Insurance Company

[rey752]

Guys, what is the insurance company featured or posted at Top Gear Philippines Facebook page that allowing the car owner if how much he or she wants his car insured? Is it a good deal kaya? At how much kaya ang limit na pwede mong ma insured? Up to brand new price kaya?thanks!

[basucat]

I think it's Paramount Insurance. They will allow you to insure based on a lower amount but you will shoulder a proportional amount of the claim based on the uninsured amount. So if you insure 50% of the value of the car, you only get paid 50% of the claim.

[SkyFlakes88]

I think it's Paramount Insurance. They will allow you to insure based on a lower amount but you will shoulder a proportional amount of the claim based on the uninsured amount. So if you insure 50% of the value of the car, you only get paid 50% of the claim.

Yup that's how it works but if your car will have a big accident and i think about 40 to 50% damaged they will declare it total loss and that is where the real problem arises. They will only pay for example 50% of the current fair market value of your car and you cannot force them to have your car repaired since it is declared a total loss. Now is that worth it? Think about it....

[maki mi]

How's that again? Say a 1M car insured for 500k or 50% of the value, gets paid only with 250k which is 50% of the 500k claim for total loss? or in the case of damage will get only 125k for a 250k claim?

I think it's Paramount Insurance. They will allow you to insure based on a lower amount but you will shoulder a proportional amount of the claim based on the uninsured amount. So if you insure 50% of the value of the car, you only get paid 50% of the claim.

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[SkyFlakes88]

How's that again? Say a 1M car insured for 500k or 50% of the value, gets paid only with 250k which is 50% of the 500k claim for total loss? or in the case of damage will get only 125k for a 250k claim?



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Yes sir! Your claim will be proportional to your cars insured value after considering the fair market value always. Under insured yun term dyan sir. It actually is not allowed by the insurance commission but some companies allow it. Kaya pag nagka claim ka nang malaki talo ka at dun nakakaroon nang mga kaso between the owner at insurer. Example. Under insured kotse nang 50% a 1M car na carnap. Pag hindi na na recover 400+k ibabayad sayo less yun mga fees pa. Depende pa yun sa current market value nang kotse. lets say na recover after you got paid. La ka na habol. Kanila na yun kotse. Usually mga unstable na insurance co. Nag a allow nang ganyan para mura premium pero d na explain mabuti nun ahente sa client. Suwertihan na lang sa claim. Gulat ka na lang ang laki ilalabas mong pera para magawa yun kotse mo. Laging 50% off yun claims.

In reality you just got what you paid for. Kala nang iba kasi nakamura sila.