New motor insurance from BAY

Senior vice president and bancassurance manager Kris Chantanotoke said Krungsri Auto Prompt 3+ provided thirdparty life and bodily-injury liability protection of Bt1 million a person, with a maximum insured sum of Bt10 million; thirdparty property protection of Bt1 million per accident; personal accident protection (driver and four passengers) in case of death, loss of limb or disability from an accident of Bt100,000 per person; and medical expenses of Bt100,000 a person.

It also offers bailbond insurance of Bt200,000 per accident for criminal cases and protection against vehicle damage of Bt120,000 per accident, with instant protection for auto repair in the event of an accident with other land vehicles regardless of who is at fault.

However, if the policyholder is deemed to be at fault in the accident, he or she must pay at least Bt2,000 of the damages, and the insurance company will be responsible for the rest of the total amount.

This is the second Prompt product, following the bank's collaboration with Ayudhya Insurance in launching Krungsri PA Prompt in January. The third product will be housing insurance, available in the third quarter.

Kris said the bank offered 20-per cent higher protection than other insurance companies with the same premium rates.

Moreover, it underwrites every make and model of car and pickup weighing not more than 4 tonnes and for personal use. However, new cars, vans, rental cars and publicuse cars are not underwritten by the company.

"In the event of an accident in Bangkok, Nonthaburi, Pathum Thani or Samut Prakan, claims staff will arrive on the scene within 30 minutes. If not, the policyholder will receive personal accident insurance with Bt100,000 worth of protection for free," Kris said.

He expects the new product to generate at least Bt57 million worth of premiums this year, while its Krungsri PA Prompt has generated Bt22 million from 73,000 policies since it was introduced.

Total bancassurance premiums are expected to be Bt4 billion this year, up 50 per cent from last year. Half of this target has already been reached.