i have 5 year old kia carnival. when i bought it second hand, i had it insured and paid about PHP14,000. i recently had a fender bender with a jeepney (who denied it was his fault) and i paid P3000 participation to have the bumper fixed and repainted. if i were to have the bumper replaced, i'd have to pay half of the value of the new bumper because of the age of my car. in fairness to the insurance company, they fulfilled their contractual obligation.

insurance is a lot like gambling and it really pays off only when there's a great catastrophe like the vehicle is totalled or stolen, plus at least you have peace of mind in case something does happen. i've been driving for more than 15 years and have been in accidents 6 times, all of them resulting in damage that could be repaired for less than P5,000. it was only this past year that i've been driving a comprehensively insured vehicle.

well, my insurance broker is calling since my insurance has expired and i'm not sure whether it's worth it to renew. wanted to hear from other tsikoteers about their own experiences. is it really worth it? tia!