Motorbike Theft Insurance

[barry_bonds 1]

I was curious about this because I have 2 years of coverage on my motorbike and the price seemed very cheap, under 400 baht, which includes 1 year for accident repairs on the motorbike.

 

I just found out yesterday from my apartment manager/owner that Thai kids are notorious for stealing motorbikes and the insurance company won't pay because they think it might be fraud. The reasoning is that the motorbikes are deliberately being stolen and sold in Cambodia, like a business. I wonder if this is true and if anybody had any experience with not being able to get paid from an insurance company?

[torrenova 644]

Last year I looked into doing some rentals and the numbers were working out until the insurance company pulled the plug on 100% (or near) cover and went to around 50%.

 

No way can you cover that potential. Even with a customer, you get a passport copy, very rarely the original. He rents the bike for 2 weeks, writes it off or loses it. His original ticket said 2 weeks but he changes his ticket and is out of the country before the expiry of his rental comes around. You're fucked and down Bt40-50,000 before any, if any, payout.

 

Get a few claims and your cover vanishes.

 

I suspect that your Bt400 or so cover is for standard 3rd party cover and nothing to do with your bike.

[barry_bonds 1]

Last year I looked into doing some rentals and the numbers were working out until the insurance company pulled the plug on 100% (or near) cover and went to around 50%.

 

No way can you cover that potential. Even with a customer, you get a passport copy, very rarely the original. He rents the bike for 2 weeks, writes it off or loses it. His original ticket said 2 weeks but he changes his ticket and is out of the country before the expiry of his rental comes around. You're fucked and down Bt40-50,000 before any, if any, payout.

 

Get a few claims and your cover vanishes.

 

I suspect that your Bt400 or so cover is for standard 3rd party cover and nothing to do with your bike.

 

 

I suspect you got out of the bike rental biz. I was toying with the idea of lending my bike over to a guy who runs a taxi biz and bike rental biz, in exchange for the rental income after expenses and him skimming off the top. Now I can picture him saying motorbike was stolen and insurance no pay.

[torrenova 644]

I didn't go into it. I used to act as an introducer to people who did this business and at the time 100% insurance was feasible. I play with business ideas constantly and was investigating this one when the insurance situation changed.

 

If you could cover the insurance side and had a significant customer base there is good money to be made. There is still one way I have seen but it is far monre complicated and the market is not as large. Still looking into that one !

[jacko 8,822]

I was curious about this because I have 2 years of coverage on my motorbike and the price seemed very cheap, under 400 baht, which includes 1 year for accident repairs on the motorbike.

 

I just found out yesterday from my apartment manager/owner that Thai kids are notorious for stealing motorbikes and the insurance company won't pay because they think it might be fraud. The reasoning is that the motorbikes are deliberately being stolen and sold in Cambodia, like a business. I wonder if this is true and if anybody had any experience with not being able to get paid from an insurance company?

That insurance does sound like a good deal, but make sure what you have got is as stated, it does sound like the obligatory, government 3rd party insurance. This covers little. Either the insurance is good and you paid for it in the price of the bike, or it is not what you believe. I recently bought a Nouvo for 50,000 baht. They only included the government insurance.This does not cover the bail bond you will need if you are involved in an accident. So I went off and got better insurance, but, the extra to cover theft was over 4000 baht. The Yamaha dealer offered me theft insurance at about 2200 baht/ 2 years. Pays back 85% first year and 45 % second year. I know of someone who has claimed and got his 85%.

 

 

 

Yes, there is a lot of motorcycle theft in Pattaya, gangs come from surounding towns, but falangs on holiday make it easy for them! Mine gets locked.

[kolobos 0]

I have had a bike stolen...I had 'additional' insurance...these are the facts of my situation!

 

Bought new Nouvo 56k, came with standard insurance (not theft) 350baht, asked for additional for theft cost 1400 baht for 1 year, 2200 baht for 2 years...Insurance was taken out on the day of purchase for 1 year.

 

Bike was stolen 11 months later...Insurance was paid out 3 months later (in case of the bike being found etc) though the cheque for 41k was dated 1 month after reporting the theft. Cheque cleared, Kolobos happy!

 

Always take out two years insurance on a new bike (a mistake i made by taking only one on my Honda)...I went to re-new my theft insurance of my Honda Wave a few days before it expired...they would not re-new it as it has to be applied for exactly 7 days before it expires...TiT.

Edited March 7, 2007 by kolobos

[elef 0]

We bought a small motorbike on Soi Buakaow more than 1 year ago and full insurance was included for 1 year, but the seller explained it wasn't possible to renew that whatever money we paid. Just the 3rd party insurance was possible to get after 1 year, at least from that insurance company.

[biggles 509]

Yeah, same story with me. bought new suzuki with 12 months insurance theft/accident. tried to renew it one year later when I paid the road tax/3rd party. they werent interested. Wish I had known about the 2 year option when I bought it.