Insurance; 1St Class Or Decent Coverage?

[FLHR]

Howdy all,

I've been researching 1st class insurance for my bike and am a little confused. From other threads I read here & a few companies I spoke with you can't get 1st class insurance on a bike over five years old. Does anyone know of a company that offers 1st class on an older bike? I have an 02 Harley (book says 05 & I pay taxes for an 05) so guess it's classified as 8 years old. If 1st class is not an option for me what would you recommend as a good coverage alternative?

I live near Chiang Mai & have spoken to AA. They could only offer 3rd class Ins at B2,466. I see from other threads here Asia Ins offers the same coverage for B1,699. I'm waiting to hear back from Viriya Ins. If I can only get 3rd class, of course I'm taking the more reasonable rate; however, I sure would feel better having some decent coverage if possible. Appreciate any past experience/knowledge you all may have on the subject!

Thanks!

Edited January 26, 2013 by FLHR

[mania]

I don't know but have also wondered even about the lack of decent coverage on a new bike

with 1st class insurance.

They never even cover the full price or replacement cost.

In my case they are about 30-40k short even if the bike is only a day old & gets totaled or stolen.

Makes me wonder if you can buy a bunch of additional smaller policies?

Same in your case I wonder if you can have multiple coverage?

at least that way get something back closer to your loss if needed.

[YipYipYa123]

I doubt you would be able to claim from multiple insurance companies for a totalled bike, if you could the fraud potential would be off the charts and people could '' lose '' their bikes just to make a profit

[mania]

I guess that is true when I thought about it in that light.

Too bad you cannot at least get a 2nd policy to make up the deficit

the first policy does not want to cover.

When they first told me the day I bought mine for roughly 170k

with the 1st class insurance registration etc. that it was basically covered for 140k

I thought wow! Not exactly as I remember insurance being in the US

Of course I hope to never need it

[karlos]

Try this one for size, riding out of a Kawasaki dealership with their best insurance deal

265,000Baht bike...... Max pay out 180,000Baht!!!

Second time around I took the time to phone 10's of companies and i found one willing to cover the bike for 210,000, which isn’t too far from it's true secondhand value now.

To the OP, take your time and phone around, have a Thai friend phone for you would be your best bet, as i was fobbed off many times with lame excuses to hide the fact no one was prepared/able to talk to a farang

Edited January 28, 2013 by karlos

[YipYipYa123]

even worse if you buy a new versys for 310,000thb

if it goes missing the next day the max payout is 180k minus 5k deductable so 175k towards your replacement bike

i dont know how they can call that 1st class insurance but they can

[mania]

Good night another reason not to buy

that Panigale when I win the Thai Lottery

Edited January 28, 2013 by mania

[karlos]

even worse if you buy a new versys for 310,000thb

if it goes missing the next day the max payout is 180k minus 5k deductable so 175k towards your replacement bike

i dont know how they can call that 1st class insurance but they can

I forgot about the price hike with this new tax, lucky for me the resale has gone up a little on my bike, as I bought my 2012 model in Dec 2011..... (wishful thinking)

I honestly wouldn't mind paying and extra 5-10k if the full value of the bike was covered, but it's hard to find a company that will do so, or even get close

I had one company offer me cover upto 400,000baht for 24,000Baht per year. Hmmmmm ‘upto’ hmmmmmmmmmm!! Does that mean I will get what the insurance company thinks it’s worth or the full 400,000baht? If should have gone for that policy, as I could make a profit if I crash the bike….. lol

[FLHR]

Thanks for the feedback! I am having the wife help with language barriers, as suggested. Also sent my info to Peter at AA as suggested through pm (waiting for reply). Seems many companies wont do bikes at all. Including where we have the truck & car insured. Some may do bikes under five years old. ThaiSri will do bikes under 10 years old at a heavy price, large deductibles & marginal coverage. One company actually told me if we insured our vehicles & home with them they would consider the bike.

No doubt, this is challenging. I'll be calling some friends down south for info and at the end of this, If I come up with any extraordinary results, they'll be posted for reference.

Thanks!

[mania]

Thanks for the feedback! I am having the wife help with language barriers, as suggested. Also sent my info to Peter at AA as suggested through pm (waiting for reply). Seems many companies wont do bikes at all. Including where we have the truck & car insured. Some may do bikes under five years old. ThaiSri will do bikes under 10 years old at a heavy price, large deductibles & marginal coverage. One company actually told me if we insured our vehicles & home with them they would consider the bike.

No doubt, this is challenging. I'll be calling some friends down south for info and at the end of this, If I come up with any extraordinary results, they'll be posted for reference.

Thanks!

I have found MSIG to be very good so far

When I called them to ask for a copy of my policy asap

as you don't usually get it with the bike they connected me with

a helpful woman who spoke English very well. She made a scan

& emailed it within 10 minutes

I bought MSIG also because Kawasaki Chiangmai said they have an office here in CM

and that they handled claims quickly

Edited January 29, 2013 by mania

[karlos]

Thaisiri covered my bike for the first year, 13,000baht firstclass to cover my 2012 N650 (Payout of just 180,000).....

Second time around i went with http://www.mittare.com

[Garry]

I am with AA Insurance Brokers with my 2005 Ducati 999S. My 3rd year with them managing my insurance needs. The current insurance company is Nam Seng Insurance PLC.

Full premium (agreed value) return coverage fire / theft / damage, less 10,000 baht deductable, Premum CTPL

Actually, I just renewed my insurance today: 18,113 Baht

Voluntary: 17,467

CTPL: 646

Edited January 30, 2013 by Garry

[FLHR]

Thanks again for the info. A couple of the companies mentioned above said they don't do bikes (maybe they have arrangements through dealerships or I spoke to misinformed reps). For the Harley I've found that Peter (AA) provides the best coverage. I also found a couple other user friendly brokers with decent coverage if anyone's interested.

Wana or Jack Levy Tooie (also in Pattaya)

MLG Consulting Service Co., Ltd. 081-152-5557

63/14-15 Moo 10, South Pattaya Rd.,

Nongprue, Banglamung

Chonburi 20150

Phone: 038 427 904-5

All in all, it seems we have to pay big for coverage compared to our native lands. Ride safe!!!

[YipYipYa123]

even worse if you buy a new versys for 310,000thb

if it goes missing the next day the max payout is 180k minus 5k deductable so 175k towards your replacement bike

i dont know how they can call that 1st class insurance but they can

I forgot about the price hike with this new tax, lucky for me the resale has gone up a little on my bike, as I bought my 2012 model in Dec 2011..... (wishful thinking)

I honestly wouldn't mind paying and extra 5-10k if the full value of the bike was covered, but it's hard to find a company that will do so, or even get close

I had one company offer me cover upto 400,000baht for 24,000Baht per year. Hmmmmm ‘upto’ hmmmmmmmmmm!! Does that mean I will get what the insurance company thinks it’s worth or the full 400,000baht? If should have gone for that policy, as I could make a profit if I crash the bike….. lol

If you could prove you had modified your bike with expensive parts up to the agreed value they might pay it out on a theft

Probably they would want to see receipts for every Baht right up to the total 400k and maybe take a bit off for depreciation