Types of Car Insurance in Thailand
Car insurance in Thailand is classified into different types, and each type has varying coverage and benefits that cater to different drivers' needs. This article aims to provide a brief overview of the different types of car insurance and who is best suited to buy them.
- Compulsory Third-Party Liability Insurance
- Voluntary car insurance
Compulsory Third-Party Liability Insurance
Compulsory Third-Party Liability Insurance is the minimum insurance required by law in Thailand. It covers damages or injuries you cause to other people or their property while driving. This insurance does not cover any damage to your own vehicle.Voluntary car insurance
Voluntary car insurance
Voluntary car insurance is generally more comprehensive and will have much more coverage compared to compulsory insurance. Voluntary insurance can be separated into classes from 1st class,2nd class, 2nd plus class, 3rd class, and 3rd plus class. Following are the details of the class types
Type 1 Car Insurance provides comprehensive coverage for damages to the insured vehicle, regardless of fault in case of an accident, fire, theft, or natural disaster. It also covers liability to third parties for property damage and bodily injury, including windscreen damage to the vehicle. Type 1 also covers medical expenses, personal accident coverage, and bail bond coverage for the driver, consented by the insured or driver, as specified in the policy. This insurance is best suited for new cars, new drivers with little driving experience, and cars that are frequently and regularly used.
Second Plus Class
Type 2+ Car Insurance offers high coverage at a lower premium than Type 1, but the coverage is slightly different. It covers damage to the insured vehicle regardless of fault provided by another identified vehicle involved in the accident, as well as damage caused by fire, theft, or flood, and liability to third parties for property damage and bodily injury when the driver is at fault. Type 2+ also covers medical expenses, personal accident coverage, and bail bond coverage for the driver. However, Type 2+ does not cover own damages without a third party and windscreen damages. This insurance is suitable for cars used regularly but parked in risky areas or not in gated locations.
Third Plus Class
Type 3+ Car Insurance provides coverage for damage to the insured vehicle regardless of fault provided another identified vehicle has been involved in the accident, as well as liability to third parties for property damage and bodily injury when the driver is at fault. It also covers medical expenses, personal accident coverage, and bail bond coverage for the driver. However, Type 3+ does not cover own damages without a third party, windscreen damages, fire, theft, or flood. This insurance is suitable for cars that are seven years or older and used regularly but do not have any risk from the parking location.
Second Class
Type 2 Car Insurance covers damage to the insured vehicle in case of fire and theft and liability to third parties for property damage and bodily injury when the driver is at fault. It also covers medical expenses, personal accident coverage, and bail bond coverage for the driver.
Thrid Class
Type 3 Car Insurance covers liability to third parties for property damage and bodily injury when the driver is at fault. It also covers medical expenses, personal accident coverage, and bail bond coverage for the policyholder or driver. Type 2 and Type 3 insurance are best suited for those with a tight budget but still want basic insurance coverage.
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