Automobile insurance

[Ray.Charles]

I am about to take delivery of a Toyota Vigo. My understanding of the dealer associated insurance is:
1. 80%, that is up to B620,000 for damage to my vehicle. It is not clear to me whether it is 80% of the repair cost (in the U.S. the remaining 20% will be called deductible), or 100% of the repair cost but up to the maximum of 80% of the value of the vehicle (B775,000).
2. for the 3rd party liability, there are 3 numbers: B500,000, B10,000,000, and B1,000,000. I am guessing that the first number is for hospitalization, the second one for loss of life, and the last one is for property damage.
The cost will be B21,000/yr.
Is this a typical/sufficient coverage?
Wherelse can I get a quote?

[wazza]

1st off the Dealer is getting a cut from who ever he deals with, so let him know this to start off with.

Do u a search on this forum under insurance and will find many posters who have good ins coverage and the companies they use. 21000 B is expensive in my opinion.

http://www.google.co.th/cse?cx=partner- ... =insurance

[laphanphon]

agree, does sound a little high for coverage provided. so far i'm satisfied with thaisri, 18 K a year, 10 mill top coverage if suicide attempt on car, and have covered 100 % of my little incidents, service provided by my choice of body shop, the toyota dealer. car value much less, 480 i think now.

[martynsnowman]

I am about to take delivery of a Toyota Vigo. My understanding of the dealer associated insurance is:
1. 80%, that is up to B620,000 for damage to my vehicle. It is not clear to me whether it is 80% of the repair cost (in the U.S. the remaining 20% will be called deductible), or 100% of the repair cost but up to the maximum of 80% of the value of the vehicle (B775,000).
2. for the 3rd party liability, there are 3 numbers: B500,000, B10,000,000, and B1,000,000. I am guessing that the first number is for hospitalization, the second one for loss of life, and the last one is for property damage.
The cost will be B21,000/yr.
Is this a typical/sufficient coverage?
Wherelse can I get a quote?

is the 21,000bt with the road tax inc as most insurance companys seem to do that for you at the same time , with just the 1 payment . example .. 15,000 ins 6,000 tax =21,000.
i,ve just been sent my this year quote for my pick up . ...
last year it was ... 16,000bt ins 5,500 tax = 21,500 all in for year
this year i,ve got 30% no clams discount
quote was 15,200 ins 5,500 tax = 20,700 for the year ... how is 800bt discount 30 %
or maybe my maths is as bad as my spelling ....

[laphanphon]

good point, the 3rd person was added/included in price, 18 k for car insurance, 818 for 3rd person, shy of 19 k total, for entry lever toyota vios, 540 k at purchase, so low end.

usually new vehicle, tax is included w/price. when renewing yearly tags/registration, for me anyway, i do seperately, taxes something like 1700, a guessimate. then insurance on top of that.

[Ray.Charles]

The first year tax of B4,800 is listed separately.

[Ray.Charles]

"i'm satisfied with thaisri" . Can I have there coordinates, please.

[UdonExpat]

LMG Insurance, a member of Liberty Mutual Group, a US company provides an English explanation of the Thai insurance contract.

The first year of insurance with any company is high because you have no claims history. Most companies offer discounts for a good claims history. This discount can be as high as 50%. Generally, it's about 10% a year until you hit the max. If I remember right, LMG had this written out in their English pamphlet.

They are located on the north side of the ring road just east of the Nong Khai highway. Their sign is easy to spot.

[Ray.Charles]

I sent a mail to http://www.lmginsurance.co.th/eng/motor.htm. No response.
Surprising also that I couldn't find a telephone no on the website. Do you have one?

[jackspratt]

As a guide, I am just about to re-insure my 2007 Vigo 2 door with Thanachart Bank, who financed the vehicle. 2 years no claim bonus.

1st class insurance is TBH12,152 and includes:

- car damage up to 410,000
- 3rd party liability (1m/person or 10m/event)
- property damage 5m/event
- medical 100k/person in the car
- personal accident 100k/person
- bail bond 200k/event

3rd party (compulsory government) insurance is TBH968

Registration is TBH1350.

[laphanphon]

i definitely don't have any 'no claim bonus'.....

[parrot]

If you want to speak to a representative in English (excellent English), get your policy in readable English, and be able to do all the paperwork over email (he sends the necessary paperwork, you sign it, scan it and remail back), Viriyah Insurance, Foreign Relations Department, Khun Supichai, has been our choice for many years. He's available at [email protected] or at 02-641-2846, dial 0 for operator, ask for Foreign Relations Dept or Khun Supichai.

[parrot]

A number of years ago Toyota was offering their first class insurance through Sampanh Insurance Co. As today's Bangkok Post article shows, there are good and not so good insurance companies. As with all things, buyer beware!

Sampanh ordered to close
By: POST REPORTERS
Published: 26/03/2009 at 12:00 AM
Newspaper section: Business


The government ordered the troubled motor insurer Sampanh Insurance to close on Monday, after it failed to rehabilitate its business and settle liabilities.

Chantra Purnariksha, the secretary-general of the Office of the Insurance Commission (OIC), said the insurer failed to maintain its capital funds as required by law. It also had liabilities greater than its assets, delayed compensation payments, and failed to rehabilitate its business within the required period.

Finance Minister Korn Chatikavanij signed the order to revoke the insurer's operating licence on Monday.

Sampanh Insurance was ordered to suspend its operations on July 16, 2008, by the then-Insurance Department, and has since failed to submit its required business rehabilitation plan.

"The company was given one year and eight months to comply with legal requirement and address its financial status, but we found it could only pay compensation to 1,757 policyholders worth 12.78 million baht," said Mrs Chantra. "The closure has nothing to do with the economic crisis, it is due to the management's failure to raise money from new partners to settle financial obligations and capital fund requirements."

She said the closure would not affect the insurance industry, which should grow 5.6% this year. General Insurance Association president Suchin Wanglee said the closure would help prevent more losses to consumers. He said it would have a minimal impact on policyholders and the industry, as the company had suspended its operations for some time.

Sampanh Insurance's liabilities are 748 million baht more than its assets, and it has 16,585 outstanding claims from policyholders worth 701 million baht, according to Mrs Chantra.

She also said the OIC had lodged a complaint against Sampanh management with the police and the Department of Special Investigation for embezzlement and document falsification.

[laphanphon]

not sure who it was, but i was very late renewing insurance and registration, seems to be a habit of mine tho that one year it worked out to my advantage, as the company they were using and i probably would of renewed with, went belly up, or something, but not longer honored their contracts after policies paid in full, which thankfully, i missed paying.

i definitely don't have any 'no claim bonus'.

won't be getting that next year, as leaving the park for a photo opt and relaxing, real nice motorcycle scrape around the rear driver side, lower half of all plastic at least. so i'll wait till 5 more people hit it again, as is par on a yearly basis and put a claim in ......

[Ray.Charles]

Settled on the insurance. Not totally sure of what I got because the concept of different types of insurance was confusing to my otherwise intelligent long-haired spokesperson/translator. This is what I understand that I got:
The minimum required by law is covered by Viriyah Insurance for B900 plus VAT paid for by the TOYOTA dealer as part of sales package that also included pick-up bed-liner, tinted glass, floor mats, decorative window and plate trims in the 'fixed' price of B774,000.
On top of that I got coverage from AIOI Bangkok Insurance who appears to be an agent of the Mitsui Sumitomo group of Japan with a branch in Thailand. The coverage limit from them are:
1. Third party: B500,000 per person and B10,000,000 each accident for bodily injury or loss of life , and 1,000,000 each accident for property damage.
2. B520,000 for my pick-up. If that thing is stolen or totalled tomorrow, I would be out of B254,000. I think that I was told that I could not raise the limit my paying extra premium.
3. B100,000 for me and each passenger in my car in case of loss of life or permanent disability; B50,000 in medical for each; B200,000 for Bail Bond.
The cost for this package bought through the dealer but paid for by me was B18,243 before VAT and Stamp Duty.
For the first year, it was convenient to work through the dealer. Also, I did not have a good experience with the LMG insurance, the only other company I had time to approach. They did not reply to my e-mail; when I did walk into their local office, the staff was responsive, but their quote was higher.
Looking forward to the next year, I would like to know if you think that my coverage is reasonable.
Thanks.

[jackspratt]

Ray I would not be happy about "losing" 33% of the value of a brand new car in the first year.

In my first year my maximum "loss" was 15%, and even in the upcoming 3rd year my car will still be insured for 66% of the new value. This did not involve any premium hikes - it was the standard policy.

[laphanphon]

sounds like decent coverage at good price. same price as mine, for 500 K piece of steel

[wazza]

Their quote was higher as they insure the car for a lot more than the 520K you have now.

[macduff]

So working on averages for first class insurance for a new Toyota pickup with a first time policy starting from scratch around the 20000bht including car tax i'm thinking

[Ray.Charles]

Here is the comparison of coverage
LMG vs. Mitsui Sumitomo (through TOYOTA dealer)

3rd party
bodily injury or death
per person 250,000 /// 500,000
each accident 10,000,000 /// 10,000,000
property damage 1,000,000 /// 1,000,000

for my pick-up 580,000 /// 520,000

I die or passengers die 50,000 /// 100,000
per person
medical expense per person 50,000 /// 50,000

Bail bond 200,000 /// 200,000
______________________________________________________
Premium 22,115* /// 18,243**

*Not sure if VAT included or not
** VAT not included

From what I read from other posters, next year I should also consider Viriyah and Thanachart (if they would insure a vehicle not financed by them).

Macduff, car tax was separate, and the insured value of your vehicle and therefore the premium will depend on what it would be worth at purchase.
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