For the claim process, there will be a deductible you need to pay which is divided into 2 types. Those are deductible and excess. It is so important to understand more about this because it can help to reduce your car insurance premium each year.
What is the deductible?
Deductible is a fixed amount of money that driver needs to pay when making a claim. In case of the party is at fault at the scene of the car accident or the case of we can not specify another party. For instance, you choose a deductible of 5,000 baht on your premium, then there is an accident and you are at fault. Estimated repair work is 10,000 baht, you need to pay 5,000 baht before repair work is carried out. The Company will pay 5,000 baht. In buying car insurance process, there is a condition that we can choose to pay or not pay the deductible. The amount deductible is about 1,000 to 5,000 baht. You can pay less for your premium if you set your deductible higher.
Should I choose a high or low deductible amount on my car insurance?
It depends on the driving skill. If you are a new driver or expecting to be involved in frequent accidents, then we recommended setting the deductible low. On the other hand, you are a safe driver and not expecting to make many claims, we recommended setting a higher amount of deductible so it can help save more on your premium each year.
What is excess?
Excess is an extra amount that a driver needs to pay when there is an accident. Mostly, excess payments start from 1,000 baht.
In many cases that the driver needs to pay the excess which includes an accident caused by a car collision or overturned car in which the parties can’t be identified or not caused by a direct collision and there is only damage to the surface of the car's paint as follows:
- Any scratches to the car caused by sharp objects or vandals
- Any dents caused by rock or objects were thrown at
- Damages caused by slashing the branch, electric wire, or barb
- The car fell into a pothole or slid onto the road
- Damage from nails or sharp objects. Torn tire
- Damage from painting spray or other objects falling into it
- Slip on the side of the road but not overturned
- Being hit or cut by the material in the car.
- Damages caused by being bitten, scratched, or gnawed by an animal
- Other cases which the cause is unclear
The amount of excess to pay may vary in each case. However, there is some case where excess is excepted such as hitting the light hitting the pole/door, hitting a wall, hitting a tree, hitting a footpath/traffic sign, or rollover.
* Please check all conditions and coverage details in the policy.
Besides to understanding deductibles before buying car insurance, it’s vital to be careful when driving for your safety and other road users. Buying car insurance with Pocket can help give you peace of mind for every drive.
