Car Insurance Thru Banks

[sam6345]

Sharing my recent experience at buying car insurance for my 1 year old Toyota Vios. I was on the look out for something in between 1st class and 3rd class insurance. Came across a pretty good deal per attached link from Siam Commercial Bank. This was a fixed 7,000 baht offer that was too good to pass so I visited their local branch here in Chiang mai where I have my bank account and home mortgage and sealed the deal today.

I paid 7000 for the voluntary insurance and 645 for the compulsory CTPL.

I got:

CTPL +

1 million/person, max 10 million per accident 3rd party coverage +

1 million/accident - property 3rd party coverage +

100,000 damage coverage for my car +

100,000 medical per occupant of my car upto 5 +

No deductibles +

No fixed drivers +

Road assistance +

24 hour English speaking claim call center +

200,000 bail bond

link:

http://www.scb.co.th/en/pnb/pnb_isr_nli_car3p.shtml

Also check out other banks offering the same like krungthai panich .... etc.

It seems like a buyers market for now.

Btw, SCB quoted 13,967 for 1st class insurance (non Toyota garage) for my 1 year old vios.

cheers!

[junkofdavid2]

Nice information! Insurance is necessary for all automoboiles. For home security wireless camera is best choice. Check this site for more detail. wirelesscctvsystem.co.uk

I smell ham cooking... oops! I mean SPAM!

Update: Seems spam post has been deleted...

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[JoePai]

Nothing special here as the 2 + 1 you mentioned is available from many insurance companies and I feel it would be very silly to deal with a bank when this sort of insurance is available elsewhere.

Have you thought what would happen if you had a claim and needed help ? Forget the bank, better to go via a Broker and save money in the long run.

[junkofdavid2]

Nothing special here as the 2 + 1 you mentioned is available from many insurance companies and I feel it would be very silly to deal with a bank when this sort of insurance is available elsewhere.

Moreover, I think that 100,000 baht damage insurance for your almost brand-new 1-year old car is grossly insufficient. If just one of those many crazy green buses rams you from behind, that ain't gona cover the parts; and you'll have to be content with a cheap body shop hammering the crushed metal back into place and putting cheap paint which is a noticeably different color tone from the brand-new original paint. For an older car, that's fine; but for a brand-new one??

Also, what you got is the 3rd class (or rather, 3+1) which your opening post suggests you wanted to avoid (not even 2+1 as suggested by Joe above ) because it doesn't seem to include fire and theft (which, in Thailand, is separate from the damage insurance).

Anyway, thanks for the info. I have an older car, so at least I know of an alternative when the insurance company doesn't want to renew my 2+1 anymore because of age.

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[sam6345]

In a nutshell, what is special about these offers is that they are clearly defined and published to the public (including rates in most cases) thereby eliminating the need for getting multiple quotes and then having the provider explain things to you by going back and forth Or alternatively going by what some appointed "expert" suggests you buy.

Personally I like to shop around and try and get a good deal for my money. I did compare rates and services I got from a few brokers/providers and found SCB's rates and offerings to be very competitive which led to me decision.

Trusting a particular financial services provider in my opinion is based on your personal experiences with that provider or their reputation so this is subjective. Mine was based on a mix of both. I wouldn't call that silly.

On a lighter note I am thankful we don't have any green buses or for that matter any local buses in Chiang Mai.

And finally how much to insure a particular product depends on a variety of factors i.e its value to the user, usage, user skills and environment. Again pretty subjective and not something that could be standardized.

Adding the bottom 3rd class car insurance offer link which is what I wanted to avoid:

http://www.scb.co.th/en/pnb/pnb_isr_nli_car3.shtml