Help, PSBank auto insured my car and I cant get the ORCR

[Pidel Polano]

I need advice regarding Insurance Policy.

This sounds complicated but I really need help.

Last year 2014 Fully Paid na yung kotse. and kukunin ko na sa PSBank yung ORCR.

they said I have issue with the insurance may balanse daw ako sa Insurance year 2011-2012..

but naka pag pa-insure naman ako sa prudential guarantee complete and fullypaid. sabi ng bank wala daw silang natangap na insurance policy or katunayan na nakapag pa insure nga ako galing sa prudential. so they Auto-Insured daw since naka mortgage yung sasakyan.

I have no idea talaga na kailangan ipasa sa kanila yung insurance policy. with my previous insurance wala naman naging problema.

kaya ngayun sinisingil nila yung 2011-2012 at hindi nila marerelease ang ORCR hangat hindi daw yun nababayaran.

how can I deal with this.. nagpatulong na ako sa dating insurance.. binigyan ng certification but still hindi tinatagap nung nag auto-insured.

ganito ba talaga ang systema ng insurance?

[maki mi]

That means you were never issued also a policy back then because you didn't know till recently? The thing with insurance is that the policy is never in force if it is not paid. So they are asking you to pay a lapsed policy which you were never informed was issued to you. Sounds like coercion to me.

Lots of insurance specialists here, let's hear what they have to say...

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That means you were never issued also a policy back then because you didn't know till recently? The thing with insurance is that the policy is never in force if it is not paid. So they are asking you to pay a lapsed policy which you were never informed was issued to you. Sounds like coercion to me.

Lots of insurance specialists here, let's hear what they have to say...

[sirkosero]

yung sa insurance policy ng kotse ko, nakalagay na automatically renewed ang policy unless may makuha silang cancellation letter...

charter ping an yun. since psb autoloan yan, chances are, ganun din yan.

ang tanong eh yubg insurance mo ng 2013-2014, anong company naman?

[Pidel Polano]

yung sa insurance policy ng kotse ko, nakalagay na automatically renewed ang policy unless may makuha silang cancellation letter...

charter ping an yun. since psb autoloan yan, chances are, ganun din yan.

ang tanong eh yubg insurance mo ng 2013-2014, anong company naman?

charter ping an yung 2013-2014 ko.. and bali yung 2012-2013 nag charter ping-an din

so sinalo daw nila ung 2011-2012.. dahil wala daw nareive ung psbank na policy.. eh papaano naman ung insurance ko sa prudential mababalewala na lang ba yun

[willyfernando]

I have a question, Since they claim that they gave you an automatic insurance coverage shouldn't they have issued a copy of the policy during those past years of cover? Did you get any notices of payment or renewal? An insurance coverage requires an actual contract policy in the event of a claim and of course to seal the insurers end of the agreement of coverage. If you did not sign or agree to any of those then an assumption of coverage should've been at least conveyed to you so you could advise them of your choice of insurer. Hindi pwedeng wala kang consent kasi it is still a contract that renders an obligation on your end so they should've formally advised you by email or any legal form of documented notice. Maybe this warrants a DTI intervention or any agency that deals with this kind of problem.

[Pidel Polano]

I have a question, Since they claim that they gave you an automatic insurance coverage shouldn't they have issued a copy of the policy during those past years of cover? Did you get any notices of payment or renewal? An insurance coverage requires an actual contract policy in the event of a claim and of course to seal the insurers end of the agreement of coverage. If you did not sign or agree to any of those then an assumption of coverage should've been at least conveyed to you so you could advise them of your choice of insurer. Hindi pwedeng wala kang consent kasi it is still a contract that renders an obligation on your end so they should've formally advised you by email or any legal form of documented notice. Maybe this warrants a DTI intervention or any agency that deals with this kind of problem.

wala silang binibigay na policy na galing sa kanila.. sinasabi lang nila na nag automatic insure daw..

at sinasabi daw ng prudential hindi ko daw diniclare na naka mortgage yung sasakyan.. all i know is once na naka insure ung sasakayan is ok na.

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I have a question, Since they claim that they gave you an automatic insurance coverage shouldn't they have issued a copy of the policy during those past years of cover? Did you get any notices of payment or renewal? An insurance coverage requires an actual contract policy in the event of a claim and of course to seal the insurers end of the agreement of coverage. If you did not sign or agree to any of those then an assumption of coverage should've been at least conveyed to you so you could advise them of your choice of insurer. Hindi pwedeng wala kang consent kasi it is still a contract that renders an obligation on your end so they should've formally advised you by email or any legal form of documented notice. Maybe this warrants a DTI intervention or any agency that deals with this kind of problem.

wala silang binibigay na policy na galing sa kanila.. sinasabi lang nila na nag automatic insure daw..

at sinasabi daw ng prudential hindi ko daw diniclare na naka mortgage yung sasakyan.. all i know is once na naka insure ung sasakayan is ok na.

[17Sphynx17]

Wait lang, 2011 ba yung first year nung start ng loan mo or is in in the middle of the loan?

The years after that while the car is under a car loan policy, did you furnish them with the updated/renewed policies then? 2012? 2013? Kasi kung hindi, dapat din nagkick in yung pag singil nila ng renewal or it won't make sense.

Sinisingil ka nila basically ng policy na naging active but unpaid. If you settle that insurance policy, mawawalan ka na ng issue to release the mortgage right?

Ang lilinawin mo na lang siguru kung hindi nila hinanap yung policy mo for the succeeding years, e bakit naging issue ngayon as a form of technicality lang, pero lalabas may fault ka din since di mo sila inupdate.

Just my two cents on this matter.

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Wait lang, 2011 ba yung first year nung start ng loan mo or is in in the middle of the loan?

The years after that while the car is under a car loan policy, did you furnish them with the updated/renewed policies then? 2012? 2013? Kasi kung hindi, dapat din nagkick in yung pag singil nila ng renewal or it won't make sense.

Sinisingil ka nila basically ng policy na naging active but unpaid. If you settle that insurance policy, mawawalan ka na ng issue to release the mortgage right?

Ang lilinawin mo na lang siguru kung hindi nila hinanap yung policy mo for the succeeding years, e bakit naging issue ngayon as a form of technicality lang, pero lalabas may fault ka din since di mo sila inupdate.

Just my two cents on this matter.

[garic]

TS, having seen this quite a few times due to my nature of work, there is a chance that they can waive the remaining balance - please lodge an official complaint sa PSBank through their customer service, e.g. Signed complaint letter. This way, it can be escalated to their management. Please highlight that they did not inform you of their auto renew and you were not given a client copy of the insurance, then demand waiving of the remaining fee.

Although no guarantee but worth a try.

Note that the bank still owns the car until fully paid, so they have the right to auto insure if they do not hear from the client - because they need to protect their asset, hence the insurance. This setup is printed in the loan agreement you signed

HTH

[shadow]

TS, having seen this quite a few times due to my nature of work, there is a chance that they can waive the remaining balance - please lodge an official complaint sa PSBank through their customer service, e.g. Signed complaint letter. This way, it can be escalated to their management. Please highlight that they did not inform you of their auto renew and you were not given a client copy of the insurance, then demand waiving of the remaining fee.

Although no guarantee but worth a try.

Note that the bank still owns the car until fully paid, so they have the right to auto insure if they do not hear from the client - because they need to protect their asset, hence the insurance. This setup is printed in the loan agreement you signed

HTH

But the billing of the insurance should have been sent to TS, when bank auto insured the car.

[garic]

There will be two copies of the insurance policy - bank's and client's. Both will be delivered to the bank if the bank auto renewed thru their insurance partner/s.

The bank should then contact the client to give the client's copy. This is where PSBank failed, and where TS can contest and use as basis for asking waiver of the fee