Help, PSBank auto insured my car and I cant get the ORCR

[Pidel Polano]

I need advice regarding Insurance Policy.

This sounds complicated but I really need help.

Last year 2014 Fully Paid na yung kotse. and kukunin ko na sa PSBank yung ORCR.

they said I have issue with the insurance may balanse daw ako sa Insurance year 2011-2012..

but naka pag pa-insure naman ako sa prudential guarantee complete and fullypaid. sabi ng bank wala daw silang natangap na insurance policy or katunayan na nakapag pa insure nga ako galing sa prudential. so they Auto-Insured daw since naka mortgage yung sasakyan.

I have no idea talaga na kailangan ipasa sa kanila yung insurance policy. with my previous insurance wala naman naging problema.

kaya ngayun sinisingil nila yung 2011-2012 at hindi nila marerelease ang ORCR hangat hindi daw yun nababayaran.

how can I deal with this.. nagpatulong na ako sa dating insurance.. binigyan ng certification but still hindi tinatagap nung nag auto-insured.

ganito ba talaga ang systema ng insurance?

[maki mi]

That means you were never issued also a policy back then because you didn't know till recently? The thing with insurance is that the policy is never in force if it is not paid. So they are asking you to pay a lapsed policy which you were never informed was issued to you. Sounds like coercion to me.

Lots of insurance specialists here, let's hear what they have to say...

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That means you were never issued also a policy back then because you didn't know till recently? The thing with insurance is that the policy is never in force if it is not paid. So they are asking you to pay a lapsed policy which you were never informed was issued to you. Sounds like coercion to me.

Lots of insurance specialists here, let's hear what they have to say...

[sirkosero]

yung sa insurance policy ng kotse ko, nakalagay na automatically renewed ang policy unless may makuha silang cancellation letter...

charter ping an yun. since psb autoloan yan, chances are, ganun din yan.

ang tanong eh yubg insurance mo ng 2013-2014, anong company naman?

[Pidel Polano]

yung sa insurance policy ng kotse ko, nakalagay na automatically renewed ang policy unless may makuha silang cancellation letter...

charter ping an yun. since psb autoloan yan, chances are, ganun din yan.

ang tanong eh yubg insurance mo ng 2013-2014, anong company naman?

charter ping an yung 2013-2014 ko.. and bali yung 2012-2013 nag charter ping-an din

so sinalo daw nila ung 2011-2012.. dahil wala daw nareive ung psbank na policy.. eh papaano naman ung insurance ko sa prudential mababalewala na lang ba yun

[willyfernando]

I have a question, Since they claim that they gave you an automatic insurance coverage shouldn't they have issued a copy of the policy during those past years of cover? Did you get any notices of payment or renewal? An insurance coverage requires an actual contract policy in the event of a claim and of course to seal the insurers end of the agreement of coverage. If you did not sign or agree to any of those then an assumption of coverage should've been at least conveyed to you so you could advise them of your choice of insurer. Hindi pwedeng wala kang consent kasi it is still a contract that renders an obligation on your end so they should've formally advised you by email or any legal form of documented notice. Maybe this warrants a DTI intervention or any agency that deals with this kind of problem.

[Pidel Polano]

I have a question, Since they claim that they gave you an automatic insurance coverage shouldn't they have issued a copy of the policy during those past years of cover? Did you get any notices of payment or renewal? An insurance coverage requires an actual contract policy in the event of a claim and of course to seal the insurers end of the agreement of coverage. If you did not sign or agree to any of those then an assumption of coverage should've been at least conveyed to you so you could advise them of your choice of insurer. Hindi pwedeng wala kang consent kasi it is still a contract that renders an obligation on your end so they should've formally advised you by email or any legal form of documented notice. Maybe this warrants a DTI intervention or any agency that deals with this kind of problem.

wala silang binibigay na policy na galing sa kanila.. sinasabi lang nila na nag automatic insure daw..

at sinasabi daw ng prudential hindi ko daw diniclare na naka mortgage yung sasakyan.. all i know is once na naka insure ung sasakayan is ok na.

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I have a question, Since they claim that they gave you an automatic insurance coverage shouldn't they have issued a copy of the policy during those past years of cover? Did you get any notices of payment or renewal? An insurance coverage requires an actual contract policy in the event of a claim and of course to seal the insurers end of the agreement of coverage. If you did not sign or agree to any of those then an assumption of coverage should've been at least conveyed to you so you could advise them of your choice of insurer. Hindi pwedeng wala kang consent kasi it is still a contract that renders an obligation on your end so they should've formally advised you by email or any legal form of documented notice. Maybe this warrants a DTI intervention or any agency that deals with this kind of problem.

wala silang binibigay na policy na galing sa kanila.. sinasabi lang nila na nag automatic insure daw..

at sinasabi daw ng prudential hindi ko daw diniclare na naka mortgage yung sasakyan.. all i know is once na naka insure ung sasakayan is ok na.

[17Sphynx17]

Wait lang, 2011 ba yung first year nung start ng loan mo or is in in the middle of the loan?

The years after that while the car is under a car loan policy, did you furnish them with the updated/renewed policies then? 2012? 2013? Kasi kung hindi, dapat din nagkick in yung pag singil nila ng renewal or it won't make sense.

Sinisingil ka nila basically ng policy na naging active but unpaid. If you settle that insurance policy, mawawalan ka na ng issue to release the mortgage right?

Ang lilinawin mo na lang siguru kung hindi nila hinanap yung policy mo for the succeeding years, e bakit naging issue ngayon as a form of technicality lang, pero lalabas may fault ka din since di mo sila inupdate.

Just my two cents on this matter.

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Wait lang, 2011 ba yung first year nung start ng loan mo or is in in the middle of the loan?

The years after that while the car is under a car loan policy, did you furnish them with the updated/renewed policies then? 2012? 2013? Kasi kung hindi, dapat din nagkick in yung pag singil nila ng renewal or it won't make sense.

Sinisingil ka nila basically ng policy na naging active but unpaid. If you settle that insurance policy, mawawalan ka na ng issue to release the mortgage right?

Ang lilinawin mo na lang siguru kung hindi nila hinanap yung policy mo for the succeeding years, e bakit naging issue ngayon as a form of technicality lang, pero lalabas may fault ka din since di mo sila inupdate.

Just my two cents on this matter.

[garic]

TS, having seen this quite a few times due to my nature of work, there is a chance that they can waive the remaining balance - please lodge an official complaint sa PSBank through their customer service, e.g. Signed complaint letter. This way, it can be escalated to their management. Please highlight that they did not inform you of their auto renew and you were not given a client copy of the insurance, then demand waiving of the remaining fee.

Although no guarantee but worth a try.

Note that the bank still owns the car until fully paid, so they have the right to auto insure if they do not hear from the client - because they need to protect their asset, hence the insurance. This setup is printed in the loan agreement you signed

HTH

[shadow]

TS, having seen this quite a few times due to my nature of work, there is a chance that they can waive the remaining balance - please lodge an official complaint sa PSBank through their customer service, e.g. Signed complaint letter. This way, it can be escalated to their management. Please highlight that they did not inform you of their auto renew and you were not given a client copy of the insurance, then demand waiving of the remaining fee.

Although no guarantee but worth a try.

Note that the bank still owns the car until fully paid, so they have the right to auto insure if they do not hear from the client - because they need to protect their asset, hence the insurance. This setup is printed in the loan agreement you signed

HTH

But the billing of the insurance should have been sent to TS, when bank auto insured the car.

[garic]

There will be two copies of the insurance policy - bank's and client's. Both will be delivered to the bank if the bank auto renewed thru their insurance partner/s.

The bank should then contact the client to give the client's copy. This is where PSBank failed, and where TS can contest and use as basis for asking waiver of the fee

[glenn_duke]

Parehas tayo ng case. Na auto insured din sa Charter Ping-an yung sasakyan kinuha ko thru PS Bank. Pero sa akin yung second year insurance ko na Prudential din ay pinadala sa PS Bank yung kopya ng policy kaya hindi na auto insured. Pero sa third year, nakalimutan kong i-renew sa Prudential dahil nasa abroad na kami nakatira. Kaya na auto-insured sa Charter Ping-an. Nung umuwi ako at pinuntahan ko yung PS BAnk, hinanap ko yung policy ng Charter Ping-an for the unpaid insurance, wala daw binibigay na policy yung Charter Ping-an hanggat hindi fully paid. So pinuntahan ko yung isang satellite office ng Charter Ping-an, and totoo nga hindi sila naglalabas ng policy hanggat hindi fully paid. But when they checked sa computer database nila, andun nga yung insurance policy ng sasakyan ko, pero hindi ma-issue dahil hindi bayad. Paperless daw sila, yun ang sabi sa akin ng ahente nila.

Wala kang magagawa diyan, kailangan bayaran mo yan para makuha mo yung ORCR mo. Ganun ginawa ko, binayaran ko, kasi naipasok na sa database ng computer nila. Pinakiusapan panga sila nung taga PS Bank na bawasan yung premium at hindi naman nagamit, pero hindi pumayag.

Medyo mas maayos sa ganyan ang BPI/MS, nagpapadala sila ng propose policy and then pag nag lapse yung insurance mo, auto insure kadin sa BPI/MS pero papadalhan ka ng kopya ng policy kahit hindi pa bayad.

[Pidel Polano]

Parehas tayo ng case. Na auto insured din sa Charter Ping-an yung sasakyan kinuha ko thru PS Bank. Pero sa akin yung second year insurance ko na Prudential din ay pinadala sa PS Bank yung kopya ng policy kaya hindi na auto insured. Pero sa third year, nakalimutan kong i-renew sa Prudential dahil nasa abroad na kami nakatira. Kaya na auto-insured sa Charter Ping-an. Nung umuwi ako at pinuntahan ko yung PS BAnk, hinanap ko yung policy ng Charter Ping-an for the unpaid insurance, wala daw binibigay na policy yung Charter Ping-an hanggat hindi fully paid. So pinuntahan ko yung isang satellite office ng Charter Ping-an, and totoo nga hindi sila naglalabas ng policy hanggat hindi fully paid. But when they checked sa computer database nila, andun nga yung insurance policy ng sasakyan ko, pero hindi ma-issue dahil hindi bayad. Paperless daw sila, yun ang sabi sa akin ng ahente nila.

Wala kang magagawa diyan, kailangan bayaran mo yan para makuha mo yung ORCR mo. Ganun ginawa ko, binayaran ko, kasi naipasok na sa database ng computer nila. Pinakiusapan panga sila nung taga PS Bank na bawasan yung premium at hindi naman nagamit, pero hindi pumayag.

Medyo mas maayos sa ganyan ang BPI/MS, nagpapadala sila ng propose policy and then pag nag lapse yung insurance mo, auto insure kadin sa BPI/MS pero papadalhan ka ng kopya ng policy kahit hindi pa bayad.

with my case kce nakainsure naman sya yun nga lang hindi nabigyan ng copy yung banko... gusto ko talaga i-contest ito.. with your case kce hindi ka nakapag pa insure

[Sabana]

I don't trust PS Bank. My car was fully paid as of 2010 but it took them 5 years to release the OR. They even required us to submit some documents that had nothing to do with our mortgage. It took a demand letter from a lawyer for them to release it.

[SkyFlakes88]

You have a good argument sir but in my opinion you have failed to inform the insurer that your car is in mortgage thus they did not send a copy of the policy to the bank. Which is your fault sir and your contract with the bank includes an auto insurance clause which means to protect their interest on the car they will automatically provide insurance for you in case you forgot your duty.

If i were you sir i'd just ask for a consideration or discount and pay the premium of the said insurance and move on. It's just me sir no offense.

[Pidel Polano]

You have a good argument sir but in my opinion you have failed to inform the insurer that your car is in mortgage thus they did not send a copy of the policy to the bank. Which is your fault sir and your contract with the bank includes an auto insurance clause which means to protect their interest on the car they will automatically provide insurance for you in case you forgot your duty.

If i were you sir i'd just ask for a consideration or discount and pay the premium of the said insurance and move on. It's just me sir no offense.

basically I dont have idea talaga na kailangan ipaalam sa bank na ganun nga.. dahil sa mga nauna kong insurance wala naman akong naging problema sila na ang bahala hindi narin naman ako nirequire na isubmit pa sa banko ang policy.. they do what needs to do..

if they do autoinsured sana binigyan ako ng notice.. email dahil naka register naman ako sa kanila, text message, call..

so i went to bank kanina to explain my side.. I asked kung pede iwaive yung fee na hinihingi ng insurance..

[SkyFlakes88]

basically I dont have idea talaga na kailangan ipaalam sa bank na ganun nga.. dahil sa mga nauna kong insurance wala naman akong naging problema sila na ang bahala hindi narin naman ako nirequire na isubmit pa sa banko ang policy.. they do what needs to do..

so i went to bank kanina to explain my side.. I asked kung pede iwaive yung fee na hinihingi ng insurance..

Sir it is your duty po kasi.ignorance of it doesn't excuse you sir of your duty to the bank. That is why there is in your contract of auto insurance. When the car is completely yours then you don't have to inform anyone sir. What you did now is the best option sir. In case ayaw nila you could go to sa discount but eventually you have to pay them sir.

[glenn_duke]

basically I dont have idea talaga na kailangan ipaalam sa bank na ganun nga.. dahil sa mga nauna kong insurance wala naman akong naging problema sila na ang bahala hindi narin naman ako nirequire na isubmit pa sa banko ang policy.. they do what needs to do..

if they do autoinsured sana binigyan ako ng notice.. email dahil naka register naman ako sa kanila, text message, call..

so i went to bank kanina to explain my side.. I asked kung pede iwaive yung fee na hinihingi ng insurance..

Unlike BPI/MS may tawag na, may mail pa ng estimate ng insurance. Ang PS Bank at Chang Ping-an, hindi ka nila iinform kahit text na mag expire nayung insurance mo, automatic agad yan, the very next day auto-insured pag walang natanggap na policy. Yung unang prudential ko, mas maaga ng 5 days yung insured date kaysa sa expiration date ng Chang Ping-an insurance, nanigurado yung Prudential. Wala kang laban dyan, pag hindi mo binyaran, hindi mo rin makukuha yung original ORCR mo.

Ang inegotiate monalang sa PS Bank ay alisin yung interest ng unpaid insurance, may interest na nakapatong yan, tingnan mo yung computerised policy at yung sinisingil sa iyo, mas mataas yung sinisingil sa iyo kaysa sa nakalagay sa policy.

[Pidel Polano]

kaya nga ang masama pa nito... yun dating clear na na premiums dinagdag pa...

[Battlestar]

Ano na pala balita sa case mo sir?

[SkyFlakes88]

Regarding the notification from the bank. They should actually inform you and also collect from you but that is the fault of your loan officer in any case the bank will enforce your contract and you will still have to pay in the end sir. In their short comings still they can hold your CR until you comply with their terms. It's a looong battle sir and it is more in the favor of the bank.