Insurance costs

[JaiLai]

My insurance is up for renewal again, it's been roughly 20K per year for the last 4 years, when the premium came through for renawal this year is was only 13K which was a pleasant surprise.

Any reason for the reduction? Value of vehicle going down / age of vehicle ( 2011 model ) / insurance company trying to retain business?

It's a Mitsubushi Pajero sport 2011 model and the insurance company is Thanachart

Also i have a 2 door pick up ( 2013 model ) which is about 20K a year, i thought the premium was based on how many people the vehicle held ie Mitsubushi is a 7 seater and pick up 4, therefore Mitsubushi being more expensive??

Any thoughts / info.

Thanks.

[stat088]

I would have thought the most obvious reason is the age of the vehicle. Check your paperwork and see how much you are covered for if the car is written off.

[stevenl]

Sounds like the present proposal could be for second class in stead of first class insurance.

[JaiLai]

Sounds like the present proposal could be for second class in stead of first class insurance.

Checked, it's still 1st class...

[stevenl]

Sounds like the present proposal could be for second class in stead of first class insurance.

Checked, it's still 1st class...

If car value is OK sounds like a good deal then.

[JaiLai]

Sounds like the present proposal could be for second class in stead of first class insurance.

Checked, it's still 1st class...

If car value is OK sounds like a good deal then.

The wife seems to think its something to do with that fact that we've made no claims?

[JAS21]

I've just renewed mine ... am with Tokio Marine .. Isuzu organized it the first year ... as there was an offer ... and I stayed with them.

Last year it was just over 18000THB inc the gov ins. Vehicle valued at 650,000 (was 1m new) ... 3ltr V-Cross 4*4

This year approx. 15200THB inc the gov ins. Vehicle valued at 625,000. You get some sort of NCB but it's not easy to find out what it is calculated on ... never clear on the paperwork. Well not to either of us anyway.

[JaiLai]

Thanks for the info, it was a pleasant ( and unusual ) surprise to get a bill LESS than expected...

[steve187]

I've just renewed mine ... am with Tokio Marine .. Isuzu organized it the first year ... as there was an offer ... and I stayed with them.

Last year it was just over 18000THB inc the gov ins. Vehicle valued at 650,000 (was 1m new) ... 3ltr V-Cross 4*4

This year approx. 15200THB inc the gov ins. Vehicle valued at 625,000. You get some sort of NCB but it's not easy to find out what it is calculated on ... never clear on the paperwork. Well not to either of us anyway.

So the insurance company are saying its now worth 62% of it new price, how many years has it taken to lose that much 375,000 baht ( using their figures)

just wondering on depreciation figures, my Honda city has gone from 650,000 to 250,000 in 8 years

we had used 2+ for a few years but last renewal 1st class was cheaper at 8,000 baht

[JAS21]

It was one of the 1st ... March 2012

After 1 year I enquired about selling it and getting an Mu-X ... the dealer said DONT he offered me less than the value now ... he said wait at least 3 years and you will get around what I can offer you now ... the 1st car scheme totally wrecked that 2nd hand market ...

Very strange just 25000THB drop in insurance value in the last 12 months

[Lefty]

To get additional quotes-google thai vehicle insurance online.There are now a few online insurance brokers who quote cost on line from numerous insurance companies.

Lefty