Chattel Mortgage and Insurance Guides for Brand new cars

[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.