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.