Comprehensive insurance...Is it really worth it?

[OTEP]

'veed,

Yun nga ang gamble dun. hehehe. But since 1948 (the time my grandfather acquired his Ford), there has not been any incident of any of us getting into a six figure accident. In the last 25 years or so, none of us have had to shoulder the repair expense of another party.

That was until the incident with my cousin's Honda, of course. hehehe.

We do keep a 'slush fund' in the bank for it, though.

[userfriendly]

For me insurance is like a gun. Better to have it and not need it rather than needing it and not having it.

My younger brother was involved in an accident a long time ago. A kid suddenly ran out into the street right into the side of his car, side mirror and passenger side door. Good thing we had comprehensive insurance. They paid for the kids hospital stay. He was in ICU for sometime. He fully recovered. In the end we still had to pay a lot bec the hospital bill exceeded the covered amount. But if he was not insured then we would have had to pay a lot more.

We also had a company FX that was deemed a total loss and the bank was paid by the insurance agency.

The thing with insurance is to get a good insurance company. Make sure you buy from a reputable company. If you are getting good service with your current insurance company, stick with them. I know they normally lower your premiums yearly if you dont have a claim.

Be carefull when buying insurance. My dad had a car, he bought the car under financing and got the mandatory insurance. It was from one of the better known insurance companies. All was well for 2 years, no claims. He just renewed the policy with them. On the 3rd year he had a small accident. Cost to fix was less than the premium. The insurance company gave us a hard time before they fixed the car. Come renewal time they told me that they will not renew the policy bec my dad filed a claim. I told the agent "what the **** diba kaya nga insurance! Its our 1st claim in 3 years and you will not renew? Walang kwentang company kayo ang laki nyo pa man!" Needless to say we never did business with them again.

[chris_d]

Worth it kaya in my case, 8k yung pinaka lowest na compre na nahanap ko, 235k yung value ng car sa quote. Ok na kaya yun? 10 years old na yung vehicle.

[leolop]

parang yung 'peace of mind' argument is the best one on behalf of getting insurance.

the 'cost argument' is based on a contingent event. it may not happen, and using scientific methods, the insurance company actually believes it probably won't happen. and it should be contextualized over time and not on just one incident.

using my actual experience, if assuming i've been driving for 15 years and got comperehensive insurance at P15,000 per year, i would have paid P225,000 in premiums and with the 6 accidents i've had, my participation would have been P18,000 for a total of P243,000 over 15 years.

this is opposed to to the estimated P50,000 worth of repairs in fender benders i've actually spent over the past 15 years. add the P14k premium and P3k participation. i i paid for insurance last year and it totals P67,000. this is how i base my thinking that it's not worth it unless the car is actually stolen or a total wreck.

insurance companies employ high paid actuaries who compute the probabiities of accidents that the company will have to pay for, and they wouldn't be in the business unless it showed a greater likelihood that accidents wouldn't happen. remember, their computations show that the scenario of brakes failing and rear ending a bimmer is actually unlikely.

on the other hand, there's murphy's law, if anything can go wrong, it will. or as even better said: sh*t happens. hayan, tumawag uli kanina yung insurance broker, humingi pa ng referrals. di ko pa natanong kung magkano na kaya premium ko dahil nag-claim ako.

salamat sa lahat ng nagbigay ng inputs. keep em coming.

[lolo pepe]

Worth it kaya in my case, 8k yung pinaka lowest na compre na nahanap ko, 235k yung value ng car sa quote. Ok na kaya yun? 10 years old na yung vehicle.

go for it.

[OTEP]

Btw, I'm not discouraging anyone from getting insurance.

But if we got insurance for each of our vehicles, huwag na natin i-compute (hindi maganda ang figure, hehehe).

Add to that that only 2 or 3 of our cars are actual daily drivers. The rest are usually used for 1 week per month at the most. The others are used once a week only. The yellow one is probably used quarterly.

Pwede bang yung driver na lang ang may insurance para kahit alin ang i-drive niya ay covered? hehehe.

[slicker_boi]

Worth it kaya in my case, 8k yung pinaka lowest na compre na nahanap ko, 235k yung value ng car sa quote. Ok na kaya yun? 10 years old na yung vehicle.

235K? Is that your declared value or the insurance determined it? It's pretty high actually. Read the terms and conditions properly before you go for it. The figures really sound good, but as they always say, beware of the catch.

[Elroi]

sa panahon ngayon na pangkaraniwan na lang ang carnapping, it is a must for me...

[SNAKE V6]

Ako pag 6 yrs old+ na yung auto, TPL lang, correct me if I'm wrong pero diba yung TPL e sagot nya yung tinamaan mo? Ako na bahala sa auto ko, hehe.

Sa awa naman ng Diyos e wala pakong nadadale using my car, pero using my company's car meron nakong nadaleng FUSO (kaskas kc ), yung iba ako ang nadale. Lumaki kasi kami na walang insurance, health, educ, etc. pero oks naman kami, kaya di ako masyadong nagaabala dun. Bahala na si Lord. E yung ibabayad ko sa insurance ipampuhunan ko na lang, kumita pa. Hehe.

Pero pag utang pa yung auto e compre talaga ako (sapilitan yun eh).

[boybi]

if you're talking about the TPL required for your car's registration, it would cover only bodily injuries or death, not property damage. and only upto 50K (for death or total disability).

if you have lots of vehicles (10 or more), you may opt not to get comprehensive insurance for your cars. you may just put the money intended for the insurance premium into a bank account and save it. in case something happened, this is where you'll get the money for repairs. imagine how much you'll save for the premium of 10 or more vehicles.

but if you only have a car or 2, then a comprehensive insurance is a must.