Motor Insurance

Compulsory Motor Insurance  

It is required by law that all vehicles must have compulsory motor insurance policy which covers injury or death of any persons from car accident.

Most of vehicle owner also purchase voluntary motor insurance which covers own damage of the vehicles and additional third party liability in excess of the compulsory motor insurance.

Who get cover under Compulsory Motor Insurance?

  • Any person who get injury, disability or death from road accident like Driver, Passenger, Pedestrian, etc…

What is covered under Compulsory Motor Insurance?

  • Preliminary Coverage Limit

    The injured person will get cover without disprove for guilt by insurance company or Road Victim Protection (RVP) within 7 days counted from received documents required.

  • Surplus Coverage Limit

    The indemnity amount will settle after disprove for quilt. The quilt party need to indemnify the injury person or heir in excess amount of preliminary coverage limit.

Compared Sheet

Road VictimPreliminary LimitSurplus Limit
Driver at insured car
  • 1. Bodily Injury / medical expenses not over than Bt.15,000
  • 2. Death, dismemberment, and disability not over than Bt.35,000
  • Death after hospitalization not over than Bt.50,000
Nil
Road Victim Excluded Driver at insured car
  • 1. Bodily Injury / medical expenses not over than Bt.15,000
  • 2. Death, dismemberment, and disability not over than Bt.35,000
  • Death after hospitalization not over than Bt.50,000
  • 1. Bodily Injury / medical expenses not over than Bt.50,000 (included Preliminary Limit)
  • 2. Death, dismemberment, and disability not over than Bt.200,000 (included Preliminary Limit)
  • Death after hospitalization not over than Bt.200,000 (included Preliminary Limit)
  • 3. In-patient hospitalization compensate diary at Bt.200 per day and maximum 20 days

*Remark : Surplus Limited is combined 1), 2) and 3) should not over Bt.204,000 per person and not over Bt.5,000,000 per accident (for car which is registered not over than 7 seat) and Bt.10,000,000 per accident (for car which is registered over than 7 seat).

Is it need to prove guilty on legal result and what is different in compensation?

Legal ResultThird Party (outside insured car)Passenger (inside insured car)Driver
Guilt
  • 1. Bodily Injury / medical expenses not over than Bt.50,000 (included Preliminary Limit)
  • 2. Death, dismemberment, and disability not over than Bt.200,000 (included Preliminary Limit)
  • Death after hospitalization not over than Bt.200,000 (included Preliminary Limit)
  • *3. In-patient hospitalization compensate diary at Bt.200 per day and maximum 20 days
  • 1. Bodily Injury / medical expenses not over than Bt.50,000 (included Preliminary Limit)
  • 2. Death, dismemberment, and disability not over than Bt.200,000 (included Preliminary Limit)
  • Death after hospitalization not over than Bt.200,000 (included Preliminary Limit)
  • *3. In-patient hospitalization compensate diary at Bt.200 per day and maximum 20 days
  • 1. Bodily Injury / medical expenses not over than Bt.15,000
  • 2. Death, dismemberment, and disability not over than Bt.35,000
  • Death after hospitalization not over than Bt.50,000
  • *3. In-patient hospitalization compensate diary at Bt.200 per day and maximum 20 days
Not Guilt
  • 1. Bodily Injury / medical expenses - Not Covered
  • 2. Death, dismemberment, and disability - Not Covered
  • Death after hospitalization - Not Covered
  • 1. Bodily Injury / medical expenses not over than Bt.15,000
  • 2. Death, dismemberment, and disability not over than Bt.35,000
  • Death after hospitalization not over than Bt.50,000
  • 1. Bodily Injury / medical expenses not over than Bt.15,000
  • 2. Death, dismemberment, and disability not over than Bt.35,000
  • Death after hospitalization not over than Bt.50,000

*Remark : Surplus Limited is combined 1), 2) and 3) should not over Bt.204,000 per person and not over Bt.5,000,000 per accident (for car which is registered not over than 7 seat) and Bt.10,000,000 per accident (for car which is registered over than 7 seat).

Voluntary Motor Insurance  

A motor vehicle policy covers loss of or damage to insured motor vehicles and legal liability to third parties arising out of the use of motor vehicles. The coverage can be limited to third party only, third party fire and theft or a fully comprehensive basis. The policy can be extended to cover bail bond, personal accident and medical expenses, if required. Where three or more vehicles are insured the insurer is often prepared to give a fleet discount on the premium.

How is different ?

Coverage1st Class2nd Class3rd Class2 Plus3 Plus
1) Third Party Liability
- Bodily Injury or Death of Third Party and Passenger
- Third Party Property Damage
2) Own vehicle damage
- Loss from Collision  **
- Theft Loss or Fire  
3) Additional Coverage
- Personal Accident on Death, Dismemberment, Permanent Disability (Driver… person and Passenger…person)
- Medical Expense (Driver… person and Passenger…person)
4) Bail Bond

*Remark : coverage should arise from accidental collision with vehicle which have self-propel combustion only

Motor Extended Warranty Insurance  

It’s an extension of the manufacturer’s warranty covering the failure of both mechanical and electrical components for an extra one, two or three years over the manufacurting warranty period.

Normal Wear & Tear, Normal Deterioration, Drivers Negligence, Routine Maintenance, Service Items and Adjustments are not covered by this warranty If insurer can be accepted claim, Insurer will indemnify the reasonable cost of either repairing or replacing those components during period of insurance but it is limited to the market value of vehicle at date of repair.

Gap Insurance  

Gap Insurance is a policy designed to cover the Gap amount between what the car is worth and what you owe on the car. It would be trigger the coverage if the car is stolen or total loss. The cost of replacement of the car under Motor Insurance would not enough to cover amount of car loan and the owner still have to pay financial installment.

For example : You buy a car for Bt.2,000,000. And you put down payment at Bt.300,000 and your installment payment is Bt.20,000 per month. In six months later, your car got accidental totally loss. And your motor insurance company indemnify the full sum insured or at value of car at that time is Bt.1,200,000. You have made six monthly payments plus your down payment = Bt.420,000, you are still owe Bt.380,000 on that car. So this gap insurance will provide you the different amount Bt.380,000 between the collision insurance cover (Bt.1,200,000) and what you owe the car (1,580,000).

This gap insurance is most suit for :

  • Low down payment loan
  • Long term loan installment payment
  • Car is rapidly depreciate
  • High Interest Rate roll over the cost

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