Chattel Mortgage and Insurance Guides for Brand new cars

[dingsky]

Hello Tsikoteers,

I just thought of this thread that this could help the tsikoteers. We could have a thread that has information about current chattel mortages and insurance of brand new cars. Hopefully it will be updated by someone knowledgeable in this area.

Thanks

[NightWinger]

up Any information sa chattel mortgage and insurance. Kung ilang % dapat sa car value?

[Herbie]

'Yung friend ko parang ang mahal ng nakuha niyang insurance sa Getz 1.1MT niya, 18k (Hyundai Alabang, around June 2007) compared sa officemate ko na nagtanong ng insurance sa Vios 1.5G AT na kukunin niya which is 24k pero natawaran niya hanggang 18k (Toyota Quezon Ave, last week). Ano po dapat ba acceptable percentage sa cost ng car ang Insurance?

[NightWinger]

I just paid my adventure insurance around 21k and chatel around 13k. Mahal ba pa to?

[lui]

'Yung friend ko parang ang mahal ng nakuha niyang insurance sa Getz 1.1MT niya, 18k (Hyundai Alabang, around June 2007) compared sa officemate ko na nagtanong ng insurance sa Vios 1.5G AT na kukunin niya which is 24k pero natawaran niya hanggang 18k (Toyota Quezon Ave, last week). Ano po dapat ba acceptable percentage sa cost ng car ang Insurance?

medyo mahal nga ung insurance sa alabang. depende din po kasi sa policy. samen po kasi 0.5% lang ang participation pero ung mas mababa ang insurance ng getz namen.

[lui]

I just paid my adventure insurance around 21k and chatel around 13k. Mahal ba pa to?

magandang deal na ito sir...

[boybi]

Depende yan sa coverage ng insurance, and depende rin sa insurance agent kung gaano kasugapa sa commission. Some car dealers that offer in-house insurance, pumapatong ng as much as 100% sa premium. I was quoted by one mitsu dealer 80K+ for the insurance premium of Pajero, another dealer quoted me around 60K. In the end, dun pa rin ako kumuha sa suking insurance agency ko, 50K and fixed participation of 3K. Dun sa 2 dealers, 1% ang participation sa insurance nila.

[Herbie]

medyo mahal nga ung insurance sa alabang. depende din po kasi sa policy. samen po kasi 0.5% lang ang participation pero ung mas mababa ang insurance ng getz namen.

Sorry, newbie lang ako (at hopefully new car owner na rin :D ), ano po ang ibig sabihin ng 0.5% participation sa insurance? Thanks!

[boybi]

Sorry, newbie lang ako (at hopefully new car owner na rin :D ), ano po ang ibig sabihin ng 0.5% participation sa insurance? Thanks!

The participation is the amount that you will shell out when you make a claim from your insurance. The rate is 0.5% of the insured amount for passenger cars and 1% of the insured amount for commercial vehicles.

Example, if your vehicle was involved in an accident and the cost of repair amounted to 10K. The insured amount of your passenger car is 1M, 0.5% of it is 5K. So the insurance will pay only 5K. (10K cost of repair - 5K participation = 5K).

[NightWinger]

Thx Lui! Promise nxt time kukuha ako tsekot sa iyo ako tatawag muna. Kasi medyo kulang lang yun budget ko ngayon. Kayo adventure muna kinuha ko.

[kinyo]

For a P1.475M vehicle, insurance is P30.5k and chattel is P15k, or thereabout, from our latest canvassing.

I believe the insurance is proportional to the vehicle cost but chattel is proportional only to the loaned amount, i.e., vehicle cost - downpayment.

[j_avonni]

Car insurance rates: For private cars - the rate is from 2% to 2.5% or higher; commercial vehicle 1.0% to 2%. Depende sa company and the agent. An agent would get 10 to 30% commission.



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[yourman]

Car insurance rates: For private cars - the rate is from 2% to 2.5% or higher; commercial vehicle 1.0% to 2%. Depende sa company and the agent. An agent would get 10 to 30% commission.



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This computation is for the premium only based on the Own-damage/theft or value of the vehicle. You have to add the taxes (local and national) plus the Vat and premium for what insurance companies called Bodily Injury and Property Damage, though minimal only...

The chattel more or less equals the monthly amortization of the loan.

It is best to get your car insurance from your Banks rather than from the dealers or direct from Insurance companies because banks dont get commissions. In this way, they can offer lower insurance premiums.

Better yet, get quotations from banks, dealers and insurance companies, then compare and haggle among them who can offer the lowest rate.. Thats how you can get the lowest rate.

[tagaisla]

newbie din po my chatell is 13k and insurance 28k from the dealer,okay po ba ito.Toyota innova D4D worth 1050k.

[lui]

Thx Lui! Promise nxt time kukuha ako tsekot sa iyo ako tatawag muna. Kasi medyo kulang lang yun budget ko ngayon. Kayo adventure muna kinuha ko.

hehe no prob sir... nga pla we also sell mitsu (unio motor) and suzuki auto kalookan.. salamat po

[boybi]

newbie din po my chatell is 13k and insurance 28k from the dealer,okay po ba ito.Toyota innova D4D worth 1050k.

AFAIK, medyo mataas ang insurance premium na yan. No idea about the chattel mortgage though.

When my in-laws got their Innova around 2 yrs ago, the insurance premium was only less than 20K.

[rvt]

In our Insurance, In case of damage we pay the first P3,000 then may participation depending on the age of the vehicle. Seems different from what I read here.

Will somebody explain this . . . please. which is better deal?

[NightWinger]

hehe no prob sir... nga pla we also sell mitsu (unio motor) and suzuki auto kalookan.. salamat po

Oo nga pala! Limot ko meron ka rin Mitsu. Pero medyo maganda kasi offer na kuha ko. kaya d na ako makahindi.
Sa insurance naman pwede pa yata bawasan yun. Sabihin mo lang na mayoffer na lower than what they are offering right now. Mababawasan nila yun.

[Gumusut_Amige]

newbie din po my chatell is 13k and insurance 28k from the dealer,okay po ba ito.Toyota innova D4D worth 1050k.

ser, halos parehas lang ang figures natin but mine was 2-yrs back (mas mataas ang chattel ko pero mas mababa naman ang insurance), 2.0 G A/T variant ang sa akin.

[Linkk]

kami din halos ganun din, our civic 1.8s acquired thru bank loan, 28k insurance, 12K chattel mortgage. ang mahal pala next year sana pwede magpalit ng insurance.