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]

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

magandang deal na ito sir...

[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.



:coffee:[SIZE="1"]3213[/SIZE]

[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.

[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).

[reine2008]

Sir *kamotekid1968...na total loss din yung sasakyan namin last year pero wala naman binalik na chattel mortgage ang BdO. Yung check namin ni deposit na lang sa account. I think more than 2 weeks bago na credit yun.


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[kamotekid1968]

hi *reine2008, is the unit mortgage or you paid it in full? we were told by the bank that upon the release of the cheque from the insurance, it takes 15 working days to get credited to our account, same thing goes to generate a Manager's Check. Did it take you that long to receive the credited amount? thanks!

[ronaldbok]

Guys, buhayin ko lang yung thread na to.

Yung mother ko kasi nagcar loan sa cooperative bank where she work. Then tong bank na to, first time niya ilalaunch yung program na car loan. So they don't have a system yet for car loan. So my question is yung chattel mortgage ba eh pwedeng mother ko yung magasikaso nun? and pano asikasuhin yun? Lahat ba yun sa LTO iproprocess? Btw, yung bank is in Olongapo and yung casa is in Pasig. After reading forums, from my understanding. Parang need na ibuy muna ng bank yung car bago maprocess yung CM. Am I right? TIA