Car insurer scraps standard policies for EVs

Quick Summary:

Wide fluctuations in electric vehicle prices and high claim values have led the country's second-largest auto insurer to scrap standard premium rates and switch to reviewing applications on a case-by-case basis.

A source at the Office of the Insurance Commission (OIC) who requested anonymity said no insurers have officially announced the cancellation of their EV insurance services.

K-Leasing considers the risk profile, including the age of the vehicle and the customers’ ability to service debt repayments, said managing director Tirachart Chiracharasporn.“The type of car is another factor to take into account in terms of loan collateral.

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Article Details

Category: EconomyBusiness

Markets: ThailandChinaJapanSingapore

Topics: Conditions Battery Insurers Loan Association Vehicle Auto Coverage Cars Insurance

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-02 @ 16:08:00 (2 days ago)

News Timezone: GMT +8:00

News Source URL: bangkokpost.com

Language: English

Article Length: 988 words

Reading Time: 6 minutes read

Sentences: 40 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bangkok Post

News ID: 21461814

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