Car insurance, is it possible to change ins. co. for a car with finance?

[scandinavi]

We have car with "finance" ( = loan ). Loan and insurance are both from same company ( Thana.... something ). More than 60% is paid already.

Now we want to change insurance to other company. We will purchase the full coverage ( 1st class insurance ).

In the contracts we could not see clear statement if the insurance is locked to the finance company or not.

GF is calling to insurance companies and finance company to check.

The new insurance company offer slightly better coverage with lower yearly payments.

Have you changed insurance company for cars on finance? Was is it business as usual?

[stubuzz]

Yes, I changed my insurance company.

[JoePai]

You can change after the first year

[scandinavi]

Thanks for info.

That is nice. Now we can start to make the contract.

[scandinavi]

The old insurance company told that we can just stop paying and the contract automatically ends. According to the phone call no need any procedure to cut the contract.

[stevenl]

The old insurance company told that we can just stop paying and the contract automatically ends. According to the phone call no need any procedure to cut the contract.

On expiration date the contract ends. Don't try to end it by not paying on a different date, that will give you problems.

BTW, Tanachart the finance company may ask you for proof of insurance, they don't want to run the risk that their asset turns into nothing by an uninsured accident.

Edited July 18, 2014 by stevenl

[NoBrainer]

Some finance companies will charge you the commission that they lost when you don't buy from their specified company. It is usually in the 6%-15% range, and will be specified in the fine print of your Finance / Leasing agreement.

Others only make you purchase from their specified company for the first year. Normally claims will go smoother with the specified company, as they have a lot more to lose that a single policy, if they jerk you around.

Also you might try re-negotiating the price with the first company, maybe offer to lower the deductible a bit so they know they will not get any small claims etc. If they know that they might lose you to

another company, usually they will sharpen their pencil a bit and try to keep you.

If you have a history of claims, that is another story. The companies do also share a Blacklist of undesirable customers between companies.

[smileplur]

Indeed, you can change it after the first year. I have Thannachart finance. Honda gave us Safety Insurance for the first year. I don't specifically recall having a choice in the decision. After the first year, Safety Insurance took their sweet time getting in touch with us regarding their rates for first class insurance for another year. That didn't stop other companies from calling endlessly as we came to the end of the first year. We constantly got phone calls. It was very annoying, but we were able to get a lot of quotes from a lot of companies and brokers. In the end, we were able to change to Bangkok Insurance which is superior to Safety Insurance for a much cheaper price. It is worth noting that the price for first class insurance can vary wildly from one broker / agent to the next even if it is for the same policy, company, and coverage. Do your best to shop around to get the best deal. It saved us about 8,000 THB or so if I recall correctly.

[rotary]

I have posted this several times over the years, whatever you do, do not use the insurance company that starts with a "V". We had a vehicle stolen and they refused to pay many years ago. I took them to court twice, won both times, and still they refused to pay. They told me to my face they would never pay. They are good with accidents but terrible with vehicle theft. Beware of these guys.

[monk280915]

I have financing through Toyota and changed on the date it expired, 1 year after purchase

[umbanda]

I changed after a year of the free insurance..The renewal price was 19000 with Ayuttaya...I got the same kind of policy with Kasikorn Bank for 12000 even increasing the coverage amount with the online broker, and paying in 10 payments without interest.

Shop around.

Edited July 18, 2014 by umbanda

[smileplur]

I changed after a year of the free insurance..The renewal price was 19000 with Ayuttaya...I got the same kind of policy with Kasikorn Bank for 12000 even increasing the coverage amount with the online broker, and paying in 10 payments without interest.

Shop around.

While I have no idea what kind of car you own or the details of your insurance, it seems like you got yourself a good deal. I like two things about your post. One, you said it was an online broker. Two, you said you were able to pay in 10 installments, interest-free. That's great. I was only given the option to pay in full or in 3 installments. The annual insurance payment stings a bit in a lump sum. It would be nice to have it spread out over a longer period of time. I'm currently paying monthly payments to myself in a savings account for my next insurance hit in January, a self-imposed monthly payment plan!

You said it was Kasikorn Bank, but you also mentioned it was online. Do you have a link for the broker you used? I would be interested in seeing what they have to offer. Have you ever had to file a claim with them? If so, how did it go? How prompt are they in the event of an accident?

Thanks ....

[ignis]

Many Thais change insurance after the 1st FREE one, Insurance is not tied to the Finance Company, many also change to a more basic Insurance [NOT 1st class] as a lot cheaper,

ever wondered why a near new car is in a body repair place on the side of the road... or some drive about for ever with a small ding or a few = they do not have 1st class Insurance mostly.

If you Finance Company is also sorting out your Insurance then every year you automatically get your road tax sent.. this is also easy to do yourself

Edited July 19, 2014 by ignis