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
Looking to sell your car? Sell it with Carro.
while we are fearing about the future of insurance here…thailand always good news there
We should learn from Thailand. They are focused. Look at how they made their country into Detroit of Asia, stealing that title from us.
In Thailand, insurance companies got little corruption. So things can progress. Here, the insurance companies are involved in so much corruption and adjuster fraud. Very hard to progress
bolehland Detroit of Asia? when u think it was. u know why last time govt want to become Detoit of Asia? I gip u hint: local brand.
Thats the problem with basher and “cave facts”.
This should also be done in Malaysia
Only Dashcams from authorised crony suppliers are legal.
I hope PIAM will ask our insurance companies to give 10% too with our motor insurance liberalisation.
There r conditions as mentioned above. Need to install DVR and make sure it really records. Then can get 10% diskaun. Im surprise ur koliks din come here demanding 30% diskaun instead.
Don’t worry. Be patience NOT PATIENTS john. Many comments will come.
Just make sure U don’t visit your Dr when they come bcos No one is going to cry for U when your Insurance company increase your premium.
Thailand really know what’s important and what isn’t. No wonder a lot of automotive investors really insterested with Thailand.
Good idea. While it can’t prevent accidents, a dashcam will make it easier to find out the reason and condition of the accident. An incentive such as a lower insurance premium will encourage more people to install dashcams in their vehicle. In fact, it will be nice if it can be made a standard item on new vehicles.
As a side effect, there will be a YouTube channel specializing in Malaysian dashcam footage. Maybe can even challenge the Russian monopoly in this.
Given the nature of insurance, cars that are equipped with traction controls, air-bags and those collision prevention assists should be offered with a lower insurance premium cover. That would include the driver’s history of crashes, and amount of driving offences in the past to determine the insurance price. Dash cam would not prevent car crashes but definitely assist the insurer to determine who is at fault in the event of a car accident and to track down the offender(s) who hit and run regardless at fault. Nevertheless, it should serve a lower insurance premium for the driver.
In Malaysia, this won’t work. No matter what photographic evidence you show that you are in the right, if the other party give a handsome angpau to the IO, that is the end of you.
Hope it will be competitive enough to have more safety features so as to minimise vehicle ownership cost e.g lower insurance premium as-well-as to improve the overall safety of the vehicle.
Unlike some countries, the insurance companies tells the government what to do
Thats what happens when market is liberalised & free marketed.
Agree. Not just front dashcam but also a rear dashcam, for rear end collisions.The price of dahscams are very cheap nowadays.
Alternatively the Govt can make it compulsory for car makers to have bulit in cams into their vehicles. This MUST include commercial vehicles, buses and trucks also.