I don't get why comprehensive insurance is so high here.

[giddyup]

The first year the cost to fully insure my new Mitsu Triton was 20,000 baht (paid for by the dealer), this year it's 17,000 baht. The pay out figure if a write off is 550,000 baht (A$21,000). So tell me how my mate in Australia pays far less to fully insure his $77,000 Peugeot RCZ-R? Parts and labour are cheap here, so why is insurance so expensive?

[stevenl]

Higher risk, plus on top of that the habit to, on occasion, help out the person without insurance by agreeing to hold the insured person liable.

[giddyup]

Higher risk, plus on top of that the habit to, on occasion, help out the person without insurance by agreeing to hold the insured person liable.

So I'm carrying all the non-insured, probably unlicenced, in the event of an accident, even if I'm in the right?

[harrry]

I cannot see how you get that. The compulsory third party injury only is more than that in Australia

[mjnaus]

I don't know about Australia; but I do know car insurance here is a pittance compared to car insurance in The Netherlands.

[giddyup]

I cannot see how you get that. The compulsory third party injury only is more than that in Australia

I didn't say compulsory, I said comprehensive.

[harrry]

Comprrehensive for first year will be very much higher than that without a very considerable no claim bonus

[giddyup]

I don't know about Australia; but I do know car insurance here is a pittance compared to car insurance in The Netherlands.

I had a new, small car in Australia before I moved to Thailand, that cost me $250 a year to comprehensively insure, here it costs more than double that, but admittedly the pickup here is worth more.

[giddyup]

Comprrehensive for first year will be very much higher than that without a very considerable no claim bonus

I know I was only paying about 9000 baht a year on my D max, but that was an 8 year old pickup that I'd had for 4 years.

[harrry]

I just checked on line for a last year DMAX with NRMA and a 40 year old driver with no accidents etc....came to $1200 with a large excess

[simple1]

Higher risk, plus on top of that the habit to, on occasion, help out the person without insurance by agreeing to hold the insured person liable.

So I'm carrying all the non-insured, probably unlicenced, in the event of an accident, even if I'm in the right?

As an assumption, factored in by the actuaries would be a high level of fraud, 200k bail bond and the time required by the insurance rep to 'negotiate' with police etc

[Gsxrnz]

Insurance is expensive here quite simply because the risk is greater than in most places. For three main reasons.

The "got my license in the cornflakes box" method of obtaining a license, the tragic driving record of the entire country, and the lack of any enforcement of any rules that might lead to fewer accidents by the BIB.

Also, the "excess" on the policies is huge. Well, they don't have an excess in the way most countries do, they just insure to a stated value that reduces every year. I think it's 80% of the value of the vehicle (but I stand to be corrected on that) and they don't cover the cost of any replacement tyres.

So the overall effect with high premiums and high excess makes it very expensive as a package.

[HidyHo]

Your assumption that "comprehensive insurance is so high here" is debatable. I'd assume this depends on what other country/location you are comparing it to. I pay something similar (20K) for my Honda City in BKK. I'd think I'd pay comparable or higher rate in San Francisco for similarly valued car (around 20K USD car).

I also might think that claims might be higher in BKK. My car was claimed twice to fix "minor" issues in the first year (1. my friend scraped the side in the parking garage and 2. Fix accumulated dings and damages toward end of first year before we changed insurer).

[worgeordie]

Too many accidents,plus its the car ,truck,that is insured,

not the driver/owner,unlike what happens in say the UK,

so other drivers using the car/truck are covered,not just

the owner.

regards Worgeordie

[IMHO]

In Thailand, the no claims bonus is attached to the car, not the driver.

In the West, if you have a good driving record and no claims, I've seen cases of the no claim bonus being up to 60% discount off the premium price.

In Thailand, you always start at 0% discount for a new car, no matter your driving record.

The amount of deductible you opt into also has a significant effect on the premium cost. In most cases, close to 1:1 - i.e. if you opt-in for a 5,000 baht deductible, you'll get ~5000 baht discount off the premium cost.

The make, model and age of the car also matter - a lot - it's all about the average cost of claims. Some seemingly cheap yet common cars can have a much higher cost of claims for an insurer than a more upmarket/expensive model.

Edited January 6, 2016 by IMHO

[roo860]

Have a 2nd hand Yaris, bought last year, 1st class ins 18,000bt, daughter had minor accident, unlicensed motorcycle rider hit her, motorcyclist fault, cops turned up told her to claim on insurance for car repair. Just paid this year premium,13,000bt. Told me would get discount again next year, 20%.

[JaseTheBass]

They insure the car here, so it's not based on who is driving it. Good if you're a crap driver who would be uninsurable in a proper country, but not so good for more mature and responsible drivers.

[kartman]

Are Thai Television channels full of rival Motor Insurance Companys bombarding the viewers with how cheap they are? if not may be why it could be expensive.

[Fookhaht]

Geez, what an eye-opener.

Guess I'll stop complaining about my 996-baht per year comprehensive policy for my 2-year old Toyota Hilux.

[Pomthai]

Used an online service called DirectAsia.co.th which led us to Falcon as the insurers.

We paid 16,152 baht in October 2015 giving 1 years 1st class (fully comp) for a 2012 BT50 3.2 double cab 4x4 top model. Any driver.

Fire / Theft / Own damage / Write off value at 649,000 baht.

Bail bond is 200,000baht.

3rd Party is 5,000,000baht property plus additional 2,000,000baht per person up to 10,000,000baht.

Additional personal injury of up to 500,000baht for 5 occupants.

Its well worth shopping around, we had quotes ranging from 13,500 to over 24,000 baht. - The more expensive one's aren't necessarily better.

Also note, you can get substantial NCB discount if you have an accident free history regardless of previous insurers.

[HidyHo]

Used an online service called DirectAsia.co.th which led us to Falcon as the insurers.

We paid 16,152 baht in October 2015 giving 1 years 1st class (fully comp) for a 2012 BT50 3.2 double cab 4x4 top model. Any driver.

Have you had any claim dealing with the insurer? Beside price, I'd think their availability and responsiveness is also an important factor to consider?

[Pomthai]

Used an online service called DirectAsia.co.th which led us to Falcon as the insurers.

We paid 16,152 baht in October 2015 giving 1 years 1st class (fully comp) for a 2012 BT50 3.2 double cab 4x4 top model. Any driver.

Have you had any claim dealing with the insurer? Beside price, I'd think their availability and responsiveness is also an important factor to consider?

No, no claims and hopefully there never will be, touch wood. The policy does stipulate that we can choose main dealer or preferred garage, this was an add on premium not much but included in the above quoted price. From what I've heard in the rumor mill, its advantageous to have that choice.

[richard_smith237]

My insurance this year is 55,000 baht... I reckon my Wife has already done more damage than that !!!

My only complaint about insurance here is that they don't provide a loaner...

Previous Insurance has also been expensive - but I've been driving fairly pricey cars which are expensive to fix when the taxi driver without insurance reverses into me, or the motorcycle scrapes my wing... Other things are insured here that aren't in the UK.

I replaced a cracked Windscreen which had to be imported from the UK (it cost the insurance about THB 50,000) - in the UK windscreen insurance is extra.

My Wife has just bumped my current car and scraped / cut one of the tires - I'm getting the Tyre and alloy replaced.

---------

Why is insurance more expensive here ? My guess is that there are far more claims here for lots of minor bumps.

---------

An article in the Bangkok Post a number of years back alluded to the theory that there are lots of accidents in Thailand because there is often no excess on insurance - thus people are more cavalier with risk when cutting of another vehicle and knowing it won't cost them anything if they were to have a bump....

---------

My theory: All of the above: More accidents, more claims per driver / car, more uninsured people, more parts to import which are expensive, more of the car is insured.

[Gutterboy]

Isn't it obvious? It's the same reason health insurance is more expensive for a skydiver than for an office worker.

[jacko45k]

You need to get out onto the roads and take a look, high risk of accident here, even if you drive like the vicar.

I find the cost is not too bad with older vehicles.......

[roo860]

MoneyGuru is worth a look.

[monkey4u]

Look at the way most idiots drive here

Now you know why insurance is expensive

[Dustdevil]

Seems a lot. I pay $278 (9800 baht) for full comprehensive in the U.S., for a 2003 Infiniti Q45 (flagship luxury sedan at the time, worth $11-12,000 today with its relatively low mileage). But I'm 65 and with the highest possible credit rating. (They do check that as an indicator of responsible behavior). Well, point is... so many variables. A 25-year-old with the same car might well pay $700.

[sometimewoodworker]

My insurance this year is 55,000 baht... I reckon my Wife has already done more damage than that !!!

My only complaint about insurance here is that they don't provide a loaner...

.

You have the wrong policie or insurance company as loaners are available with some companies

[bheard]

By way of comparison, I just paid $435 (11,000฿) for comprehensive ins. in Aus for my 8yr old Falcon.

Expensive, and that on a write-off payput of market value, probably no more then $10,000.

Conclusion is that your insurance here is not so expensive.