KPI partners with Krungsri on new motor offering

Krungthai Panich Insurance Plc (KPI) has partnered with QBE Automotive Protection and Ayudhya Capital Auto Lease Plc (Krungsri Auto) to launch Krungsri GAP Value Fixed, anewmotor insurance product designed to cover the difference between the outstanding hire-purchase loan amount and the insured vehicle's value in the event of total loss or theft.

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Mr Chow and Ms Suchavadee say the coverage should reduce the financial burden.

The product aims to reduce the financial burden for car buyers and support credit risk management in the domestic auto industry.

Under the concept “Your Trust, Our Care,’ KPI said it is focusing on developing insurance products that provide comprehensive protection for car owners.

Typically voluntary motor insurance compensation is based on the market value of the vehicle at the time of loss, which may be lower than the remaining loan balance.

This gap often leaves borrowers responsible for the outstanding difference. The new coverage addresses this challenge by safeguarding customers from unexpected financial strain.