Insurance for the properties is always the best thing and in case those are broken or missed they may claim the amount that they insured. This becomes more important and also mandatory when we consider vehicles. Since there are more chances of getting into accidents while driving on the road insurance for the car becomes essential. The company dealing with the insurance will take care of this and the respective person needs to pay the premium as they are mentioned. The insurance process and the premiums are varied based on the country. In Thailand the insurance for vehicles is provided based on the car insurance groups. Here in this article briefly the
Car Insurance Groups in Thailand Explained.
Car insurance groups are the kind of ways that can be used to prescribe the insurance premium according to the vehicles and also the drivers. In this categorization of vehicles has been done and based on that the premiums will be determined. It is greatly helping people to pay the nominal insurance premium for the car according to its conditions, and history and also based on the driver’s age.
The grouping process becomes important because earlier there were only one to twenty groups present but nowadays there are one to fifty groups present. Fine, what actually they will do with this car insurance? The car insurance grouping supports determining the insurance premium that should pay by using simple calculations. By considering all the details such as the cost of the car, repair charges, and accessories cost also the performance, safety & security, driver age, etc., the insurance premium is calculated.
How many charges will come as a premium for the insurance? Car insurance grouping will be categorizing the vehicles. As we said, the premium will be fixed according to the under which category the car falls. If the category is higher in number then the insurance premium will be more. If the number is lesser then, of course, the premium is too. According to this if the car categorized at the higher number met with an accident then the payout also will be high. This means if the car is categorized at low numbers then the condition of the car will be low as compared to the higher number categorized.
The final deciding parameters of the car insurance in the grouping are the following: 1. Cost of the car 2. The various features of the car especially feature for security, 3. How the car is performing? 4. Repairing Cost of the car and the cost of accessories.