Auto Insurance

[Searat7]

In Thailand if one purchases a new vehicle and finances the purchase do the banks require that the individual have insurance to cover theft or collision ? Or is the buyer allowed to take a risk by just having the compulsory insurance ?

[prakhonchai nick]

In Thailand if one purchases a new vehicle and finances the purchase do the banks require that the individual have insurance to cover theft or collision ? Or is the buyer allowed to take a risk by just having the compulsory insurance ?

Normally if you have finance to buy a car or pick-up, the finance company will require Class 1 insurance, and THEY will arrange it and charge you. You have no say in the matter. However after the first year, they no longer insist on Class 1 insurance and it is then up to you to decide. they will offer renewal, but it is usually cheaper to shop around.

Don't think there is any insurance requirement for motorcycles bought on finance, other than the compulsory

[ignis]

Do/Did you have insurance already?

My truck was 4 years old last May + I had the max 50% No Claims Bonus discount, in changing the truck for another new one my Insurance Company started the new truck with 40% NCB

Here it is the vehicle that is insured, unlike the UK where it is the driver = the driver would take all his NCB to the next vehicle..

Do check around as I found out that some insurances Companies state 'new vehicle' = new insurance...

So found out that many people selling a car will use the NCB to have the vehicle touched up/repaired free before selling.

[prakhonchai nick]

After 1 year of having to insure my new car with the finance company's chosen insurer, the same company offered me renewal with no NCB. Even after discussing it with them they still refused to budge.

I had a 10 year old car with maximum NCB. The Insurer of this car at first refused to transfer the NCB to the new (now 1 year old ) car but after negotiation they did give me 40%. But other insurers I tried would give nothing

But of course this and the last post is somewhat irrelevant to the OP's initial question.

[ThaivisaInsurance]

In Thailand if one purchases a new vehicle and finances the purchase do the banks require that the individual have insurance to cover theft or collision ? Or is the buyer allowed to take a risk by just having the compulsory insurance ?

Sorry, you will be required to have 1st Class insurance.

[torrenova]

No-one cam to see us after year 1 finished. I don't know how they would know we even had insurance at all ?