Car Owners Must Have Personal Insurance?

[stevenl]

My finance company did not request life insurance.

They don't because there is no need. They have the car in possession, which is (nearly) always valued higher than the remaining finance amount.

[NanLaew]

My finance company did not request life insurance.

They don't because there is no need. They have the car in possession, which is (nearly) always valued higher than the remaining finance amount.

I agree with you 100% as a purchaser of a couple of cars in my name it is also my experience. The car is the security.

To be absolutely correct, they do not have the car in their possession. They have the title for the car in their possession which makes the car unsalable by the 'owner'.

However, if a used car is being refinanced? By a Thai? Who is not working or self employed but married to a foreigner who of course cannot co-sign anything but is the acknowledged source of the cash? As some sort of security for the finance company?

The OP hasn't clarified the actual vehicle ownership status in their case.

[stevenl]

My finance company did not request life insurance.

They don't because there is no need. They have the car in possession, which is (nearly) always valued higher than the remaining finance amount.

I agree with you 100% as a purchaser of a couple of cars in my name it is also my experience. The car is the security.

To be absolutely correct, they do not have the car in their possession. They have the title for the car in their possession which makes the car unsalable by the 'owner'.

However, if a used car is being refinanced? By a Thai? Who is not working or self employed but married to a foreigner who of course cannot co-sign anything but is the acknowledged source of the cash? As some sort of security for the finance company?

The OP hasn't clarified the actual vehicle ownership status in their case.

Same situation, the car is worth more than the finance amount.

[mrtoad]

If the OP's car is still on finance, the loan company will want the lien holder to take out life insurance.

If the car is bought and paid for already (owner possesses the blue book) and the government por ror bor insurance had aleady been paid in addition to the first class insurance, then the insurance salesman is talking <deleted>.

Naw, he is simply talking <deleted>.

My post should have read "the loan company MAY want the lien holder to take out life insurance."

Based on personal experience.

Nothing whatsoever to do with <deleted>.

Not sure it is compulsory, but I pay a small amount for life insurance in addition to car payments.

[NanLaew]

If the OP's car is still on finance, the loan company will want the lien holder to take out life insurance.

If the car is bought and paid for already (owner possesses the blue book) and the government por ror bor insurance had aleady been paid in addition to the first class insurance, then the insurance salesman is talking <deleted>.

Naw, he is simply talking <deleted>.

My post should have read "the loan company MAY want the lien holder to take out life insurance."

Based on personal experience.

Nothing whatsoever to do with <deleted>.

Not sure it is compulsory, but I pay a small amount for life insurance in addition to car payments.

Noted, thanks. So my friend (his wife rather) is not alone in this situation.

May I ask if the car note is in your name or a Thai partners?

[stevenl]

My post should have read "the loan company MAY want the lien holder to take out life insurance."

Based on personal experience.

Nothing whatsoever to do with <deleted>.

Not sure it is compulsory, but I pay a small amount for life insurance in addition to car payments.

Noted, thanks. So my friend (his wife rather) is not alone in this situation.

May I ask if the car note is in your name or a Thai partners?

And in addition to this question, is the insurance company the same as the finance company? Which company for car and life insurance?

[NanLaew]

Not sure it is compulsory, but I pay a small amount for life insurance in addition to car payments.

Noted, thanks. So my friend (his wife rather) is not alone in this situation.

May I ask if the car note is in your name or a Thai partners?

And in addition to this question, is the insurance company the same as the finance company? Which company for car and life insurance?

Good question.

Caught my mate online and asked him. He says his wife's car refinance company is Thanachart and they used their own insurance division for the additional personal insurance. It's around 5000 baht one-time premium and the policy covers the period of the loan, not annual. Not a huge amount in the grand scheme of things.

[mrtoad]

If the OP's car is still on finance, the loan company will want the lien holder to take out life insurance.If the car is bought and paid for already (owner possesses the blue book) and the government por ror bor insurance had aleady been paid in addition to the first class insurance, then the insurance salesman is talking <deleted>.

Naw, he is simply talking <deleted>.

My post should have read "the loan company MAY want the lien holder to take out life insurance." Based on personal experience. Nothing whatsoever to do with <deleted>.

Not sure it is compulsory, but I pay a small amount for life insurance in addition to car payments.

Noted, thanks. So my friend (his wife rather) is not alone in this situation.May I ask if the car note is in your name or a Thai partners?

Car note is in my name, my finance is through Kittikarin Bank as is the life insurance. My other Insurance is through AsiaLife or something, the previous owner of the car sorted everything out for me.

[mrtoad]

Not sure it is compulsory, but I pay a small amount for life insurance in addition to car payments.

Noted, thanks. So my friend (his wife rather) is not alone in this situation.

May I ask if the car note is in your name or a Thai partners?

And in addition to this question, is the insurance company the same as the finance company? Which company for car and life insurance?

Good question.

Caught my mate online and asked him. He says his wife's car refinance company is Thanachart and they used their own insurance division for the additional personal insurance. It's around 5000 baht one-time premium and the policy covers the period of the loan, not annual. Not a huge amount in the grand scheme of things.

Yep, thats about right.