KPI, QBE, and Krungsri Auto Introduce “Krungsri GAP Value Fixed” to Ease Financial Burden for Car Buyers

Krungthai Panich Insurance Public Company Limited (KPI) has partnered with QBE Automotive Protection and Krungsri Ayudhya Capital Auto Lease Public Company Limited (Krungsri Auto) to launch “Krungsri GAP Value Fixed”, a new motor 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. The product aims to reduce the financial burden for car buyers and support credit risk management in the domestic automotive industry.

Under the concept “Your Trust, Our Care,” KPI continues to focus on developing insurance products that provide comprehensive protection for car owners. Typically, voluntary motor insurance compensates 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 newly launched coverage addresses this challenge by safeguarding customers from unexpected financial strain.

The product was developed as part of a strategic tripartite collaboration. KPI serves as the primary insurer, while QBE Automotive Protection provides reinsurance support, leveraging technical expertise and experience in GAP insurance across Europe and Asia. Krungsri Auto will distribute the product to car loan customers nationwide.

^{Ms. Suchavadee Sanganong, President of Krungthai Panich Insurance Public Company Limited or KPI, (Left) Mr.Albert Chow, General Manager of QBE Automotive Protection, (Middle) Ms. Chayathip Phanmanee, Managing Director, Ayudhya Capital Auto Lease PCL, (Right)}

“Krungsri GAP Value Fixed has been developed to help reduce the financial risks faced by car buyers in cases where their vehicles are severely damaged or lost due to unforeseen events,” said Ms. Suchavadee Sanganong, president of KPI. “We recognize that vehicles have become an integral part of everyday life. This product is intended to ease the loan burden for customers and provide peace of mind.”

Mr.Albert Chow, General Manager of QBE Automotive Protection, Asia, stated, "Leveraging on our successful partnership and track record for over 15 years with financial institutions in offering Extended Warranty in Thailand, we are pleased to offer all-new GAP product to the Thai market. This product was developed with our international expertise coupled with our partners’ understanding of market requirements to enhance GAP insurance offering tailored to local needs."

Ms. Chayathip Phanmanee, Managing Director, Ayudhya Capital Auto Lease PCL, said, “Krungsri GAP Value Fixed is an insurance solution designed to enhance financial confidence for our auto loan customers. With affordable premiums and a fixed benefit payable in the event of total loss due to accident, fire, or theft, this plan offers comprehensive coverage throughout the contract period. The product helps reduce unexpected financial burdens by ensuring that, in the event of total loss, the insurer will settle the outstanding hire-purchase balance directly with the financial institution. Any remaining insured amount will then be paid to the customer according to the chosen coverage level, either 20% or 30% of the vehicle’s original purchase price. Each policy applies to one hire-purchase contract and is available for personal-use vehicles up to 10 years old.”

Product Features

“Krungsri GAP Value Fixed” locks the insured value at either 20% or 30% of the vehicle's original purchase price. In the event of total loss caused by accident, fire, theft, or robbery, the insurer will repay the remaining loan balance directly to the financial institution. Any remaining insured amount (within the chosen coverage limit) will be paid to the customer.

The insurance is available for vehicles up to 10 years old and intended for personal use. One policy applies per hire-purchase contract. Coverage options extend from 1 to 5 years, not exceeding the hire-purchase term.

Key Highlights

• Fixed sum insured at 20% or 30% of the car’s first-day purchase price
• Coverage term from 1 to 5 years (aligned with the loan period)
• Outstanding hire-purchase balance paid directly to the lender, with any remaining balance paid to the insured within the coverage limit

A special promotional offer is available for Krungsri Auto hire-purchase customers who purchase “Krungsri GAP Value Fixed” within the promotional period from November 29 - December 31, 2025, receiving a fuel voucher valued at THB 500.

For more information, contact Krungsri Auto Call Center at 02-740-7400 or visit www.krungsriautobroker.com.

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