Thailand's regulator, the Office of Insurance Commission (OIC), has issued Registrar's Order No. 51/2568 to increase the coverage limit for both compulsory and voluntary motor insurance to a maximum of THB20m ($620,000) per incident, in order to address major accidents without adjusting premiums.
Other revisions in the order include increasing the coverage amount per incident for motor vehicle and electric vehicle insurance policies to a minimum of 20 million baht to accommodate accidents resulting in fatalities or permanent total disability.
The Registrar’s order is as follows:
- The Compulsory Motor Insurance Act sets the maximum coverage limit per incident at THB20m for all vehicle types, with no increase in premiums. This law will be effective immediately for all policies, both those currently in effect and those entered into new contracts. Insurance companies will be required to use policy forms and wording in accordance with the Registrar’s order, effective 1 January 2026.
- Voluntary motor insurance sets a minimum coverage limit per incident in the third-party liability category for death or permanent total disability of no less than THB20m for all vehicle types. This will be effective for new policies from 1 January 2026.
“Although in 2020 the OIC increased the coverage amount under compulsory motor insurance policies per person from THB300,000 to THB500,000, the maximum liability limit per incident remained at THB5m for passenger cars with no more than seven seats and THB10m for cars with more than seven seats,” said OIC assistant secretary-general of the insurance product supervision Paiboon Pieammetta.
“Meanwhile, voluntary motor insurance policies have increased the minimum coverage amount to THB500,000 per person, but most still have a maximum coverage limit of THB10m.”
Mr Paiboon also said, “This issuance of the Registrar's Order raises the level of coverage to reflect reality and is sufficient to effectively care for accident victims without increasing the burden on policyholders, as there is no increase in premiums.”