Loss of use coverage will be added to car insurance policies, with the change expected to take effect early next year, according to Office of the Insurance Commission chairman Suthipol Taweechaikarn.
The IOC had earlier set up a panel on the provision of improved coverage following complaints from motorists about the lack of benefits to cover damage incurred through loss of use of their damaged vehicles, Mr Suthipol said.
He was speaking on Monday during a two-day workshop for car insurance executives at the Cavalli Casa Hotel in Ayutthaya, from Nov 18-19.
The committee, chaired by OIC deputy secretary Tanuphat Rattanaphoonchai, had recently met to discuss loss of use coverage. Representatives from the Thai General Insurance Association also attended the meeting.
He said the meeting proposed loss of use coverage for three major groups: personal vehicles with a maximum 7 seats (at least 500 baht a day proposed); public hired vehicles with a maximum 7 seats (700 baht a day); and vehicles with more than 7 seats (1,000 baht a day).
The OIC was in the process of drafting an amendment to the registrar's order on car insurance policies. It would also address complaints regarding this matter.
Loss of use coverage was expected to come into effect early next year, the OIC secretary-general said.
The IOC scretary-general did not say if this would involve any extra loading on the annual policy premium, or not.
The proposed change applies to private insurance, not compulsory third-party insurance.