Do what everyone does, shop around. Don’t be satisfied with just one offer. There are 69 non-life insurance companies registered in Thailand and there are a wide range of insurances on offer. Approaching an insurance company direct or through a broker/agent makes no difference in the premium. But using a broker usually saves you time and gets better results.
Professional brokers will normally have a better insight on which companies are financially stable and offer superior service. Insurance agents cannot offer this level of information because they simply do not have the experience and resources to compare data from different companies. Insurance agents normally represent only one insurance company, so they cannot give the customer a choice.
With such a wide range of insurances on offer in Thailand, how do you know what to choose? Policy benefits and premiums are a primary deciding factor for most customers choosing an insurance policy. This is because benefits and premiums are easily compared. Other features that are not obvious cannot be compared before making a choice. Some insurance companies offer good service and some have a dismal service record. In addition to service, the background and financial stability of the insurance company should be included as a factor in determining your final choice. So keep in mind, the total cost of insurance you are buying is a lot more than just the annual premium you pay.
We have done a full circle when it comes to looking at insurance providers in Thailand.
In the beginning, we started promoting one insurance company and went on to experiment with many other companies.
One, by one, the other companies showed their true colors.
Below are a few reasons that gave rise to problems with our customers:
1. Initial low premiums followed by very high premium increases after customer has claims.
2. Unprofessional staff, slow claims processing services.
3. Staff incapable of communicating in English.
4. Documentation only available in Thai language.
5. Lack of development of the products to match changing market demands.
6. Higher-than-average premiums compared to the benefits offered.
7. Overly restrictive exclusion wording to the disadvantage of customers.
8. Additional exclusions and deductibles added to policies on renewals.
Cheap insurance usually goes hand-in-hand with expensive claims.
Always remember: If it’s too good to be true, it’s usually is too good to be true.
Personal Accident Insurance
(Annual Premiums from 1,500Bt. to 14,000Bt.);
1.This insurance provides 24-hour cover against personal loss as a result of an accident.
2.Compensation is paid for injury, death or disability due to an accident.
3.A choice of either insurance companies that pay directly to the hospital or saving money and using a company that only refunds claims to you after you pay first.
4.Many personal accident policies include cover for medical expenses, up to 500,000 Baht for each accident. This amount pays for all associated medical expenses incurred as a result of the corresponding accident.
5.The premium rate and cover limits are based on your occupational risk level.
(Annual Premium rates depend on your age, premiums are adjusted annually with inflation and rise as you get older.);
1. Health insurance guarantees that you receive emergency medical treatment when you are unable to communicate or unconscious. Insurance premiums spread out your medical expenses over a longer period in your life so Health-care in your later years, becomes more affordable in cases if you are critically ill.
2. International plans for worldwide “On-the-move” expatriates.
3. International plans for residents of Thailand.
4. Policies can include a deductible to reduce premiums. This means, you pay up to the first 100 to 1,000 USD, after which the insurance company pays everything.
5. Inexpensive polices can include co-payment to reduce premiums. You will be responsible for 20% of the medical expenses beyond basic limits.
6. Annual policy limits range from 100,000 Baht up to 2 Million USD.
7. A choice of guaranteed renewals at published rates for international health insurance or reduced premiums without guarantees on premium increases.
8. As you become older, the choice of insurance companies drops, but there are a few Health insurance companies willing to accept new applicants over 65 years old.
(Annual Premium rates depend on your age, premiums are adjusted annually with inflation and rise as you get older.);
9. If you are below the age of 65, we can offer choices from 10 different health insurance companies. For those over the age of 65, we can offer choices from 3 health insurance companies.
Choosing a health insurance policy is not difficult.
Have a look at the attached document for more detailed information.
All insurance companies have several plans to choose from.
The cheapest plans will only cover you for In-patient treatment; where you have to stay overnight at a hospital.
In-patient treatments are where the largest expenses will occur.
Certain In-patient plans will also cover you for limited Out-patient treatment following an In-patient stay.
Unlimited Out-patient cover is included in the more expensive plans.
In Thailand, Out-patient treatment is still relatively inexpensive; so it is really up to you if you feel you need this level of cover.
If you plan on moving to a different country or travel fairly often, then the Out-patient cover should be treated with greater importance.
Even if you don’t have any budget concerns about the cost of health insurance, I do not reccomend choosing the most expensive plans.
The very expensive plans have very few benefits that you will actually be able to take advantage of in real situations.
You pay lots more but receive very little extra benefits in return.
I will send brochures of various companies to help you compare.
International health insurance companies offer high levels of cover, sufficient to pay the majority of hospital bills.
All the companies I represent are widely accepted at major hospitals.
The cheaper range of plans offered by a few companies offer good-value-for-money; but you have to realize the limited level of cover is going to come short when the medical costs are high.
Be prepared to pay a portion of the hospital charges when claims exceed policy limits.
(Premiums dependant on the number of days cover);
1. All travelers need this insurance. An accident or illness occurring in a foreign country can be disastrous. Other problems that can ruin your holiday are minimized to keep your trip plans intact. Up to 5 Million Baht Medical cover.
2. Cover for both inbound and outbound travelers.
3. Travel Insurance includes Temporary health insurance during the trip.
4. Up to 1 million USD Emergency Evacuation cover and return of mortal remains included.
5. Additional cover for loss of traveling documents, money, luggage and delays.
6. Extra cover providing you more than the minimum required by law. In Thailand, the minimum required by law only covers travelers in the event of an accident
Car Insurance in Thailand
Car Insurance, five main groups;
1. Compulsory insurance, CTPL; Minimal cover required to legal on the road in Thailand. Provides up to 50,000 Baht medical cover and 200,000 Baht death/disability compensation to third parties involved in accidents. Does not keep you out of Jail or pay for damages to other vehicles. (Premiums range from approximately 600 to 1200 Bt. depending on the type of vehicle insured).
2. Third party cover only, pays for compensation and medical expenses (Up to 1 million per person) to others and damages to their vehicles. This policy also includes a Bail Bond if the driver accidentally kills another person or seriously injures them. (Premiums range from 4,000 Bt. to 8,000 Bt. depending on the type of vehicle).
3. Second class; In addition to Third party cover; this covers your vehicle if it damaged by fire or stolen (Premiums depend on value of vehicle insured).
4. Fully comprehensive, First class; Pays for everything, including the repair costs for damages to your own vehicle (Premiums depend on value of vehicle insured).
5. Limited Full cover, better known as 3-plus-1 or 2-plus-1 type cover. Premiums are lower than First-class insurance and fixed (no no-claims discounts) according to the sum insured. Some policies have a deductible on own damage, some do not.
3-plus-1 cover is a Third-party insurance with limited cover against damages (100,000 to 1 million Baht.) to your own vehicle if you are at fault.
2-plus-1 cover adds Theft and Fire cover to a 3-plus-1 policy.
Motorcycle insurance, three main groups;
1. Compulsory insurance, CTPL; Minimal cover required to legal on the road in Thailand. Provides up to 50,000 Baht medical cover and 200,000 Bt. death/disability compensation to third parties involved in accidents. Does not keep you out of Jail or pay for damages to other vehicles. (Premiums range from approximately 300 to 650 Bt.)
2. Third party only, pays for compensation and medical expenses (Up to 200,000 Bt. per person) to others and damages to property/vehicles. This policy includes a Bail Bond if the driver accidentally kills another person or seriously injures them. (Premiums range between 2,500 Bt. to 3,500 Bt.).
3. Fully comprehensive, First class; Pays for everything, including the repair costs for damages to your own vehicle. (Premiums depend on the value of the motorcycle insured).
House and Condominium
1.Both Homeowners and renters can purchase this insurance.
2.Owners will find that a bank only requires them to insure the amount outstanding on the mortgage. Purchasing additional insurance to cover the rest of your house and belongings is worthwhile if you suffer a catastrophic loss.
3.Even if you rent a house, you are exposing yourself to a risk of loss. If the house is damaged or destroyed. You will have to compensate the owner for his loss.
4.Fire, windstorm, earthquake, water damage, land slide, bushfire…etc.
5.Most policies include some burglary cover and additional cover is available.
6.Electrical injury to appliances.
7.Personal liability cover against third party claims in your house.
8.Repairs to burglar’s point of entry.
9.Allowance for temporary accommodation while your house is being repaired.
10.Fire insurance alone, costs 0.15% premium for the insured value of the house.
11.Burglary insurance for additional high-value items, costs 1.5% of the sum insured.
1.Third party liability insurance.
2.Loss of clubs.
3.Hole in one expenses.
- Policies cover against the following perils:,
a. Total loss and damages, accidental loss or malicious damages, including theft within navigation limits of the policy.
b. Damages due to grounding, contact with dock, harbor equipment, land conveyance, aircraft or objects falling on vessel.
c. Perils of the seas, rivers, lakes or other navigable waters.
d. Theft of the vessel, her boats or outboard motors.
e. Fire, explosion, jettison and salvage charges.
g. Earthquake, volcanic eruption or lightning.
h. Collision, 25 / 75 co-insurance applies. Owner is responsible for 25% of claims.
- Types of vessels that can be insured:
a. Sailing Yachts.
d.Commercial passenger boats.
- Protects you against damages for bodily injury or property damage.
- Covers all direct physical loss or damage to the personal effects from any accidental cause.
- What types of policies are available?
a. Comprehensive cover.
b. Cover against total loss only.
c. Compulsory passenger cover.
Company Group Policies
(Premiums from 600 Bt. to 4,300 Bt. per person);
1. Greatly reduced rates for both large and small companies.
2. 24 hour cover against accidents for your employees.
3. Increased benefits for your staff, much more than Social Security offers.
4. Reduce your company’s exposure to losses from large accident claims.
5.Up to 1 million Baht cover for loss of life of an employee.
6.Up to 100,000 Baht cover for medical expenses.
Company Health Insurance
(Premiums from 2,200 Bt per person);
1. Health benefits at greatly reduced rates.
2. Increased benefits for your staff, much more than Social Security offers.
3. Higher benefits to your employees at a minimal expense.