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  1. Join Date
    May 2014
    Posts
    1,268
    #121
    Quote Originally Posted by carxynogen View Post
    Question: Is it good deal to accept car insurance offer in which the coverage is more than the SRP of your car?
    Medyo mahal din kasi premium, I know sulit siya yan if ma totaled yung car.
    Pero hindi naman talaga gusto natin na ma totaled yung car.
    I would just like to hear your thoughts and opinions.
    Won't declaring the car's worth higher than SRP for a brand new one only apply to the insurance policy if, for the declaration of the insurance policy coverage, you tell them to include items over and above items other than the original spec of the vehicle because you added aftermarket/accessories on top of the car's value? Such as, but not limited to, new RIMS, after market tires, headunit/infotainment, additional safety addons such as backup sensor/camera etc?

    If the above is true, then it makes sense if it is being allowed be added to the car's value in the policy on top of the SRP of the vehicle you are buying brand new.

    My two cents.

    But in no instance have I had the chance where the value of the car of the policy is above the SRP or even higher than standard depreciation computation of costs of the vehicle. I don't put after market parts so it has never been a thing I had to consider though.

  2. Join Date
    Nov 2019
    Posts
    584
    #122
    Quote Originally Posted by 17Sphynx17 View Post
    Won't declaring the car's worth higher than SRP for a brand new one only apply to the insurance policy if, for the declaration of the insurance policy coverage, you tell them to include items over and above items other than the original spec of the vehicle because you added aftermarket/accessories on top of the car's value? Such as, but not limited to, new RIMS, after market tires, headunit/infotainment, additional safety addons such as backup sensor/camera etc?

    If the above is true, then it makes sense if it is being allowed be added to the car's value in the policy on top of the SRP of the vehicle you are buying brand new.

    My two cents.

    But in no instance have I had the chance where the value of the car of the policy is above the SRP or even higher than standard depreciation computation of costs of the vehicle. I don't put after market parts so it has never been a thing I had to consider though.
    Actually, the original SRP is higher so this insurer is only basing the original SRP for the value of the car's policy.
    Purchase price of the car when it was new was not revealed to agent.
    Car has no aftermarket parts, all are stock.
    Agent immediately sent a quote based on the original SRP minus the depreciation (let's say 2 yrs depreciated value).

    Maybe the insurance policy value will help value the car higher when the time comes na ibenta na.
    Need to weigh both if sulit ba talaga to pay premium for this policy (based on SRP value) or reveal to the agent the actual purchase price of the car.

  3. Join Date
    Jan 2016
    Posts
    5,568
    #123
    When I bought my new car last 2020, ung discounted price ginamit ko, not only because sayang din ung few kesos sa premium but also because I think na para masulit mo ung additional premium kelangan ma total mo ung car mo in 3 days. Sa totoo lang, mailalabas mo lang to the point of being able to total it is after 2 weeks, super swerte mo pa kasi 2 months on the average lumabas ang ,OR/CR. Enough na ung ung may cover ka na pag labas mo ng casa accidentally nabangga ka and the cost is 200k, swak na swak na ang premium mo.

  4. Join Date
    Oct 2013
    Posts
    2,535
    #124
    so pumunta ako sa mafre branch office at nag pa quote ng comprehensive insurance, bale sa mafre office ay 350k ang insured amount pero sa online via broker (icomparemo/moneymax, etc) ay 377k ang insured amount na pareho mafre din

    parang amusement park pala ito insurance, mas okay dumaan sa broker (klook) kaysa dumeretso sa head office

  5. Join Date
    Mar 2008
    Posts
    49,449
    #125
    Quote Originally Posted by Stigg ma View Post
    so pumunta ako sa mafre branch office at nag pa quote ng comprehensive insurance, bale sa mafre office ay 350k ang insured amount pero sa online via broker (icomparemo/moneymax, etc) ay 377k ang insured amount na pareho mafre din

    parang amusement park pala ito insurance, mas okay dumaan sa broker (klook) kaysa dumeretso sa head office
    "it is bad business practice to undercut one's own dealers."

    what about the rest of the conditions spelled out in the contract, po?

  6. Join Date
    Sep 2005
    Posts
    14,771
    #126
    yes.. mas ok may broker.. i get mine sa Marsh Philippines.. pag may claim.. sila na nag aasikaso..

  7. Join Date
    Nov 2019
    Posts
    584
    #127
    Quote Originally Posted by 17Sphynx17 View Post
    I've never encountered nor has my family (parents) a comprehensive insurance coverage that is "per panel". The standard as stated by others is "per incident".

    So say i get side swiped and it hits a lot of panels on the right side of the vehicle. all related repairs for that fall under 1 incident and 1 participation fee max will be charged. However, if in the course of the claim, I decide the apply for repair for something on the left side (late filing for another incident as an example), then that will fall under a 2nd incident with its accompanying participation fee for said incident.

    Perhaps you can review your insurance policy. Heck, I'd much appreciate to see how a "per panel" coverage is worded so I know how it is phrased to avoid it.
    Need to renew again my insurance.
    I brought this up to agent and they insist per panel daw talaga participation fee lahat ng car insurance.
    Case to case basis lang daw tong na experience nyo but they won't promise na this is 1 time participation only if multiple panels ang involve.

    Parang ayaw ko na tuloy mag renew sa kanila since if mag claim ako through them, mangyari is per panel talaga hingin nila na participation fee. Especially that most of experiences sa mga claims dito is 1 time participation fee lang nabayaran.

  8. Join Date
    May 2014
    Posts
    1,268
    #128
    Quote Originally Posted by carxynogen View Post
    Need to renew again my insurance.
    I brought this up to agent and they insist per panel daw talaga participation fee lahat ng car insurance.
    Case to case basis lang daw tong na experience nyo but they won't promise na this is 1 time participation only if multiple panels ang involve.

    Parang ayaw ko na tuloy mag renew sa kanila since if mag claim ako through them, mangyari is per panel talaga hingin nila na participation fee. Especially that most of experiences sa mga claims dito is 1 time participation fee lang nabayaran.
    Yeah. that seems like a bad deal. Even on an own damage report I did once, 1 incident had side panel, wheel arc and bumper, and 1 other incident was on the opposite side door panel. Both "incident" were repaired together and I only paid 2 participation for the repair if memory serves me right. Coz it has always been per incident.

    If they go with per panel, that would be odd because what if it was a more "major" collision that isn't a total wreck. Are they going to charge you per part that needs replacement then? seems odd.

    To note, we have Standard Insurance and/or Prudential with our family's vehicles. The inhouse casa/bank insurance is usually what we use for the first year of the car (or duration of loan) if and when we purchase

  9. Join Date
    Mar 2008
    Posts
    49,449
    #129
    Quote Originally Posted by carxynogen View Post
    Need to renew again my insurance.
    I brought this up to agent and they insist per panel daw talaga participation fee lahat ng car insurance.
    Case to case basis lang daw tong na experience nyo but they won't promise na this is 1 time participation only if multiple panels ang involve.

    Parang ayaw ko na tuloy mag renew sa kanila since if mag claim ako through them, mangyari is per panel talaga hingin nila na participation fee. Especially that most of experiences sa mga claims dito is 1 time participation fee lang nabayaran.
    don't take the word of the ahente.
    read the terms of the contract.
    it should be there.

  10. Join Date
    Jan 2016
    Posts
    5,568
    #130
    Mine specifically states per accident or incident if you like to call it that ..img_20221004_202115.jpg

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