Comprehensive insurance...Is it really worth it?

[leolop]

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!

[CVT]

IMHO, I think it is worth it. You can never tell what can happen and you'll definitely need insurance para walang hassle sa paghahabol.... Yes, I agree, it is a gamble sort of...

[j_avonni]

It's worth it. My car is only less than 2 years old. It is under loan payable in 5 years. I need this protection in case of carnap and serious accidents to ensure that I could pay the financing company. But upon full payment after the 5th year, I may not insure it anymore.

[leolop]

It's worth it. My car is only less than 2 years old. It is under loan payable in 5 years. I need this protection in case of carnap and serious accidents to ensure that I could pay the financing company. But upon full payment after the 5th year, I may not insure it anymore.

but isn't that because the financing company actually requires it therefore it's part of your obligation to have it insured?

our situations become the same when you're fully paid. what are your reasons not to insure after the fifth year? thanks!

[johnart]

Its worth it when you suddenly need it. Our driver accidentally damaged a hood of an accord while backing up. Out driver was driving the crv, the spare tire hit the hood. The damage was very small but the area were it was located was on the double hull of the hood. So no choice the hood needed to be replaced. If we had it masilya the heat of the sun ang the heat of the radiator would cause the paint to crack in a few months time. Cost of the repairs P15k. Very worth having an insurance.

[theveed]

Worth it ang compre, with so much expensive cars around, you wouldn't want to shoulder the repair bills dude.

[chieffy]

leolop mas mabuti na ngang magbayad ka ng participation fee and part of the replacement part kaysa sagutin mo lahat ng gastos...

mag 6 y.o. na civic ko pero nag renew pa rin ako nitong July...14k pa rin gagastusin ko pero di ko pa nababataran hanggang ngayon...bukas ko pa lang babayaran sa friend kong broker at may talyer

may mangyari man sa kotse mo anytime eh may peace of mind ka naman kaya i-renew mo na...

[Radical!]

It is.

It's been S.O.P. for me to acquire comprehensive insurance since I bought my first car in '89. One year however, in '92, when money was tight, I decided not to renew the insurance of my car. I was hit by Murphy's law, and then some. I was involved in a multiple collision. My damage (casa) cost me P25,000 but since I hit a guy in front, his damage, and the damage of the car he hit in front cost a total of P70,000. Since I had no insurance, I had to shoulder the cost. On hindsight, it was a painful P95,000 mistake. Ouch!

[mikey177]

It's worth it, especially for folks like me who do a lot of highway driving in the province. I've had the windshield of my four-year old Sedona replaced twice as it is often hit by flying debris/rocks from other vehicles. I've also been in minor fender benders with cargo trucks.

Though we always pray and remain alert to minimize the chance of something bad happening, we can't control how other drivers will behave or act on the road, so insurance is a worthwhile fallback option in case an accident occurs.

[baiskee]

IMHO, I think it is worth it. You can never tell what can happen and you'll definitely need insurance para walang hassle sa paghahabol.... Yes, I agree, it is a gamble sort of...

yep. di mo talaga masasabi. lalo na dito sa atin, kahit anong ingat mo....yung mga ibang kasabayan mo naman eh walang pakialam.

[j_avonni]

but isn't that because the financing company actually requires it therefore it's part of your obligation to have it insured?

our situations become the same when you're fully paid. what are your reasons not to insure after the fifth year? thanks!

My current financing is not strict about the insurance because they aren't requiring me to submit the insurance policy to them. Unlike my previous financing, they always reminded me to submit the policy to them every renewal, otherwise, they would be the one to get the insurance chargeable to me.

My reason for not insuring it, maybe, after the 5th is, obviously, to save on premium.

[1D4LV]

its worth it because try to imagine the costs of repairing your car, the other parties car in case of accident and other people that may be involved in any accident. imagine how much it would cost if if that amount would come from your pocket..

[topgun]

hindi ba pwede after ka maaksidente assuming walang other party involved tsaka ka lang kumuha ng comprehensive insurance then

kung covered ka na after one week have it repaired charge to insurance pwede di ba?? hmmm evil minds

[bardigones]

Yes. It is worth it. For me, at least.

[theveed]

Insurance = In Case Sh1t...

hehe

The only thing that you knowingly and willingly pay for but never hope to use.

[OTEP]

I don't know. No one will insure me anymore. hehehe. Sobrang tanda na kasi ng sasakyan.

And if you pay Php14,000/year for insurance, itabi mo na lang. Isang beses pa lang ako na-aksidente worth more than Php14,000.

Siguro dahil may mga kaibigan din akong talyer that won't charge me industry standard rates for their work kaya hindi din ganun kamahal magpagawa for me.

Kung total naman or stolen, ayon dun sa quote ng insurance, ang liit na din ng makukuha ko. I'm better off parting out the vehicle on my own (if totalled).

Ang sugal na lang diyan ay theft. Pero as I've said, barya na lang ang ibibigay ng insurance in case that happens (what can you expect from a 10 year old and 19 year old car?).

[orly_andico]

*theveed, correct!

here's a "fine" example.

your brakes fail and you rear-end a bimmer. now all bimmers have compre, right? maybe. but even if the bimmer owner makes a claim on his/her compre, there's the matter of participation (which is bound to be large!) and sharing the cost of the replaced part. remember the insurance company will not undertake the entire cost of the repair, the insurance holder has to share some of it.

so whichever way you look at it, if you don't have insurance and mister bimmer does, there will still be (reduced) hell to pay. and if you're at fault, of course you will be the one to pay.

and that's not even counting the damage to your car. at least, if you have comprehensive insurance, the claim can be made against your insurance, which almost certainly would have a lower participation. (unless you hit a BMW 3-series with your 7-series.. in which case you don't need compre).

the last 3 years of compre i paid was all "paid back" when i got hit by a truck. so yes, definitely i'd recommend it. in fact i just renewed.

[totoybato]

I would say, worth every centavo you paid. Tulad ng iba pang insurance , what you are paying for is for your peace of mind.

[Bogeyman]

Three months ago, I would have been set back by at least 50k in repairs if I didn't have comprehensive insurance. Buti na lang, 7k lang yung total cash na nilabas ko. Personally I think it's worth it.

[theveed]

Otep: Akin kasi it's not the damage of my own car, it's the other person's car I'm worried about.

Like 2 years ago, my W123 had a very light bump to a Civic's hatch's butt, all my Benz had was a dented chrome cowl, while the Civic's bumper, hatch was dented severely, bayad padin.

What if nabangga mo bagong kotse and medyo malaki sira, a 6 figure repair bill is not an impossibility even sa normal traffic speed impact.