Am I required to renew the insurance of my 4 year old car still under car loan?

[playplugg]

Kung naka-lockdown agreement yan, Yes..

Nabasa po ba ng mabuti yung contract?

30% participation? parang lumalabas na leasing ang sasakyan..instead na personal sa inyo at merong co-maker.

ano po ba ang insurance?

[kamoteboy911]

Kung naka-lockdown agreement yan, Yes..

Nabasa po ba ng mabuti yung contract?

30% participation? parang lumalabas na leasing ang sasakyan..instead na personal sa inyo at merong co-maker.

ano po ba ang insurance?

Salamat po sa mga reply so kailangan pa din magrenew talaga.
Baka po mali ung sabi ko na 30%, nasa abroad kasi ko di ko nabasa mabuti ang insurance contract ko pero my info was tumataas daw nag participation depende sa edad ng car tama po ba? participation fee ko ay 3,000 lang in my 1st and 2nd year.
Personal car loan po ito sa BDO through casa.

[dr. d]

Salamat po sa mga reply so kailangan pa din magrenew talaga.
Baka po mali ung sabi ko na 30%, nasa abroad kasi ko di ko nabasa mabuti ang insurance contract ko pero my info was tumataas daw nag participation depende sa edad ng car tama po ba? participation fee ko ay 3,000 lang in my 1st and 2nd year.
Personal car loan po ito sa BDO through casa.

unless stated otherwise in the insurance policy, the participation fee is usually a definite amount, not a percentage of something.

[Walter]

Participation is now percentage of insured value ... but negotiable ...

[Weneclec]

Participation is now percentage of insured value ... but negotiable ...

I agree, usually 0.5% nung value ng sasakyan. habang nadepreciate yung value ng sasakyan, na depreciate din yung participation fee.

yung share/participation po sa original parts ang tumataas. first 3 years wala po kayong share sa spare parts. pag 4 years old na car may 30% or so na dapat ishoulder si owner dun sa price nung parts.

so kung 4 yrs old na at need to claim with parts replacement. bayad ka ng minimum participation fee plus parts participation.

[dr. d]

Participation is now percentage of insured value ... but negotiable ...

hey, you're right!
for my car, it's "...one-half of one percent, with a minimum of 2000 pesos...".
i had to read it several times...

if my computation is right, if my car's fair market value is 400K, then the participation fee is 2K.
and yes, as in any business, if you and your insurance provider are friends, "everything is negotiable".

[kamoteboy911]

Mali pala ung term ko na participation fee ay included ung share ng original parts.
Tama ka sir "yung share/participation po sa original parts ang tumataas".
Parts participation na 30% ang aking pinopoint out sa original post ko.
At ung 30% ay malaki based sa previous insurance claims ko kasi super mahal ng singil ng casa sa repairs kaya medyo naghehesitate
ako kumuha pa ng insurance kung 4 years old and above kasi may chance na mas mataas pa ung babayaran mo sa insurance compared kung babayaran mo na lang ung nabangga or ipaparepair sa labas.

[Weneclec]

Mali pala ung term ko na participation fee ay included ung share ng original parts.
Tama ka sir "yung share/participation po sa original parts ang tumataas"
Share ng original parts na 30% ang aking pinopoint out sa original post ko.
At ung 30% ay malaki based sa previous insurance claims ko kasi super mahal ng singil ng casa sa repairs kaya medyo naghehesitate
ako kumuha pa ng insurance kung 4 years old and above kasi may chance na mas mataas pa ung babayaran mo sa insurance compared kung babayaran mo na lang ung nabangga or ipaparepair sa labas.

yes sir.
at may kanya kanya tayong philosophy.
marami interested bilhin yung 2009 city kung ibebenta ko daw. since alam nila na lahat ng accident repairs ko ay palit pyesa under casa, hindi pukpok or remedyo.
sa akin lang paniniwala lang naman po ito.
i do respect yung budget/economical approach ng karamihan.

[kamoteboy911]

Tama. Reliability at resale value consideration din.
BTW, nagpa quote ako ng insurance for a 4-year old car, ang price ay P17,580 with AOG na. Ang insured amount ng car ko ay 534k.
Ok na price po ba ito or mahal for a 4 year old 10.5 Gen Altis?

[therightone]

Tama. Reliability at resale value consideration din.
BTW, nagpa quote ako ng insurance for a 4-year old car, ang price ay P17,580 with AOG na. Ang insured amount ng car ko ay 534k.
Ok na price po ba ito or mahal for a 4 year old 10.5 Gen Altis?

I believe 2% more or less lang dapat ang premium to be considered cheap, although d ko sure if kasama ba ang AOG sa 2%.

P17,580 is roughly 3.30% so mukhang mahal but please don't take my word for it.