The Office of Insurance Commission (OIC) reveals 3 insurance policies that people in Nakhon Ratchasima should consider to mitigate risks related to "home, health, and car," and recommends 5 checklist items to consider before purchasing.
The Office of Insurance Commission (OIC) encourages people in Nakhon Ratchasima to assess their risks before buying insurance, highlighting three coverage options to consider: home insurance to cope with natural disasters, life and health insurance to support an aging society, and voluntary automobile insurance. They emphasize that it's not necessary to buy the most expensive insurance, but rather one that "matches the risk, provides sufficient coverage, and is affordable in premiums."
The Office of the Insurance Commission (OIC) advised residents of Nakhon Ratchasima on choosing insurance that suits their risk tolerance and lifestyle through a seminar at the 20th Money Expo 2026 Korat. The seminar, titled "In-depth Insurance: Meeting the Needs of Nakhon Ratchasima Residents," featured presentations by Amornsak Mala, Director of the Insurance Promotion Group, and Ronaphop Chuanchu, Insurance Specialist from the Nakhon Ratchasima Provincial Office. They noted that Nakhon Ratchasima, a large province with diverse risks including natural disasters, an aging population, and increased road travel, presented three insurance categories that residents should consider to best address their specific risk profiles.
Number 1 Voluntary Car Insurance closes the loopholes in the Compulsory Motor Vehicle Insurance Act.
For people in Nakhon Ratchasima who travel by car, the Office of Insurance Commission (OIC) recommends considering voluntary car insurance in addition to mandatory insurance (Compulsory Third-Party Liability Insurance Act). This is because the Compulsory Third-Party Liability Insurance Act focuses on protecting victims of traffic accidents from bodily harm and injury according to established criteria, and does not cover damage to the vehicle and property in all cases. Those who use their cars frequently, own high-value vehicles, or require broader coverage may consider Class 1 insurance. Those with limited budgets may choose Class 2+ or 3+ insurance, but it's important to understand that the scope of coverage differs.
"Therefore, when choosing car insurance, you shouldn't just look at 'how cheap the premium is,' but also consider what coverage you get in return for the reduced premium, and whether you, as the policyholder, can bear the cost of those damages yourself in the event of an accident."
Ranked #2: Life and health insurance for an aging society.
Another significant risk is related to life and health. Nakhon Ratchasima, with a population of approximately 2.6 million, is facing the challenge of an aging society, similar to many other areas of the country. Therefore, financial planning must consider both retirement funds and future healthcare costs.
The Office of Insurance Commission (OIC) recommends considering life and health insurance as needed, especially for those who are the primary breadwinners, have dependents, or have debts. Life insurance helps provide financial security for families in case of unforeseen events, while health insurance helps reduce the risk of medical expenses impacting savings.
However, before purchasing, you should check your existing coverage, including government healthcare benefits, employer benefits, group insurance, and individual policies, to identify any "coverage gaps" and then purchase additional coverage only for what is necessary.
Ranked #3: Home insurance to cope with storms and floods.
Natural disasters, especially storms, heavy rain, and floods, can cause significant damage to homes and property. Since homes are a prized asset for many families, severe damage to a house can result in substantial repair or reconstruction costs.
The Office of Insurance Commission (OIC) therefore recommends that homeowners consider fire insurance for their residences, and not assume that it only covers fire. Some policies can extend coverage to other perils such as storms, floods, or earthquakes, subject to specified conditions.
It is important to check what risks are covered, the coverage amount, and any exclusions, especially for homes in flood-prone areas. Make sure to check that flood coverage and sufficient coverage are provided.
Before buying, don't just ask "Which insurance is best?" but know "What risks are we facing?"
The Office of Insurance Commission (OIC) recommends that the starting point for purchasing insurance should not be finding the best or most expensive policy, but rather assessing one's own risk tolerance. Each person has different responsibilities and lifestyles. Those without a home may not need home insurance as a top priority, but those who drive daily may prioritize car or accident insurance. Those who are the primary breadwinners with children, parents, or debt obligations may need to prioritize life insurance, while those without sufficient healthcare benefits may need to focus on health insurance.
The simple principle is that any risk that, if it occurs, creates a financial burden beyond what we can afford, should be managed first. At the same time, "budgeting" is another important factor, because some types of insurance policies require premium payments for many years. Choosing coverage that is too high for your means may become a long-term burden. Therefore, it's important to choose a coverage amount and premium that is balanced with your income.
5 Checklist items to consider before paying your insurance premium.
- Know your own risks. Explore what worries you most, such as your home, health, life, car, or accidents, and how much money you would need if such an event occurred.
- Check your existing coverage. Review your existing benefits, medical entitlements, group insurance, and policies before purchasing additional coverage to avoid unnecessary duplicate premium payments.
- Set a budget that you can afford. Choose a premium that suits your income, and make sure you can continue paying without affecting essential expenses and savings.
- Read the terms and conditions and exceptions. Don't just look at the price. Compare the insurance coverage, limitations, exclusions, deductibles, waiting periods, and claims terms and conditions.
- Check the agent/broker before buying. Verify that the seller is a licensed insurance agent or broker and purchase through a verifiable channel.
"The Office of Insurance Commission (OIC) emphasizes that the key to buying insurance is not having as many policies as possible, but rather having coverage that 'matches the risk, has sufficient coverage amount, and is affordable in terms of premiums' so that the insurance can truly mitigate the financial impact in the event of unforeseen circumstances."
