Most car insurance providers in Thailand will quote you a standard, low-deductible policy. You may be tempted to opt for this at first, especially if you are only starting out. However, before you make your decision, there are several factors that you need to consider. First, it may not always be the best deal on your premium.
It is important to look into the details of your policy, especially when it comes to your deductible. There is a simple reason for this. When you reach the specified deductible, the insurance company will no longer pay any expenses. In Thailand, the minimum deductible is 15%, but most companies will only allow you to take out policies with a higher deductible. The rationale behind this is that they will still make money on your premium, but they don’t have to pay as much out on claims. On the other hand, by taking out a policy with a lower deductible, you’ll be paying more out on claims should you get into an accident – or be unlucky enough to be involved in a traffic accident with a high-speed vehicle.
Don’t Hesitate To Ask
If you are unsure about which deductible to go for, you can always ask the customer service representative at the company you are thinking of signing up with. They will be able to give you some pointers, along with a car insurance quote (or in the Thai local language, ประกันชั้น1). Another good thing to do is to ask friends and family for their recommendations. Chances are you won’t be the only one putting them to use. There is also a lot of information online, so you can always check online for reviews of different Thai car insurance providers. This way, you can narrow down your search considerably before making up your mind.
Two Main Types Of Car Insurance
There are two types of Thai car insurance – motorbike and private hire. Motorbike insurance is much more popular than private hire, probably because it is easier to use. However, the rules are very different, so it is important to know the ins and outs of each type of insurance. The best thing you can do is to talk to the company representative who can give you the straight scoop.
Private hire requires you to pay a higher deductible in return for better cover. This means that if you are involved in a major accident, you have to pay for repairs out of your own pocket. However, the higher deductible also means that the rates will be cheaper. It all depends on what you want from your private hire insurance.
Before you buy car insurance, you should know what kind of cover you need. Thailand has got excellent roads and the drivers here are mostly well-trained and competent. You should therefore not worry too much about driving in Thailand. You can drive on the left-hand side of the road and the same applies when you are travelling around town. A good insurance package will take care of any unforeseen incidents.