Your Guide to Car Insurance in Thailand
Are you still on the fence about getting a more comprehensive car insurance for yourself? Don’t be! Car insurance is a great financial tool because it protects you and your family from financial burden should you get involved in a car crash or accident.
The most basic feature of good car insurance is that it can cover some of the costs for when you accidentally injure a pedestrian or destroy property while driving your car. It may even cover some or all of your medical expenses or the costs for having your car repaired in case of a car accident.
Can you cover all of these costs on your own without insurance? For the vast majority of Thai car drivers, the answer is no. Car insurance is definitely vital to protecting you from the many financial risks associated with driving around your own vehicle.
Road Accidents in Thailand and Why You Should Get Car Insurance
We’re constantly reminded of how dangerous driving can be, with frequent news on TV or the newspaper about yet another death due to a road accident.
An article from the World Bank cites the World Health Organisation’s 2013 Global Status Report on Road Safety, which ranks Thailand as one of the countries with the highest rate of road fatalities. Thailand comes in third in this ranking with 38 deaths per 100,000 people every year.
Car Insurance in Thailand
Here in Thailand, car owners are required to be covered by Third Party Liability Insurance. This Compulsory Third Party Liability (CPTL), also known as Compulsory Motor Insurance (CMI), covers liability for death or bodily injury of third parties such as other drivers, passengers, pedestrians, or cyclists from accidents involving the insured vehicle.
CPTL or CMI is required for all registered private cars, commercial vehicles, and public utility vehicles, as stipulated under Thailand’s Protection for Motor Vehicle Victims Act BE 2535. The CPTL is just the most basic type of insurance you’ll need as a motorist and provides only limited coverage. You’ll need a more comprehensive type of insurance to be better protected financially.
Get a Cheap Car Insurance
Car insurance is a necessary expense for car owners but that doesn’t mean you have to spend a huge amount for this protection. There are ways to bring down the cost of car insurance and below are some of the steps you can take to lower the costs of car insurance:
Choose a Cheaper Car – One factor to that affects your car insurance premium is the value of your car. A brand new car costs more than a second hand car so insurers will have to pay more to have this fixed if the car gets into an accident. A fancy sports car is worth even more than a brand new car so it will cost more to insure this, too. To balance the risks and the payout, you will need to pay a higher premium for a more expensive car so choosing a car with less value can help you bring down your car insurance costs.
Choose a Cheaper Car – One factor to that affects your car insurance premium is the value of your car. A brand new car costs more than a second hand car so insurers will have to pay more to have this fixed if the car gets into an accident. A fancy sports car is worth even more than a brand new car so it will cost more to insure this, too. To balance the risks and the payout, you will need to pay a higher premium for a more expensive car so choosing a car with less value can help you bring down your car insurance costs.
Pay Your Premiums Annually Rather Than Monthly – Paying for your yearly car insurance coverage for the year in one lump sum can be heavy on the pocket initially but this can save you money in the long run. Paying your premium on a monthly basis may mean having to pay a little higher than if you paid for it in one lump sum.
Drive Carefully and Take Advantage of No Claims Bonus – Some insurance companies have a “No Claims Bonus,” which is essentially a discount on your car insurance premium if you make no claims on your insurance plan on the previous year.
Are you still on the fence about getting a more comprehensive car insurance for yourself? Don’t be! Car insurance is a great financial tool because it protects you and your family from financial burden should you get involved in a car crash or accident.
The most basic feature of good car insurance is that it can cover some of the costs for when you accidentally injure a pedestrian or destroy property while driving your car. It may even cover some or all of your medical expenses or the costs for having your car repaired in case of a car accident.
Can you cover all of these costs on your own without insurance? For the vast majority of Thai car drivers, the answer is no. Car insurance is definitely vital to protecting you from the many financial risks associated with driving around your own vehicle.
Road Accidents in Thailand and Why You Should Get Car Insurance
We’re constantly reminded of how dangerous driving can be, with frequent news on TV or the newspaper about yet another death due to a road accident.
An article from the World Bank cites the World Health Organisation’s 2013 Global Status Report on Road Safety, which ranks Thailand as one of the countries with the highest rate of road fatalities. Thailand comes in third in this ranking with 38 deaths per 100,000 people every year.
Car Insurance in Thailand
Here in Thailand, car owners are required to be covered by Third Party Liability Insurance. This Compulsory Third Party Liability (CPTL), also known as Compulsory Motor Insurance (CMI), covers liability for death or bodily injury of third parties such as other drivers, passengers, pedestrians, or cyclists from accidents involving the insured vehicle.
CPTL or CMI is required for all registered private cars, commercial vehicles, and public utility vehicles, as stipulated under Thailand’s Protection for Motor Vehicle Victims Act BE 2535. The CPTL is just the most basic type of insurance you’ll need as a motorist and provides only limited coverage. You’ll need a more comprehensive type of insurance to be better protected financially.
Get a Cheap Car Insurance
Car insurance is a necessary expense for car owners but that doesn’t mean you have to spend a huge amount for this protection. There are ways to bring down the cost of car insurance and below are some of the steps you can take to lower the costs of car insurance:
Choose a Cheaper Car – One factor to that affects your car insurance premium is the value of your car. A brand new car costs more than a second hand car so insurers will have to pay more to have this fixed if the car gets into an accident. A fancy sports car is worth even more than a brand new car so it will cost more to insure this, too. To balance the risks and the payout, you will need to pay a higher premium for a more expensive car so choosing a car with less value can help you bring down your car insurance costs.
Choose a Cheaper Car – One factor to that affects your car insurance premium is the value of your car. A brand new car costs more than a second hand car so insurers will have to pay more to have this fixed if the car gets into an accident. A fancy sports car is worth even more than a brand new car so it will cost more to insure this, too. To balance the risks and the payout, you will need to pay a higher premium for a more expensive car so choosing a car with less value can help you bring down your car insurance costs.
Pay Your Premiums Annually Rather Than Monthly – Paying for your yearly car insurance coverage for the year in one lump sum can be heavy on the pocket initially but this can save you money in the long run. Paying your premium on a monthly basis may mean having to pay a little higher than if you paid for it in one lump sum.
Drive Carefully and Take Advantage of No Claims Bonus – Some insurance companies have a “No Claims Bonus,” which is essentially a discount on your car insurance premium if you make no claims on your insurance plan on the previous year.
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