Car Insurance

[Horsepower]

Bought Auto insurance at GSIS yesterday. Value insured was upped to 898.2K. Premium paid was 5.8K. Should've been 5400 lang kung wala CPTL but since nai-factor na ang CPTL sa quote ng underwriters and I need to go back the next day (which would make me spend for than 400) kase we ran out of time at closing time, I just paid the additional CPTL. Ok lang, I still saved a LOT. hehe.

And get this, there are a lot of insurance companies there that reinsures the policies they've sold. So, they're basically selling something expensive then buying it cheap (which is the best way to do business).

Para syang cargo. Super mahal sa LBC when you send bulk cargo but it's dirt cheap if you go the transporters directly like Airline cargo (like 5J or PR) or bus because you cut the middleman off.

I was quoted 30K for my insurance by the insurance resellers.

[Yuki13]

Bought Auto insurance at GSIS yesterday. Value insured was upped to 898.2K. Premium paid was 5.8K. Should've been 5400 lang kung wala CPTL but since nai-factor na ang CPTL sa quote ng underwriters and I need to go back the next day (which would make me spend for than 400) kase we ran out of time at closing time, I just paid the additional CPTL. Ok lang, I still saved a LOT. hehe.

And get this, there are a lot of insurance companies there that reinsures the policies they've sold. So, they're basically selling something expensive then buying it cheap (which is the best way to do business).

Para syang cargo. Super mahal sa LBC when you send bulk cargo but it's dirt cheap if you go the transporters directly like Airline cargo (like 5J or PR) or bus because you cut the middleman off.

I was quoted 30K for my insurance by the insurance resellers.

Sir is this available to non GSIS members?

[Horsepower]

pwede sir basta immediately-related ka lang sa isang GSIS member.

In my case, my wife is a Govt-employed lawyer. For convenience, sinama ko na lang sya yesterday. Kailangan kasi ng proof of relations pag di kasama ang member.

They are very accommodating and we've been served really well.

from their webpage:

Light or heavy trucks, school bus, and even motorcycles or tricycles can be covered by Auto Shield as long as it is owned by an active GSIS member or their immediate relatives - spouses, children, parents, brothers and sisters. Unlike other car insurance that considers the age of the vehicle, Auto Shield insures vehicles as long as they are in good running condition.

Coverage of Auto Shield is all-inclusive since it covers the following: loss/own damage of vehicle, comprehensive third party liability, property damage, excess bodily harm, liability to insured passenger and unnamed driver.

Just bring the following documents to any GSIS servicing office nearest you to apply for an Auto Shield:

Duly accomplished Auto Shield Application Form
Photocopy of Certificate of Registration (CR)
Latest Official Receipt (OR) from LTO
Photocopy of previous motor vehicle policy insurance
Retiree number for retired employee and pensioner
Copy of Bank Financing for Mortgaged Unit
Photocopy of Sales Invoice
Any documentary proof of relationship with active GSIS member
You can carry your motor insurance policy with you upon full payment of a nominal annual premium.

With Auto Shield, driving is stress-free!

You need to buy it a their building, 3F GSIS near the Senate. pasok ka sa PICC or check Google Maps if you're not coming from Manila.

[Yuki13]

^thanks for the info sir. unfortunately walang GSIS member sa immediate family ko.

[dos2]

I'll take note of this in the future.
Wifey is a govt employee but unfortunately I still have to wait 4 more years since insurance is tied-up with my car loan.
The hassle of going there personally is worth-it giving the low premium price.

[kai s.]

Ngayon ko lang nalaman na may auto insurance pala ang GSIS Two more years pa ko naka-tie in sa insurance ko dahil yun yung promo ng bank. Haaaay.

[cast_no_shadow]

Aba hindi ko alam yan ah?

Musta naman kaya pag mag claim ka sa GSIS?


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[dos2]

Musta naman kaya pag mag claim ka sa GSIS?

Ay yun lang. Expect the worst na lang siguro since govt to. Baka kasing-tagal ng pag-issue nila ng plaka ko for minor damages na inabot ng 6 months.

[Horsepower]

GSIS is a well-run GOCC (last I heard). I don't think big insurance companies would reinsure their policies with GSIS if they're hard to deal with.

As with anything, being from a very powerful govt agency accelerates things.

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GSIS is a well-run GOCC (last I heard). I don't think big insurance companies would reinsure their policies with GSIS if they're hard to deal with.

As with anything, being from a very powerful govt agency accelerates things.

[dos2]

Can't blame the fear at the back of the mind of every Filipino.
We'll, a personal positive feedback can help. (calling anyone out there!)

[Horsepower]

Can't blame the fear at the back of the mind of every Filipino.
We'll, a personal positive feedback can help. (calling anyone out there!)

Haha,yeah I understand but GSIS is a GOCC. GOCCs are autonomous, financially independent Govt properties.

LTO on the other hand is a Govt regulatory office. It's dependent on the bureaucratic processes. Hence, the inefficiency. Just take the plates for example, with all the cash in their hands right now, how hard is it to buy that stamping machine from EU or US?? Yung windshield license sticker, di man lang RFID eh wala pa 5 pesos isang chip nun.

Chances are high, the insurance you've paid for, for 4 or 5x the price we've paid are likely just reinsured in one of these GOCCs like GSIS. Since GSIS is literally awash in cash, managed and run like a private company, it's a sound decision. Insurance companies earn a lot of money by having cheap but reliable reinsurers.

[derf8666]

Reinsurance is normal in the insurance business, especially for big accounts. This is to spread the risks so as not to cause the bankruptcy of a company in case of catastrophic losses. This is also for the safety of the clients. It does not make them "insurance resellers". GSIS also insures and reinsures majority of their assets to private insurers and sometimes thru brokers, mostly foreign. As for the low rates, well it could be due to a lot of factors, but mainly because it is tax-free (which covers roughly 25% of premium expenses) and expense free. There are no servicing agents, no managers to pay as the staff already get their salaries from the government. But as some have pointed out here: how would it deal with claims?

[Horsepower]

Aba hindi ko alam yan ah?

Musta naman kaya pag mag claim ka sa GSIS?


Sent from my iPhone using Tapatalk

Ay yun lang. Expect the worst na lang siguro since govt to. Baka kasing-tagal ng pag-issue nila ng plaka ko for minor damages na inabot ng 6 months.

Reinsurance is normal in the insurance business, especially for big accounts. This is to spread the risks so as not to cause the bankruptcy of a company in case of catastrophic losses. This is also for the safety of the clients. It does not make them "insurance resellers". GSIS also insures and reinsures majority of their assets to private insurers and sometimes thru brokers, mostly foreign. As for the low rates, well it could be due to a lot of factors, but mainly because it is tax-free (which covers roughly 25% of premium expenses) and expense free. There are no servicing agents, no managers to pay as the staff already get their salaries from the government. But as some have pointed out here: how would it deal with claims?

Good news! According to some insurance claims officers I've talked with, most recently, Nissan, maayos kausap ang GSIS. Their insurance is handled/delegated to Malayan. Ok naman daw at wala problema sa claims as long as complete docs. Normal pala na pag Govt vehicle, sa GSIS naka-insure and wala naman sila naging problema so far. Before, GSIS autoshield is handled by Mapfre, ewan ko lang bakit nagpalit. Baka bagong contract.

I'm actually surprised that NOT a lot of Govt employees, even lawyers, are aware na pwede nila ikuha ng insurance kotse nila (among other things) sa GSIS. Hot news ito a few years back when GSIS wanted to monopolize TPL insurance (and perhaps creep into non-GSIS members) and insurance companies cried foul in court.

If I encounter any problem (hopefully not, for their sake), I'll make sure to post it here.

[Sheryl28]

GSIS is a well-run GOCC (last I heard). I don't think big insurance companies would reinsure their policies with GSIS if they're hard to deal with.

As with anything, being from a very powerful govt agency accelerates things.

- - - - - - - - - - - - - - - - - - - - - -

GSIS is a well-run GOCC (last I heard). I don't think big insurance companies would reinsure their policies with GSIS if they're hard to deal with.

As with anything, being from a very powerful govt agency accelerates things.

Mga ilang days po kaya ang process sa gsis? Nag file po kami ng claim nung friday lang ang sabi wait lang daw ng notice kapag okay na at pwede na dalhin sa casa...matagal po ba ang hihintayin? Ibhope mabigyan nyu po ako ng idea...salamat po...

[shembot]

I got these quotes kaso sino mas ok sa claim? And ok ba si ichoose.ph as middle man in terms of claim? Worry ko baka mababa nga premium ko pero mangamote ako come claiming na. Help pls...

Prudential guarantee (via bank)
OD/theft with AON/riot/strike/civil commotion: 1,385,000
BI/PD: 300,000
UPPA: 525,000 (75k/pax)
Deductible: 2,000 (fixed) for each and evrry loss
Premium:28,547.57

Standard insurance (via ichoose.ph)
Same with prudential except UPPA is just 250k and premium of 29,005.22
With ambulance assistance

Both of them has 24x7 road assist, towing

[sphinxz]

Car Insurance Secrets That Can Save You Thousands | iMoney.ph
Tips for car insurance

[shembot]

I got our insurance from standard insurance company thru ichoose.ph.. hindi ba dapat me i sign muna kami docs for thr insurance policy before the insurance give the policy to the dealer?

[ThisSideUp]

I got my insurance for my first brand new car today (Isuzu muX * P1.368M).

As a government employee, I went to GSIS and inquired about Autoshield. Yes, Malayan Insurance is currently the service provider for GSIS insured cars (according to the helpful GSIS personnel, nagpapalit-palit nga dati and Malayan Insurance daw ang service provider ngayon).

They have the lowest rate ever in the market -- I believe no one in the industry is gonna come close to match it.

I paid Php 8,200+ for Comprehensive Insurance and TPL.

Hopefully I won't get to use it by driving safely at all times.

- - - - - - - - - - - - - - - - - - - - - -

I got my insurance for my first brand new car today (Isuzu muX * P1.368M).

As a government employee, I went to GSIS and inquired about Autoshield. Yes, Malayan Insurance is currently the service provider for GSIS insured cars (according to the helpful GSIS personnel, nagpapalit-palit nga dati and Malayan Insurance daw ang service provider ngayon).

They have the lowest rate ever in the market -- I believe no one in the industry is gonna come close to match it.

I paid Php 8,200+ for Comprehensive Insurance and TPL.

Hopefully I won't get to use it by driving safely at all times.

[lemierg]

Guys newbie here...Just got a new chevy spin yesterday under BDO car loan, is it normal that they will tie you up for 3 yrs sa insurance? I was asked to issue 2 PDC for 2016 and 2017..

Thanks

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Guys newbie here...Just got a new chevy spin yesterday under BDO car loan, is it normal that they will tie you up for 3 yrs sa insurance? I was asked to issue 2 PDC for 2016 and 2017..

Thanks

[shembot]

Does your loan comes with free insurance or something? Most of the time ganyan nila tinatali ang customer e just like bpi/ms and metrobank. Check and clarify this with bdo muna.

Guys newbie here...Just got a new chevy spin yesterday under BDO car loan, is it normal that they will tie you up for 3 yrs sa insurance? I was asked to issue 2 PDC for 2016 and 2017..

Thanks