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Is the price of insurance going down now that the required coverage has decreased from $50,000 to $20,000 in Thailand?

Thai Health InsuranceVisa RequirementsCOVID-19 InsuranceAXA InsuranceInsurance Costs in ThailandThailand Pass
March 18, 2022
3 years ago
Terary **********
ORIGINAL POSTER
Now that the insurance require has gone down from 50,000 to 20,000. I would expect that price of insurance has gone down.

AXA is the same. Has any insurance gone done.

I am pretty sure the "insurance" is just a scam.
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TLDR : Answer Summary
The community discusses the recent reduction of insurance coverage requirements in Thailand from $50,000 to $20,000 and whether insurance prices have subsequently decreased. While some participants believe that prices should go down, others argue that premiums may not change much due to actuarial calculations and company policies. Several users mention different insurance providers, experiences with specific plans, and express skepticism about the value versus cost of insurance options available to expats.
Alberto *********
Contact me if you vuant insurance coverage at 3500 bath for year.
2 years ago
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Alberto *********
Coverage
*****
0 USD.
2 years ago
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Ray ******
I got insurance for the 20k covid coverage only for 1900 for 30 days cover.
2 years ago
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Terary **********
ORIGINAL POSTER
yeah.. I payed 3000 baht a month (I think) I would expect the price to come down, when the amount of required coverage went down. Pretty much the same.

Thats for AXA.
2 years ago
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Bob **********
@Ray *****
 with who Ray
2 years ago
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Ray ******
@Bob *********
 Tune, only for the necessary Covid 20k I've a yearly travel policy that covers any other issues.
2 years ago
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Ray ******
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Ray ******
Mine went down by around 30%.
2 years ago
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Terary **********
ORIGINAL POSTER
@Ray *****
 I would have expected 60% inline with the required coverage
2 years ago
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Terary **********
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Brian ********
The insurance companies are still selling you $50,000 cover despite only needing $20,000 any UK travel insurance will do the job try google Sainsbury’s travel insurance
2 years ago
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Luc ************
Insurance AXA went down. I payed more in December then this trip.
2 years ago
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Dave *********
It's not a scam it's a business. They aren't at all interested in you or your health, just the profit they'll make...
2 years ago
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Lee ************************
Tou would think that but iam guessing it will stay the same
2 years ago
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Peter ********
Yes, its about 2,000 thb now
2 years ago
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Alain ***********
Dont buy insurance just for that. Get a year-long policy that will also give covid coverage. I'm paying 150€/year for mine
3 years ago
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Chad *******
@Alain **********
 who are u with for your insurance yearly
3 years ago
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Alain ***********
@Chad ******
 Europe assistance
2 years ago
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Alain ***********
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London *****
I think the idea behind lowering the limit might have been to limit the amount of rip off per victim. For people with no funds (or willingness to play hard ball) the max they can rip off is the limit of the insurance.

Plus insurance cos were hurting.
3 years ago
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Mike *******
No, it doesn’t work like that. Even if the maximum limit is reduced, the insurance Actuaries also assess the average historical claims to determine risk and premiums. If the average claim is (for example) $15,000, then the premium adjustment might be insignificant. Good luck choosing your favourite Insurer. 🖖
3 years ago
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Terary **********
ORIGINAL POSTER
@Mike ******
 I would think the actuaries would also consider things like, vaccinated or not, type of vaccine, age group, etc. Nope 1 price for all, regardless of coverage, age, etc.
2 years ago
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Mike *******
@Terary *********
 (noting that this is a different subject to the $50,000 vs $20,000 point of your original post)

I’m sure they do. However for a THB 1,900 per month product (that’s less than USD $2.00 per day), the Insurance companies’ marketing/pricing team may take their Actuarial colleagues’ data and decide to rationalise their premium structure. And we, as consumers, vote with our feet when we choose which company we insure with.
2 years ago
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Mike *******
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Ham ********
Still very high risk of getting omicron on the way to Thailand and becoming a victim of a $6,000 Thai Hospitel scam …
3 years ago
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Nick *******
@Ham *******
, Not if you have a Recovery Certificate from your country. As the UK do.
2 years ago
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Nick *******
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Luciano ***********
3 years ago
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Lisa ********************
You don't have to use Thai insurance. Any will do aslong as it covers all the Thailand Pass & visa requirements
3 years ago
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Martin ********
The biggest scam is getting locked up and ripped off for a hospital stay
3 years ago
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Stan *******
@Martin *******
 which the insurance company won't pay for 😂
3 years ago
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Nick *******
@Stan ******
 make sure you have a Recovery Certificate from your country, if you tested positive before you left. Then you won't end up in hospital, just be told to isolate at your residence.
2 years ago
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Martin ********
@Stan ******
 correct, they used to, but the hospitals took the p1ss
3 years ago
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Martin ********
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Eric ********
Perceptive comment ..
3 years ago
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Jared **********
@Eric *******
 not really, if the risk cost is same or similar, the cost for getting Covid didn’t go down so why would the insurance

They just realized it sounds good for PR
3 years ago
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Delvonte ********
@Jared *********
 coverage amount usually correlates with price so he's right. It should go down
3 years ago
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Jared **********
@Delvonte *******
 completely missed the obvious

If the cost for getting Covid hasn’t gone down then why would the insurance, especially considering the risk has gone way up. Positive test rates from arrivals went from .2 to 3.

After a year of this being implemented they probably had the data to see 50k was overkill and the high end for Covid costs wouldn’t go above 20k. This was nothing more then publicity.
3 years ago
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Delvonte ********
@Jared *********
 travelers 40 and above maybe should keep the same rate but for those under it makes no sense since the chance of a need for hospitalization is practically 0 when you evaluate the numbers of most countries
3 years ago
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Jared **********
@Delvonte *******
 so what you’re talking about now has nothing to do with the insurance companies but the government regulations. But yes insurance companies are a business.

Also “practically” is not a metric for financial and safety decisions. I paid under $40 a month for 50k insurance, if that amount is gonna make or break your trip to Thailand it might be time to reevaluate your life.
3 years ago
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Terary **********
ORIGINAL POSTER
@Jared *********
 I wouldn't mind paying $40 a month to help Thai people. Donate to the temple, offset health costs to Thai national. Fuck even painting a road, something worthwhile.

My objection is that I think the money goes to line the pockets of policy makers.

Its a fat pay-off to people who make the policy not actually help people.
2 years ago
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Jared **********
@Terary *********
 I mean now you’re on a completely different point
2 years ago
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Delvonte ********
@Jared *********
 the reason why this is irrelevant is that COVID isn't a dangerous virus for most age groups. The chance of me needing to be hospitalized for COVID or dying from it is at about 1% when considering my age group. #2 all Thai insurance companies have stopped the scam of asymptomatic hospitalization. Although you may be charged they have all stated that they will nolonger cover it. Without asymptomatic hospitalization they aren't paying out many cases and their profit margins are increasing for sure .
3 years ago
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Delvonte ********
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