For Type 1 car insurance, the sum insured is usually calculated from 80% of the insured car’s value (except for brand new cars which are calculated at 90% of the car’s price). As this is the standard premium calculation formula for insurers, this means you cannot choose your sum insured amount at lower than 80% of the car’s value. However, you can choose to increase your coverage.
Young drivers generally have to pay more than older drivers as they are at a higher risk of getting into accidents due to their lack of experience. Indeed, at the age of 60, you no longer need to identify the driver’s name anymore.
No claims bonuses start at a 10% discount for no claims in the past 2 years and go up to a 50% discount for no claims in the past 4 years. This is the maximum discount available from insurers.
Choosing the garage repair option for Type 1 insurance will lower your price compared to selecting repairing at the original car manufacturer’s service centre. Frank can tell you that we only choose insurance company that can provide executive care with qualified service garage certification for cheaper and trustworthy insurance service.
There may be other discounts that can change your insurance cost. For example, installing a dash camera can give you a 5% discount for every type of car insurance. You can also choose to add or increase your deductible up to 5000 baht which can save you money if you are a safe driver.
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