Vehicle insurance industry is a growing sector in Thailand after setback in the past for some years and insurance companies are enjoying advantages of this growing trend. The car insurance business depends on increasing population and increasing number of cars. This scenario is prevalent in this country which is reflected from chaotic traffic on many city roads. When traffic is on the rise and undisciplined, it is hard to manage the traffic by the authorities and they raise their hands. The result is road accidents which are unavoidable despite careful driving by many car drivers.
Car insurance options in Thailand
The accidents usually occur due to someone’s fault but sufferers are all parties involved in an accident. The vehicle insurance companies frame their insurance plans after assessing the accident situations and that’s why Thailand insurance companies offer different options for the car owners. There are typically two car insurance options in Thailand: Third-party liability insurance, called PorRorBor, which is mandatory under vehicle laws and you cannot avoid this because driving a car without Compulsory Third-Party Liability Insurance will attract penalty, and a Private Insurance which is voluntary in nature. It is own your own will to buy or not to buy this insurance for your car, but having this insurance cover is a financial protection, especially when you buy a comprehensive plan.
Difference between compulsory and private car insurance
Basic insurance offers coverage for third-party liabilities arising out of injuries and death on account of a road accident and it saves you from complicated compensation process when an accident sues for damages. Private insurance is good to cover your repair budgets additionally due to car accident damages. You must have sufficient insurance coverage for your car by buying a good car insurance plan. The comprehensive plan of private insurance has many benefits of claims and roadside assistance in case of accidental damages.