Repair or Total Loss

[emman13]

Hingi lang po ko ng advise regarding sa 2018 Toyota Fortuner ko po. Nabili ko po sya September 2018 and under pa rin sya ng bank loan. Na aksidente po ko last week. Ask ko lang po kung declare in insurance ko total loss mag depreciate po ba value in insurance cover? Paano po yung downpayment ko at yung nahulog ko po. Thanks po

[ninjababez]

Hingi lang po ko ng advise regarding sa 2018 Toyota Fortuner ko po. Nabili ko po sya September 2018 and under pa rin sya ng bank loan. Na aksidente po ko last week. Ask ko lang po kung declare in insurance ko total loss mag depreciate po ba value in insurance cover? Paano po yung downpayment ko at yung nahulog ko po. Thanks po

total value minus depreciation (if applicable) babayaran ng insurance if declared total loss
eto tricky part, magkano na nahulog mo dun sa TOTAL amount due including interest
since 1 year old palang, either wala ka makuha or magbayad ka pa

[_Qwerty_]

wala na babalik sayo dyan.. yung d/p mo and nahulog mo.. wala na..

[emman13]

total value minus depreciation (if applicable) babayaran ng insurance if declared total loss
eto tricky part, magkano na nahulog mo dun sa TOTAL amount due including interest
since 1 year old palang, either wala ka makuha or magbayad ka pa

Ano po yung depriciation? Ng Fortuner po ba or ng insurance?

[istan]

Ano po yung depriciation? Ng Fortuner po ba or ng insurance?

Ng fortuner. Pag bumili ka ng fortuner ng same year model na iyo sa used market. Magkano? Minus mo yan sa presyo ng fortuner mo nun binili mo sya.
Yan ang depreciation.

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[glenn_duke]

Hingi lang po ko ng advise regarding sa 2018 Toyota Fortuner ko po. Nabili ko po sya September 2018 and under pa rin sya ng bank loan. Na aksidente po ko last week. Ask ko lang po kung declare in insurance ko total loss mag depreciate po ba value in insurance cover? Paano po yung downpayment ko at yung nahulog ko po. Thanks po

Tingnan mo yung current insueance mo kung ano nakalagay na insured value, minus depreciation then subtract mo remaining balance sa bank, yung natira yun ang pinaka malaking makukuha mo.

Normally hindi mona mababawi yung DP at nahulog mona na monthly ammortization.

[glenn_duke]

Hingi lang po ko ng advise regarding sa 2018 Toyota Fortuner ko po. Nabili ko po sya September 2018 and under pa rin sya ng bank loan. Na aksidente po ko last week. Ask ko lang po kung declare in insurance ko total loss mag depreciate po ba value in insurance cover? Paano po yung downpayment ko at yung nahulog ko po. Thanks po

Tingnan mo yung current insurance mo kung ano nakalagay na insured value, minus depreciation then subtract mo remaining balance sa bank, yung natira yun ang pinaka malaking makukuha mo. Ooferan ka ng insurance ng settlement amount na mas maliit sa insured value.

Normally hindi mona mababawi yung DP at nahulog mona na monthly ammortization.

[_Qwerty_]

and medyo matagal processing nyan.. so better talk to your bank na stop na monthly payment..

[Archerfish]

Sorry to hear that...

If it's declared as total loss, can you haggle that instead of declaring it as such, they instead pay for the maximum amount that they can pay, then you have it repair outside of casa?

[SidCoronel]

Sorry to hear that...

If it's declared as total loss, can you haggle that instead of declaring it as such, they instead pay for the maximum amount that they can pay, then you have it repair outside of casa?

You can not have a repair estimate at "A" then take the money and have it repaired at "B", most specifically if you're gonna earn money.

Insurance people are not dumb.

IF it is declared total loss, it will be a loss for YOU and the insurance, even a loss of income for the bank.

I know, I had 2 total losses last year.

The best you can do is to be tough on your stand to have it repaired vs total loss.

[sirkosero]

You can not have a repair estimate at "A" then take the money and have it repaired at "B", most specifically if you're gonna earn money.

Insurance people are not dumb.

IF it is declared total loss, it will be a loss for YOU and the insurance, even a loss of income for the bank.

I know, I had 2 total losses last year.

The best you can do is to be tough on your stand to have it repaired vs total loss.

Wow 2 total losses? Hopefully hindi ikaw driver on both cases

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[SidCoronel]

Wow 2 total losses? Hopefully hindi ikaw driver on both cases

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Thanks for saying this, it was by my drivers. I operate a fleet of GrabCars

[17Sphynx17]

You can not have a repair estimate at "A" then take the money and have it repaired at "B", most specifically if you're gonna earn money.

Insurance people are not dumb.

IF it is declared total loss, it will be a loss for YOU and the insurance, even a loss of income for the bank.

I know, I had 2 total losses last year.

The best you can do is to be tough on your stand to have it repaired vs total loss.

What you say is true if declared as total loss.

In this case, the fortuner looks like a total loss as it does not look like just cosmetic damage and there could be damage to frame plus airbags most likely deployed.

If it were merely broken glass and panel repair, then you might have a chance of filing a repair claim budget from inaurance but you will shoulder anything beyond that amount they will give.

[Archerfish]

You can not have a repair estimate at "A" then take the money and have it repaired at "B", most specifically if you're gonna earn money.

Insurance people are not dumb.

IF it is declared total loss, it will be a loss for YOU and the insurance, even a loss of income for the bank.

.

I'm not in any way implying that I want to earn from the insurance. What I am referring is, if there is even a possibility of saving the vehicle for your own sake since you won't get anything. At least, you still have the car with the chance to repair it and scrimp on the cosmetics.

So if the maximum amount the insurance can cover is 300,000 and the estimated total cost by casa exceeds the insured value, then you haggle for that amount.

You now buy second hand parts like bumper​, headlights, radiator, side mirror, etc., then let the car be repaired out of casa. Of course, you shoulder any amount that exceeds beyond what the insurance gave you.

I am asking for this possibility since I don't have any experience regarding this matter.

I know, I had 2 total losses last year.

The best you can do is to be tough on your stand to have it repaired vs total loss.

Then again, you have spoken with your two cars. I am now assuming that what I am asking is next to impossible or not practical at all.

Please pardon my ignorant query.

[SidCoronel]

I'm not in any way implying that I want to earn from the insurance. What I am referring is, if there is even a possibility of saving the vehicle for your own sake since you won't get anything. At least, you still have the car with the chance to repair it and scrimp on the cosmetics.

So if the maximum amount the insurance can cover is 300,000 and the estimated total cost by casa exceeds the insured value, then you haggle for that amount.

You now buy second hand parts like bumper​, headlights, radiator, side mirror, etc., then let the car be repaired out of casa. Of course, you shoulder any amount that exceeds beyond what the insurance gave you.

I am asking for this possibility since I don't have any experience regarding this matter.





Then again, you have spoken with your two cars. I am now assuming that what I am asking is next to impossible or not practical at all.

Please pardon my ignorant query.

Pardon as well, my thoughts did not reach you right. I wish you luck in having it repaired than declared total loss, to minimize your monetary loss. Brace your self for losses, the auto financing schemes is just built that way.

The insurance company will recover its loss with a total loss scenario by selling your car's parts out.

I think you have 2 negotiation options :
1) Have the repair out side CASA, in the insurance company's accredited shop. This may minimize the cost, at an amount within 70% of policy covered value
2) Take the total loss pay-out, hopefully this will cover your bank balance.

Either way, you will loss some money but lessen your loss.

[Archerfish]

This I think, is the best answer you can have in your scenario:

I wish you luck in having it repaired than declared total loss, to minimize your monetary loss. Brace your self for losses, the auto financing schemes is just built that way.

The insurance company will recover its loss with a total loss scenario by selling your car's parts out.

I think you have 2 negotiation options :
1) Have the repair out side CASA, in the insurance company's accredited shop. This may minimize the cost, at an amount within 70% of policy covered value
2) Take the total loss pay-out, hopefully this will cover your bank balance.

Either way, you will loss some money but lessen your loss.

[17Sphynx17]

I'm not in any way implying that I want to earn from the insurance. What I am referring is, if there is even a possibility of saving the vehicle for your own sake since you won't get anything. At least, you still have the car with the chance to repair it and scrimp on the cosmetics.

So if the maximum amount the insurance can cover is 300,000 and the estimated total cost by casa exceeds the insured value, then you haggle for that amount.

You now buy second hand parts like bumper​, headlights, radiator, side mirror, etc., then let the car be repaired out of casa. Of course, you shoulder any amount that exceeds beyond what the insurance gave you.

I am asking for this possibility since I don't have any experience regarding this matter.





Then again, you have spoken with your two cars. I am now assuming that what I am asking is next to impossible or not practical at all.

Please pardon my ignorant query.

Yes, this is possible as long as no frame damage, i think it would be safe to operate your car after repairs.

You will need to have your insurance approve of it, so hopefully your agent can help you.

Had to go through this when our truck driver had a frontal collision. No frame damage, but since it was an old truck, the policy basically would mean total loss for the truck.

We talked to insurance that we wanted to repair, they basically approved release of some funds. Everything else, we shouldered out of pocket.

Repairs were out of casa and parts not covered by insurance we bought surplus or 2nd hand thru the repair shop approved by insurance.

Good luck with the approval.

[PickleRick]

Hingi lang po sana ako ng advise. yung 2023 suzuki ertiga gls namen binaha kasi. declared siya ni insurance na total loss.. 2yrs na siya this oct. sa mga ganitong scenario po ba makaka expect kami ng money in return? may remaining balance pa po siya sa bank kasi naka financing siya.

[glenn_duke]

Hingi lang po sana ako ng advise. yung 2023 suzuki ertiga gls namen binaha kasi. declared siya ni insurance na total loss.. 2yrs na siya this oct. sa mga ganitong scenario po ba makaka expect kami ng money in return? may remaining balance pa po siya sa bank kasi naka financing siya.

Tingnan mo yung current insurance policy ng sasakyan mo kung magkano nakalagay na insured value, minus depreciation then subtract mo remaining balance sa bank, yung natira yun ang pinaka malaking makukuha mo. Ooferan ka ng insurance ng settlement amount na mas maliit sa insured value.

Matagal magbayad ang insurance so you still have to pay your monthly ammoritization para hindi ka mag accumulate ng penalties.

Mag haggle ka sa insurance adjsuter mo for higher settlement, mataas pa ang salvage value ng flooded cars kaysa sa wrecked cars.

[dr. d]

bottom line,
the insurance provider gets paid first.
whatever remains, filters down to you.

i agree. tawaran nyo pa. insurance payments are not etched in stone, and are subject to haggling if one knows how.