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Is 80% Cover The Maximum?


onnut

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I have recently purchased a new vehicle (Honda Accord) and was a little surprised to learn that my First Class insurance coverage only provides me with 80% of the cars “INSURED” value should it become a total loss write off (stolen, wrecked, burnt etc.).

As we all know, the “insured” value is always way below the vehicles resale value so there is a double-whammy with Thai insurers only giving 80% of a lowered vehicle value.

I remember from the UK there being something called “GAP” insurance which guaranteed the vehicles original invoice value over a 3-year period. It was purchased at the time of sale and whatever “insured” value was paid out during the 3-year period by the Fully Comprehensive (First Class equivalent) insurer was topped-up back to the vehicles original purchase price by the “GAP” Policy.

Does anyone know if this exists in Thailand please? I hate the thought of my car being worth about 30% less already!! :o

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The 80% 'rule' is quite usual in Thailand as the Insurance Companies reason that the vehicle depreciates during the policy period – this however is of no help if you write of the vehicle the day after you take it out of the showroom!

Insurances supplied by the Dealer with new cars are always low on (all) the coverage's because this is what the Dealer requests – maximizing their profits – and guess what, you still end up paying for it.

It is possible to obtain higher values than the 80% but you have to ask for it and pay a little more.

Please contact Thai Visa Insurance on renewal for a quotation.

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I appreciate the quick reply, but you have not answered my question.

I know I can ‘top up’ my general first class insurance to say 90% maximum, but this is still only 90% of the INSURED value, not the original purchase price. This was achievable with “GAP” insurance in the UK.

Do you know if “GAP” insurance is available here in Thailand please?

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I appreciate the quick reply, but you have not answered my question.

I know I can 'top up' my general first class insurance to say 90% maximum, but this is still only 90% of the INSURED value, not the original purchase price. This was achievable with "GAP" insurance in the UK.

Do you know if "GAP" insurance is available here in Thailand please?

Sorry, 'no' is the answer

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I appreciate the quick reply, but you have not answered my question.

I know I can 'top up' my general first class insurance to say 90% maximum, but this is still only 90% of the INSURED value, not the original purchase price. This was achievable with "GAP" insurance in the UK.

Do you know if "GAP" insurance is available here in Thailand please?

Sorry, 'no' is the answer

Actually, it is available. Underwritten by one of the largest insurance companies in the world too!

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I appreciate the quick reply, but you have not answered my question.

I know I can 'top up' my general first class insurance to say 90% maximum, but this is still only 90% of the INSURED value, not the original purchase price. This was achievable with "GAP" insurance in the UK.

Do you know if "GAP" insurance is available here in Thailand please?

Sorry, 'no' is the answer

Actually, it is available. Underwritten by one of the largest insurance companies in the world too!

Please say who the company is and we will ask for you.

Thank you

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  • 2 weeks later...

90% for sure and perhaps 95% of an agreed value is available.

All Thai insurance is <deleted> and not one person would buy any of it in the west.

After loads of these threads I wonder why people sign up for 80% and then moan about it. Why not do the talking before the signing ?

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