Thailand has ordered insurers to give a discount of 5% to 10% off motor insurance premiums for vehicles equipped with video recorders or dashcams, the Bangkok Post reports.

The order was signed by Suthiphon Thaveechaiyagarn, secretary-general of the Office of Insurance Commission, and was published in the Royal Gazette last Friday with immediate effect.

The order states that underwriters are required to cut auto insurance premiums by 5% to 10% for customers who present photographic evidence of dashcam installation in the front of their vehicles. Vehicle owners are required to ensure that the dashcam is functional during the period of insurance coverage. The rule applies to all vehicle classes.

The rational behind this is that dashcams are deemed a useful tool that will help reduce disputes in road accidents. That makes everyone’s life easier, so to speak, from the parties involved in the accident to the police officer and adjuster.

Come July 1, motor insurance tariffs in Malaysia will be liberalised and insurers will be free to compete in terms of product and pricing. A key feature of a liberalised market (as opposed to the fixed tariffs of today) is premiums charged according to a driver’s risk profile. A driver with a clean record and a well-secured car will be deemed low risk, and will be eligible for lower premiums. Will dashcams count as a “safety feature” that will improve a risk profile? We’ll see.

We’ve covered the topic of motor insurance liberalisation in the past, and you can read more on the subject here:

Motor insurance liberalisation: how will it affect you?
Liberalisation of comprehensive motor insurance – Bank Negara expects no massive shift in pricing
Tariffs for comprehensive motor insurance to be lifted in July, full liberalisation in 2019 – PIAM