When Do You Have To Pay Car Insurance Renewal

[sparkey]

Could you guys let me know when you pay for your car insurance renewal.

Our current insurance will end on the 8th of October. The missus has been touted for the renewal by 4 companies for about the last two months.

She's chosen to change from AA to Muang Thai (could be wrong spelling) as they're a couple of thousand cheaper for the the 1st class cover. I'm back in the UK so I'm leaving it up to her.

They're however saying that the premium needs to be paid this week or the car will not be insured by the 8th. I can't understand this but remember last year we paid a few weeks in advance.

Is this right? I would have thought paying the day before would be ok.

As it stands all my bill payments get transfered from the uk and arrive in the bank on the 1st of each month and I'm not sending any earlier than that. Shoul be plenty of time????

I can understand the amount might change as it's a new month but I don't think that's being made clear to the missus.

Would appreciate greatly what the deal is as I think the rep just wants his comission a month earler.

thanks in advance

Sparks

[lioness]

My Insurer rings me from Bangkok the day before it's due, I go into the local ofice the next working day and make the payment.

[ThaivisaInsurance]

Could you guys let me know when you pay for your car insurance renewal.

Our current insurance will end on the 8th of October. The missus has been touted for the renewal by 4 companies for about the last two months.

She's chosen to change from AA to Muang Thai (could be wrong spelling) as they're a couple of thousand cheaper for the the 1st class cover. I'm back in the UK so I'm leaving it up to her.

They're however saying that the premium needs to be paid this week or the car will not be insured by the 8th. I can't understand this but remember last year we paid a few weeks in advance.

Is this right? I would have thought paying the day before would be ok.

As it stands all my bill payments get transfered from the uk and arrive in the bank on the 1st of each month and I'm not sending any earlier than that. Shoul be plenty of time????

I can understand the amount might change as it's a new month but I don't think that's being made clear to the missus.

Would appreciate greatly what the deal is as I think the rep just wants his comission a month earler.

thanks in advance

Sparks

Interesting but a few points here.

Have you personally checked the benefits from your present company with the new one ? We can guarantee to be cheaper than (example) Muang Thai but would the coverage be the same

You are quite correct about not having to pay until the day you wished to be covered, but are you sure that is what the agent said to your wife – maybe a little lost in translation …………………. as you pointed out it may not have been made clear to your missus.

Lastly, it sounds as if she is trying to go direct(?). As has been pointed out before many times this is not a good idea – suggest if this new coverage/company you want, to try and find a Broker and go via them.

[ignis]

Is this right? I would have thought paying the day before would be ok.

When you go for the new road tax you will need to take the Insurance, the slip on the bottom will be kept and the road tax issued..

If the Insurance is done by post then paying the day before you will not get your policy in time, so yes is normal to pay about 3 weeks early so you have the policy to take to renew your road tax

Edit: people that bought the car/truck new do not have this problem..... If you buy new you get insurance before you take the car on red plates, the road tax is issued with the white number plates some weeks later, so the last day of insurance and last day or road tax are 3 or more weeks apart.

Edited September 12, 2009 by ignis

[JohnC]

What I think has happened here is that you(wife) has asked for a quote, these are only valid for thirty days therefore if she asked for the quote around four weeks ago then yes it has to be paid now to accept the quote. However she can also ask for a new quote which will be valid for the next thirty days and pay it nearer the time.

I got three quotes from different insurers and as the poster above points out you need to check the small print to ensure you are getting a like for like quote and not reduced cover as I found on some cheaper quotes.

Finally on the point on road tax, yes you need a valid insurance certificate but is your road tax due the same day as your insurance? My road tax is some four months after my insurance therefore I always have an in date insurance certificate when I renew it. It does take a week or two for the insurance policy to come through but my broker always gives me a cover note in case I need to produce evidence of insurance.

[bazmlb]

From our insurance Newsletter

There are two types of insurance for vehicles in Thailand; the Compulsory Third Party Liability (CTPL) and the Non-Compulsory i.e. voluntary (1st, 2nd and 3rd class insurance). Most people will use the agent to renew their CTPL when also renewing their vehicle registration, separate from the voluntary Insurance. While this may seem like the easier thing to do, it is not always the best as complications can occur if there is an accident and the Insurers are two different companies. There can be items contended by each company and dispute as to which company will cover which part of the claim. Having both types of insurance covered by one company will reduce or remove the potential for any complications in coverage.

[sparkey]

So paying the insurance a week before shouldn't be a problem??

I think we're just get a new quote from October.

Thanks for all the help.

sparks

[ThaivisaInsurance]

So paying the insurance a week before shouldn't be a problem??

I think we're just get a new quote from October.

Thanks for all the help.

sparks

No problem

TV Ins

[apetley]

Now here's a coincidence.

Went into my local insurance agency today as my insurance runs out Oct 5th.

They said that I can pay the renewal anytime up to the day before it runs out.

[ballbreaker]

So paying the insurance a week before shouldn't be a problem??

I think we're just get a new quote from October.

Thanks for all the help.

sparks

You can pay early no problem.

If you stay with same company and no claims the previous year you can usually get 10 percent discount on quoted premium.

Another way you can reduce insurance cost is limit the number of drivers who can drive vehicle. Normally anyone with a license is covered while driving car but we asked for insurance with wife and I as only drivers saving us 3000 baht a year for insurance. It also provides reason to refuse relatives and friends from wanting to borrow car since insurance would not cover car if they were driving.

Edited September 25, 2009 by ballbreaker

[Lopburi99]

Something of possible interest:

We have currently been on an especially tight budget and the 18,500 baht payment due next month stings a little. I have been told in Thailand car insurance is paid annually and monthly/ partial payments aren't offered, but just in case I asked the wife to call our sales lady at the Toyota dealer where we bought our car last October. She said she could arrange for us to pay 10,000 baht in Oct and the remainder in Nov.

Works for us! Split between two pension checks!

[ignis]

I have been told in Thailand car insurance is paid annually and monthly/ partial payments aren't offered

My Car and Pickup are with different Companies, both Companies offer a 5 monthly payment.... Car just over 12,000 [have full NCB] the pickup just over 17,000............. Car wanted 5,000 baht 1st payment the Pickup 7,000 baht and the rest paid in 4 payments with NO interest.. So why pay in full ?

[Lopburi99]

I have been told in Thailand car insurance is paid annually and monthly/ partial payments aren't offered

My Car and Pickup are with different Companies, both Companies offer a 5 monthly payment.... Car just over 12,000 [have full NCB] the pickup just over 17,000............. Car wanted 5,000 baht 1st payment the Pickup 7,000 baht and the rest paid in 4 payments with NO interest.. So why pay in full ?

That's good to know for next year, thanks ignis. This is another difficulty with the language barrier, often miscommunication and/or misinterpretation resulting in incorrect or inaccurate information for decision making. very frustrating!

[ignis]

I have been told in Thailand car insurance is paid annually and monthly/ partial payments aren't offered

My Car and Pickup are with different Companies, both Companies offer a 5 monthly payment.... Car just over 12,000 [have full NCB] the pickup just over 17,000............. Car wanted 5,000 baht 1st payment the Pickup 7,000 baht and the rest paid in 4 payments with NO interest.. So why pay in full ?

That's good to know for next year, thanks ignis. This is another difficulty with the language barrier, often miscommunication and/or misinterpretation resulting in incorrect or inaccurate information for decision making. very frustrating!

The other thing that appears incorrect or inaccurate information here is when you change your car... If you no not make a claim on your insurance and have the max No Claim here is 50%..... when you sell your car and buy another you DO NOT have to start again, your new car will start on 40% after the 1st year on your new car your back to 50%... So if you buy NEW and it has the 1st year Insurance Free, try to get a cash discount as to continue with you present insurance will be cheaper.. I got 20,000 baht cash back as I did not want the 'free' insurance [isuzu would have had to pay about 25,000 for the 1 years NEW insurance]

Edited September 25, 2009 by ignis

[clinique]

From my experienc emost Thai insurers have 3-5 month plans for payment of premiums - ask them (or have your wife / GF ask) not the dealer.