Compensation for loss of use of vehicle : The Thai General Insurance Association establishes a central standard "for vehicle repairs" to clarify compensation for loss of use by applying fair time assessments, actual repair work, and technical data from standardized repair shops nationwide, thereby boosting public confidence.
Dr. Somporn Suebtawilkul, President of the Thai General Insurance Association, stated that the Motor Insurance Committee of the TGIA has developed a central framework for vehicle repair durations to be used by all general insurance companies. This serves as a standard for compensating claims related to loss of use, ensuring clarity and uniformity across the industry.
This approach considers fairness to policyholders and reflects the current reality of vehicle repair processes, helping to reduce disputes and complaints regarding loss of use compensation. Establishing these criteria enables insurers to systematically assess appropriate repair durations and ensures policyholders receive compensation that reflects actual repair work, reducing contention and improving customer satisfaction.
The key principles of the vehicle repair duration criteria set by the association include fair time assessment, reflecting actual repair work, and relying on technical data from standardized repair shops nationwide, based on three main components:
1. Consideration of repair job characteristics, number of parts, and actual repair days This repair duration framework helps insurers have clear, accurate guidelines that best reflect actual repair conditions when assessing compensation for loss of use fairly.
2. Establishing a vehicle repair duration framework among general insurance companies To compensate for loss of use, the TGIA Motor Insurance Committee has held continuous discussions with member companies engaged in motor insurance business.
3. Sharing actual repair work data from repair shops nationwide Along with listening to problems and suggestions from all companies to ensure the time criteria fully reflect issues and facts.
Thus, the signing ceremony of the vehicle repair duration agreement marks an important role of the Thai general insurance industry, reflecting the shared commitment of all companies to develop clear, fair, and practical vehicle repair standards.
This will help reduce complaints, improve claim payment efficiency, and build confidence among vehicle users nationwide, with 32 general insurance companies participating in the agreement.
Dr. Somporn said that signing this agreement not only sets a common standard for the general insurance industry but also represents a crucial step toward a transparent, verifiable, and fair vehicle repair system for the public, helping to reduce disputes.
It also shortens claim processing times and provides policyholders with genuinely increased coverage and confidence. This measure will strengthen the credibility and resilience of Thailand's general insurance industry in the long term.
The 32 insurance companies participating in the agreement are:
1. Bangkok Insurance Public Company Limited
2. Krungthai Panich Insurance Public Company Limited
3. Tokyo Marine Insurance (Thailand) Public Company Limited
4. Charan Insurance Public Company Limited
5. Jaymart Insurance Public Company Limited
6. Chubb Samaggi Insurance Public Company Limited
7. Sompo Insurance (Thailand) Public Company Limited
8. Dhipaya Insurance Public Company Limited
9. Thoon Insurance Public Company Limited
10. The Vetch Insurance Public Company Limited
11. Thai Phatthana Insurance Public Company Limited
12. Thai Paiboon Insurance Public Company Limited
13. Thai Sethakit Insurance Public Company Limited
14. Thanachart Insurance Public Company Limited
15. Navakij Insurance Public Company Limited
16. New India Assurance Company Limited (Thailand Branch)
17. Thai Vivat Insurance Public Company Limited
18. Falcon Insurance Public Company Limited
19. Mitsui Sumitomo Insurance Company Limited, Thailand Branch
20. Mitr Thai Insurance Public Company Limited
21. Muang Thai Insurance Public Company Limited
22. Roojai Insurance Public Company Limited
23. Star International Insurance (Thailand) Public Company Limited
24. Samkong Insurance Public Company Limited
25. Allianz Ayudhya Insurance Public Company Limited
26. Insureverse Public Company Limited
27. Ergo Insurance (Thailand) Public Company Limited
28. AIG Insurance Public Company Limited
29. AXA Insurance Public Company Limited
30. LMG Insurance Public Company Limited
31. iCare Insurance Public Company Limited
32. Aioi Bangkok Insurance Public Company Limited