Reasons Why CMI isn’t Enough And You Still Need Car Insurance
It doesn’t matter if it’s a leasing or buying car, you will need to renew these 2 types of car insurance on a yearly basis: Compulsory Motor Insurance (CMI) and Voluntary Motor Insurance (VMI).
As the name suggests, compulsory insurance is mandated for every car registered with the Department of Land Transport. And it is unlawful to act otherwise. This type of insurance requires a vehicle registration manual in order to pay for vehicle tax, which is due every 12 month.
Compulsory insurance is there to ensure that passengers on board a coverage of a mutual fund and medical expenses in a timely manner after a car accident.
This may help ease a lot of burden, still it only extends to what is stated in the law.
That’s why Voluntary Motor Insurance becomes incredibly useful when the accident involves death or loss of property. This type of insurance is optional and its coverage varies through the class of insurance.
Don’t think that you are wasting money on VMI for nothing if there’s no accident or claim occurred during the contract period. If you don’t have car insurance, the negotiation process will definitely be harder as opposed to the car owner whose car insurance covers a 24-hr service.
Voluntary insurance comes with great benefits. Its coverage includes injury or death of passengers on the insured car and the third party; any damages to property which belongs to the third party; damages to the car, including its devices, accessories, and component parts attached to the car; fire; and loss due to theft, robbery, blugery, and defalcation.
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Limit of liability is an extra coverage of the voluntary insurance, which can be divided into Class 1, 2, 3, 2+, and 3+.
Car insurance Class 1 has the most comprehensive coverage, which includes passengers on board, the third party, the insured car, fire, and loss.
Class 2 with additional coverage on car damages resulting from collision with land vehicles.
Class 2 covers passengers on board, the third party, fire, and loss.
Class 3+ shares the same coverage as Class 3 but with a limited amount and is applicable for land vehicle collision.
Class 3 covers the third party, fire, and loss. Class 2+ shares the same coverage as
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Voluntary insurance depends entirely on what’s suitable best for each car owner. Anyway, we would suggest not to put a cheaper price as your prior consideration, but rather the benefits that are most suitable for you and your loved ones. And that’s how you know car insurance isn’t a waste of money.
Drive with peace of mind with our car insurance. Find more information at https://www.axa.co.th/en/motor-insurance-online
Check your price or Buy Motor Insurance Online
For more information about our insurance products and services, please contact us
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- AXA Customer Service 02 118 8111
Buy Compulsory Online > https://direct.axa.co.th/CMIOnline/CoverageOptionPlan
