Searat7 Posted February 8, 2009 Share Posted February 8, 2009 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 ? Link to comment Share on other sites More sharing options...
prakhonchai nick Posted February 9, 2009 Share Posted February 9, 2009 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 Link to comment Share on other sites More sharing options...
ignis Posted February 9, 2009 Share Posted February 9, 2009 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. Link to comment Share on other sites More sharing options...
prakhonchai nick Posted February 9, 2009 Share Posted February 9, 2009 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. Link to comment Share on other sites More sharing options...
ThaivisaInsurance Posted February 9, 2009 Share Posted February 9, 2009 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. Link to comment Share on other sites More sharing options...
torrenova Posted February 24, 2009 Share Posted February 24, 2009 No-one cam to see us after year 1 finished. I don't know how they would know we even had insurance at all ? Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now