard_smith237 said:

 

OK - up to you...   perhaps take your advice from someone else in future - the were incorrect.

 

Roojai is a well known insurance company here - many forum members use this company according to previous threads. 

 

 

I recently tried to inform DirectAsia via their call centre that my car had gone to a new owner and ask how to proceed with the name change. This was an unnamed driver policy and I was happy for it to go with the car, about 6 months left. Answer was that they didn't want anything, didn't need to know and wouldn't be changing the name. 

[richard_smith237]

20 minutes ago, KhaoNiaw said:

 

I recently tried to inform DirectAsia via their call centre that my car had gone to a new owner and ask how to proceed with the name change. This was an unnamed driver policy and I was happy for it to go with the car, about 6 months left. Answer was that they didn't want anything, didn't need to know and wouldn't be changing the name. 

 

Interesting - that just shows how our mileage varies here and there are no hard and fast rules.

I've always contacted the insurance company and given them the name and ID of the new owner (just to remove any liability that I 'could' have - I don't know what that would be, nevertheless, as I'm not driving the vehicle any longer, I didn't want any ties to it).

 

[rodney960]

Recently sold a car. Just advised Roojai the car was sold, and they did a pro-rata refund. Refund process took about 1 week to hit my account.

[khunPer]

17 hours ago, richard_smith237 said:

 

So..  You buy a second hand car that has 6 months remaining insurance; an 'any driver' policy. 

For that remaining 6 months the insurance policy is in someone else's name (previous owner), not the current registered owner of the car (now you)....     

.....  you don't bother informing the insurance company so they can put your name on the insurance policy ?

 

I can see how that works with an 'any driver' policy - but whenever I've sold a car (6 or 7 times now)... we always inform the insurance company of the change of ownership of the vehicle (I'm not sure if thats a legal requirement though).

 

 

Your are assuming. You cannot change the name of the insurance holder, which was my question to my insurance company and the answer I originally quoted. I wish to give my car to my girlfriend and transfer it to her name, as I'm soon buying a new car. What might happen in case of accident without a new insurance, I cannot speak about; but I started with a new first class insurance in my name, when I once bought a second hand car in Thailand.

[digbeth]

It'd be a mess if the new owner totals itgot killed too and the insurance payout under your name

 

normally the insurance would want the book transferred to them in case of total loss, which you can't if you've already transferred it to the new owner

 

best to cancel the insurance or transfer it