Comprehensive insurance...Is it really worth it?

**leolop** · August 31st, 2006 12:52 PM

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** · August 31st, 2006 01:09 PM

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** · August 31st, 2006 01:15 PM

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** · August 31st, 2006 02:01 PM

Originally Posted by 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.

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** · August 31st, 2006 02:13 PM

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** · August 31st, 2006 02:26 PM

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

**chieffy** · August 31st, 2006 02:36 PM

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!** · August 31st, 2006 03:42 PM

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** · August 31st, 2006 03:59 PM

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** · August 31st, 2006 04:01 PM

Originally Posted by 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...

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