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Motorcycle Insurance Question...

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About a month ago I bought my wife a new motorbike. Today my wife received not only a email from the store where we bought the motorbike about signing up for theft and accident insurance but when we did not answer a few hours later she received a phone call asking her to do so... The rate was 1,000 baht per month and if the bike was stolen she would get 65,000 baht, we paid 72,000 bought for the bike... It also included accident coverage.

 

I told her to let me do some research which basically means I will ask friends their opinion and also post asking for advice here... I'm not a big fan of insurance to begin with and I don't think any of my friends have coverage... To top that off I don't appreciate what seems to high pressure sales... My question is does anyone here have motorcycle insurance and/or your thoughts about this... tia larry and pla...

Sounds like poor value to me. 12k pa for 65k benefit!

 

I would have thought 3-5k is more reasonable.

12 minutes ago, noobexpat said:

Sounds like poor value to me. 12k pa for 65k benefit!

 

I would have thought 3-5k is more reasonable.

 

18 minutes ago, AcuDoc said:

About a month ago I bought my wife a new motorbike. Today my wife received not only a email from the store where we bought the motorbike about signing up for theft and accident insurance but when we did not answer a few hours later she received a phone call asking her to do so... The rate was 1,000 baht per month and if the bike was stolen she would get 65,000 baht, we paid 72,000 bought for the bike... It also included accident coverage.

 

I told her to let me do some research which basically means I will ask friends their opinion and also post asking for advice here... I'm not a big fan of insurance to begin with and I don't think any of my friends have coverage... To top that off I don't appreciate what seems to high pressure sales... My question is does anyone here have motorcycle insurance and/or your thoughts about this... tia larry and pla...

Sounds like a silly A$$ price, as I think that's about the same price as our BEV car insurance (MG ZS).  We don't even have extra ins. on our MC, just the mandatory 3rd party ~700 baht a year coverage.

 

Just asked a quote from Roojai, honda 350cc, 30 yr old female, live BKK, 0 deductible, and <5200 THB

Dealers always try to force buyers into getting the theft insurance, it's garbage, say no and just arrange 1st class insurance yourself. Online Roojai or a broker such as AA

I recall having 'theft' insurance' as an add on to first class insurance for my previous motorcycle Motorcycle (350cc-er) a few years back (which also was in addition to the compulsory Por-ror-bor).

 

I recall it was about 1000 baht for the year - and would pay out about 80% of the value of the bike or something close - I'm not sure if it was any good, I didn't look too deeply into it. 

 

12,000 baht per year ??? you are getting ripped off or there is a misunderstanding - there is no way theft insurance is that high.

 

Now that the Motorcycle is only worth about 150,000 baht - it just has regular Por-ror-bor...  (and I keep forgetting to tax it each year which is bad enough !)

 

Rates for auto and motorcycle insurance are controlled by the OIC and insurers are required to use rates that have been approved by the OIC.

 

There's no way that a motorcycle valued at baht 72k or 65k would attract an annual premium of 12k baht using approved insurance rates. 

 

Either there has been an error in communication or the dealer is trying something on.

 

I think you would be well-served by having proper insurance, including theft, but use a reputable insurance broker to get quotes. The mandatory Por Ror Bor isn't adequate.

 

 

 

 

 

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