Why you have to buy compulsory motor insurance at rabbit finance?

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Customer Reviews

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Thong Chai

 42, Ubon Ratchathani, Isuzu D-Max

 

I feel relieved by renewing compulsory motor insurance with Rabbit Finance. Fast service. I don't have to waste time doing it by myself. Rabbit Finance manage all processes for me. It is a nice feeling to not worry about anything!

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Sing

24, Bangkok, Toyota Corolla Altis

 

Rabbit finance is the best service to buy compulsory motor insurance. Service fees very cheap you can pay online, very easy and very fast. 

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Ning

28, Chiang Mai, Honda Accord

 

Trust to buy compulsory motor insurance with rabbit finance. Call center staff good service, best price start 645 ฿, fast service. For some people who are looking for compulsory motor insurance, rabbit finance is the best choice.

           What is about Compulsory Motor Insurance


If you are the one who lives in your own daily life depending on driving a car, the important duty, except to understand the traffic rules and to have a driver's license, is to have a compulsory motor insurance. No matter who you are: the car owner, car renter or imported foreign car.

In Thailand, compulsory motor insurance (CMI) or called in Thai as Por Ror Bor (พ.ร.บ.) is a basic car insurance for every driver. Mandated by Thai law based on Road Accident Victims Protection Act, B.E. 2535, it is legally necessary for every car owner to register CMI with

Department of Land Transport in order to be protected from an accident in case of an injury or death regardless of anyone’s guilt. Apart from the drivers’ lives, this primary coverage also guarantees the lives of the third party and passengers including medical expenses and funeral costs as well as the asset coverages.

 

            Compulsory Motor Insurance cover

And then, what does Compulsory Motor Insurance cover when the accident happens?

 

  1. Cover instantly for medical expenses without proving anyone’s guilt up to 65,000 baht/person.

         (1) pay the medical expenses to peruse in case of injury up to 30,000 baht/person.

         (2) pay in case of death, loss of organs or permanent disability up to 35,000 baht/person.

 

  1. In case of car owner is innocent (not guilty), cover additionally up to 304,000 baht.

         (1) pay in case of death or permanent disability up to 300,000 baht/person.

         (2) pay correspondingly in case of loss of organs around 200,000-300,000 baht/person.

         (3) pay the medical expenses to peruse in case of injury up to 80,000 baht/person.

         (4) pay the daily compensation 200 baht total up to 20 days in case of in-patient department: IPD (total up to 4,000 baht)

 

About the interest of CMI, you might doubt the company you will choose to register or renew it that the costs would be different or not. Rabbit Finance can tell you now that the interest is not too expensive for sure because the government envisions that compulsory motor insurance will give the basic benefits for car drivers. So, the government considered and determined CMI interest in the lowest price rate by not making the insurer lose money with the following method:

 

the increase and decrease of some types of car insurance interests or the increase of the basic fee commission (from 15,000 baht adding the costs up to 35,000 baht) and the surplus penalty (from 800,000 baht cutting the costs down to 100,000 baht). Nowadays, the Office of Insurance Commission (O.I.C.) has a duty to order the registrars to determine the insurance interest rate into only one rate divided by the car types and appearances. The insurance companies could not offer the interest more than this determination. Therefore, this is why we call this process “do not gain the profit, but do not lose the profit.”

 

The reason that the government decided to do this because the cheaper price would persuade the car driver more and the O.I.C. already considered and adjusted the rate of compulsory motor insurance in order to respond to the risk that may happen in the future. 

          CMI so important

 

When we live together in the same society, the way we try to protect people from the chaos is to have a law to build an effectively peaceful society. Some people do not care about the rules or break the rules accidentally. So, compulsory motor insurance was established legally for avoiding when bad accidents happen and then the car owner and the third party will have basic coverage including medical expenses and asset coverages. In Thai law, every car owner was forced to do the CMI and renew it every year.

 

For example, in case you drive a car hitting someone. If you have a CMI, it will cover everyone who effects from the car accident, no matter if you are a Thai citizen or an illegally unregistered immigrant or you are a guilty driver or an innocent passenger except you make an illegal action by car: smuggling drugs or carrying the immigrants without permission. The compulsory motor insurance will cover everyone equally.

 

No matter if you hit somebody by car or not, if you do not have a CMI, you are illegal. At first, you will be charged no more than 1,000 baht. And then, if you hit somebody and do not show the CMI sign or do not attach the sign on your car obviously, you will also charge for 1,000 baht at most. So, if you have a CMI, you need to show it on your car and renew every year

 

As mentioned above, CMI is a motor basic insurance mandated by the law, Road Accident Victims Protection Act, B.E. 2535. Every car owner must register. Unless you register, you will be illegal. And then, if you are checked, you must pay the fine and the Department of Land Transport will discontinue your annual car tax. Most of the cars with financial installments in Bangkok will hire-purchase with financial institutions. When the period to renew is near, the institution will send the informing letter in order to warn you to pay the annual car tax with the following estimate payment:

 

- handling charges 300 – 500 baht

- car tax registration with disregarding the remainder, for example, if the car tax price is 1,790 baht, some institutions will charge you for 2,000 baht excluding service charge.

- compulsory motor insurance with disregarding the remainder, for example, the CMI price for 7-seat car is 645.21 baht, but you need to pay 700 baht instead.

- If you are in arrears, some institutions will bring your car tax payment to use as an interest, tell you that you need to pay completely for installments first and they will renew your CMI. In this case, you will be charged if the police want to check.

 

Many people still mistakenly think that the banks or financial companies have a duty to renew the compulsory motor insurance for your car with financial installments only. The truth is everyone can do it by themselves in advance for 90 days before car tax expiration. And if you pay sluggishly, you will have to pay 1% charge of the tax also.

 

Please do not forget if you do not pay for car tax more than 3 years, your driver's license will be suspended automatically.

          Prepare the documents to renew CMI


We take you on a tour to get to know more about the CMI already. This is a time to know how to register or renew it. If you think that the process to register or renew the compulsory motor insurance is complicated. You were wrong because it is easier than you thought. At first, you need to prepare all the documents in the following:

 

(1) A copy of identification card

(2) A copy of resident registration

(3) A real or a copy of car registration

 

There are two special cases that you need to provide more documents before you submit.

 

If you use the 7-year-old car, you need to submit the vehicle inspection certificate from the car inspection center under the department of land transport in order to prove that your car is ready to use on the road.

 

In case that your car has changed the machine from using fuel to gasoline (not including the machine which set at the factory), no matter what it is LPG or CNG system, you need to have setting certificate and checking certificate from the motor engineer attached when you register or renew CMI. If you use the LPG system, you can check one time and use it for 5 years. But if the CNG system, you need to check up the machine every year. 

 

           Where you can renew Compulsory Motor Insurance 

 

It is just only three to four documents to prepare. You will be ready to renew your compulsory car insurance or Por Ror Bor already. Not that complicated, right? And then, you will choose the method to register or renew CMI which there are many places to give a service as you can see below: 

 

(1) Department of Land Transport nationwide

(2) Every branch of the commercial banks in Bangkok

(3) District offices in Bangkok

(4) Nationwide post offices

(5) Nationwide department stores

(6) Insurance companies

(7) register or renew CMI via online

 

These are the places where give a service to register or renew your CMI and take care of you from the beginning to the end of the process. Each place offers different price rates of interest, but the coverage is the same. If you want to renew the compulsory motor insurance in advance, you can do it before in 90 days legally.

 

In case you are in the middle of car installments or you cannot renew your CMI, your finance company is not necessary to provide renewing for all processes because you can renew by yourself. You can ask the finance company to fax a copy of car registration in order that you can bring it to pay a car tax and compulsory motor insurance which helps you save money without paying renewal handling charges for the finance company estimate 100 - 500 baht. But if you feel uncomfortable for that process, you can renew your CMI via an online insurance broker like Rabbit Finance because this is the easiest way to do and you will give the best price which you cannot find anywhere.

 

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