CAR INSURANCE SECOND YEAR DISCOUNT ? Did you find another cheaper insurance company ?

[thailandforumaddict]

Hello,

I read that some insurance companies give a 20% discount the second year, but maybe not all ? Which company do you know has this offer ?

After 1 year without accident have you found a cheaper insurance than the one you paid the first year ?

Also, after 1 year how much the insurance pay for your car in case it is destroyed ? Still the same percent but based on the car price the second year ?

Is it possible to know in advance how much they would pay you in case it is destroyed ?

Thank you.

[KittenKong]

My insurance quote says clearly how much the car is covered for. I imagine that all other quotes say the same. The figure does vary hugely from company to company for the same vehicle, so be sure to check when comparing.

Every insurance quote I got for my second year included a no-claims discount which is also clearly shown on the quote. It varied between 10 and 20%. Each subsequent year increases the discount by another 10%.

Also the basic cost and level of cover varies from company to company.

Other ways of reducing the premium are to have only named drivers, a higher excess, and to not need the vehicle for getting to/from work. I got good discounts for all of these. Just keep asking the broker and dont rely on them to propose the discounts because they wont.

Edited June 25, 2015 by KittenKong

[AAInsuranceBrokers]

All insurance companies will offer an extra 10% discount from the premium* every year up to (typically 50% max.). Therefore, staying with the same company the premium will be lower the second year – and subsequent years.

The ‘value’ of the vehicle will decrease the following year (as it is not worth as much) and this can vary between companies.

The amount the insurance company will pay out should the vehicle be a total loss will be told in the quote – and then stated in the Policy.

*NCB – no claims discounts – are not taken off the full premium you paid but the ‘base’ premium so if you paid 10,000 Baht please do not expect to pay (less 10%) 9,000 Baht the following year.

[naboo]

In my exprience, NCB is only offered on class 1. I have class 2+ and was told NCB is not applicable on this.

[JournalistsAreLiars]

A discount is not always offered the aecond year.

Do you know if E&I pattaya brokers closed? Or moved to Phuket?

Any branch in Bkk or any other good insurance broker ?

Cheers.

[canopus1969]

A discount is not always offered the aecond year.

Do you know if E&I pattaya brokers closed? Or moved to Phuket?

Any branch in Bkk or any other good insurance broker ?

Cheers.

See Post 3 above - AA Insurance Brokers

[MYKTHEMIN]

I use tesco lotus excellent service and prices.

[Pib]

A lot of times the discount you receive is not really a discount but just a lower premium since your vehicle got another year older, the coverage in some policy areas drop due to the vehicle's increased ago, which in turn lowers the premium. This is the most notable during the first few years of the policy.

[stevenl]

A lot of times the discount you receive is not really a discount but just a lower premium since your vehicle got another year older, the coverage in some policy areas drop due to the vehicle's increased ago, which in turn lowers the premium. This is the most notable during the first few years of the policy.

In Thailand there are 2 things with regards to this:

1. if in the previous year no claims you will get a higher no claim percentage (unless the limit is reached of course);

2. the value of the car gets less so with same no claim percentage and same premium percentage the premium to pay will get less.

[ghworker2010]

in my second year for my new pickup the insurance company offered me 40% discount with 740k payout. I paid 1,100,000 for the car a year ago. The premium is 14,700 baht for another years insurance 1st class

[rayinkrabi]

Quote from AA above (#3)

"All insurance companies will offer an extra 10% discount from the premium* every year up to (typically 50% max.). Therefore, staying with the same company the premium will be lower the second year – and subsequent years."

Strange then that the AA has just asked me to send them my second year premium of around 17% increase ?? I should add that I have A1 cover & have never made a claim.

[Pib]

Quote from AA above (#3)

"All insurance companies will offer an extra 10% discount from the premium* every year up to (typically 50% max.). Therefore, staying with the same company the premium will be lower the second year – and subsequent years."

Strange then that the AA has just asked me to send them my second year premium of around 17% increase ?? I should add that I have A1 cover & have never made a claim.

Not uncommon for that to occur if your insurance was provided free/during a new vehicle buy, but maybe that's not your case.

A similar thing happened to me when I bought my new 2009 Toyota years back...first year's insurance was provided free with a major Thailand insurance company (I forget the name), but when the renewal came the renewal preimum was higher than the original premium that Toyota paid. Guess Toyota was getting a volume deal. Anyway, I switched to LMG and have been with them since with yearly premium dropping each year for several years but a lot of that lower premium is also tied to the lower value of your vehicle...and at around the 4 point point of renewals you probably won't see much if any reduction....they just can't keep lowering the premium forever unless you significantly cut/reduce coverage.

[rayinkrabi]

No PIB, my PCX is coming up to 2 yrs old so this will be my 3rd insurance on it. The first years insurance was with Tokio who I do not like so I was recommended AA by a friend.

The AA were slightly more expensive than Tokio but the cover seemed better to me and the service was excellent. This should be the second year with them but I I'm curious (and a bit annoyed) by the increase.

[stevenl]

No PIB, my PCX is coming up to 2 yrs old so this will be my 3rd insurance on it. The first years insurance was with Tokio who I do not like so I was recommended AA by a friend.

The AA were slightly more expensive than Tokio but the cover seemed better to me and the service was excellent. This should be the second year with them but I I'm curious (and a bit annoyed) by the increase.

Don't compare motorbike insurance with car insurance. Completely different risk profile and premium structure.

[rayinkrabi]

Interesting point Steven, I had in fact assumed the premium 'structures' were similar, maybe AA can throw more light on this? (Possibly Peter as he seems to be one of the main people and has a good rep for being helpful and informative).

Btw, this is the email from AA after I queried the increase:

"Please kindly waiting for a revised renew notice from MSIG, I will email you shortly. The premium will be lower than previous notice sir."

Then I received this one 2 weeks later asking for the higher premium (both emails from Nam), almost as if they had completely forgotten or ignored our previous conversations:

"I have received amount of Baht 6,117.- please confirm if you made a transfer."

[AAInsuranceBrokers]

Interesting point Steven, I had in fact assumed the premium 'structures' were similar, maybe AA can throw more light on this? (Possibly Peter as he seems to be one of the main people and has a good rep for being helpful and informative).

Btw, this is the email from AA after I queried the increase:

"Please kindly waiting for a revised renew notice from MSIG, I will email you shortly. The premium will be lower than previous notice sir."

Then I received this one 2 weeks later asking for the higher premium (both emails from Nam), almost as if they had completely forgotten or ignored our previous conversations:

"I have received amount of Baht 6,117.- please confirm if you made a transfer."

I understand the insurance company had made a mistake on your renewal which is why Nam wrote to say the premium will be lower. We do expect the revised renewal to be sent out today and you will be informed immediately.

Apologies for their mistake, Peter

[rayinkrabi]

Thanks Peter, thats cleared that confusion up, any chance of knowing the insured value? (I do realise it will be lower this year but would like to know how much by).

Just curious, can you enlighten us on Stevens point regarding insurance companies 'premium structures' on 4 wheels V 2 wheels?

[stevenl]

Thanks Peter, thats cleared that confusion up, any chance of knowing the insured value? (I do realise it will be lower this year but would like to know how much by).

Just curious, can you enlighten us on Stevens point regarding insurance companies 'premium structures' on 4 wheels V 2 wheels?

The risk on 2 wheels is much bigger.

This thread is about car insurance, not motorbike insurance.

[Awk]

Thanks Peter, thats cleared that confusion up, any chance of knowing the insured value? (I do realise it will be lower this year but would like to know how much by).

Just curious, can you enlighten us on Stevens point regarding insurance companies 'premium structures' on 4 wheels V 2 wheels?

His point sounds like nonsense to me. When I was insuring my "big bike", I got next year got the same "no claims" discount as I got for my car, 10%.

Also, what's the point of a broker that only forwards you a quote, even a renewal quote, without even doing the most basic checking?

IMO, AA should not apologise for the mistake of somebody else, but for their own mistake in not checking the quote on behalf of their customer.