How long do you keep your car insured?

**maki mi** · June 30th, 2015 08:19 AM

Check the contract, most contracts I encounter state that coverage extends to the authorized driver of the owner, in this case your father. When in doubt, which makes you feel uncomfortable, just get another one, it's just P600 for peace of mind.

**Newcomer123** · June 30th, 2015 08:32 AM

My 2007 Getz is still insured, for 180k.

Nothing beats the peace of mind an insured car brings.

Yun lang, tumatapang ako sa gitgitan

**ninjababez** · June 30th, 2015 08:43 AM

Meron ba na even after a year or more ay pareho parin bayaran mo sa premium? Para walang percentage sa depreciation.

**cast_no_shadow** · June 30th, 2015 08:46 AM

our 2006 Innova until now is compre insured

**timo07** · June 30th, 2015 08:54 AM

Originally Posted by qwertyqaz

Hi! This is an old thread but rather than opening a new one, my questions will still fall under this subject.

We are already used to getting insurance for brand new cars and for cars less than 4 yrs. However, my father decided to grab an old 2004 Nissan Sentra 1.6 GSX M/T offer from my Tito (balikbayan and stays only a few months a year in the Philippines and they have several vehicles).

In short, hinog na hinog pa ang car and only 40k+ actual trip odometer (no tamper). Most of the time, hindi talaga nagagamit. Since they bought a new SUV, the Sentra could not fit the garage anymore and offered a very good price that even a GX would be put to shame

Currently the insurance coverage is P100k CTPL up to September 2015 c/o MAFRE under my Tito's name.

My questions are:
1) Do we wait for September 2015 for a new coverage or get one immediately and under my father's name?
2) Is the Sentra limited to CTPL only? No other comprehensive option considering its more than a decade old?
3) Do we have any better options aside from MAFRE?

Thanks you in advance for your suggestions :-)

If you want a Compre Ins, better get one now. CTPL only covers 3rd party. No coverage for own damage, theft and passengers.

If you plan to have the car serviced in one of the nissan dealership, i'll suggest to look at their in-house insurer but make sure you have offers from other insurance providers for negotiation purposes.

Mapfre is good but their premium is on the high side.

My 2007 innova is still insured with the original provider that is affiliated with my dealer. My rates are very good because of the length of contract.

Anothet alternative is to check with the current insurer of your other vehicles.

Good luck.

**qwertyqaz** · June 30th, 2015 08:57 AM

Originally Posted by SkyFlakes88

Do you have the policy? Is it just CTPL? If it is and you want a full coverage then it's best to get one. Mapfre is also a good insurance co. If you want to try other companies then i would recommend Cibeles insurance my brother and wife is an agent. since i have been getting my insurance from them 15yrs and counting never had any claims problem with them.

Hi SkyFlakes88,

Yes the policy is from Malayan and coverage is CTPL for P100k. I have read MAFRE's Liability Guard for vehicles 8yrs and above from a different thread but few years back. I will consider Cibeles as an option. Thank you Sir :-)

**qwertyqaz** · June 30th, 2015 09:10 AM

Originally Posted by maki mi

Check the contract, most contracts I encounter state that coverage extends to the authorized driver of the owner, in this case your father. When in doubt, which makes you feel uncomfortable, just get another one, it's just P600 for peace of mind.

* Hi maki mi, yup, that is the least we can do. Get the same CPTL coverage under my father's name however I am leaning towards compre if ever there is still a company that will insure vehicles for more than 10yrs old. Thanks!

Originally Posted by Newcomer123

My 2007 Getz is still insured, for 180k.

Nothing beats the peace of mind an insured car brings.

Yun lang, tumatapang ako sa gitgitan

* Hi Newcomer123, yup, i agree and i am a believer and patronize life and non-life insurance :-) thanks

Originally Posted by cast_no_shadow

our 2006 Innova until now is compre insured

* hmmm, so far sa iyo ang nakita ko na malapit lapit sa 2004 hehehe. Anong insurance company po eto sir? Thanks

Originally Posted by timo07

If you want a Compre Ins, better get one now. CTPL only covers 3rd party. No coverage for own damage, theft and passengers.

If you plan to have the car serviced in one of the nissan dealership, i'll suggest to look at their in-house insurer but make sure you have offers from other insurance providers for negotiation purposes.

Mapfre is good but their premium is on the high side.

My 2007 innova is still insured with the original provider that is affiliated with my dealer. My rates are very good because of the length of contract.

Anothet alternative is to check with the current insurer of your other vehicles.

Good luck.

* Hi timo07, yes, that is our plan, to get the comprehensive however i just want to find out if this 10 year old car will still be covered. So far, MAFRE 's Liability Guard cover P200k

The post below came from nhiecah_nice29 on a different thread:

Bodily Injury/Property Damage to Third Party - P 200,000.00 combined limit
Your Passenger's Personal Accident - P 50,000.00/passenger Limit of P 250K
You Passenger Medical Reimbursement - P 5,000.00/passenger Limit of P 25K

Special Features:
FREE Legal Assistance
FREE Bail bond up to P 10,000.00

Premium:

SPECIAL ( For 22 y/old driver with 2 yrs. driving experience) P 3,760
REGULAR ( No age/experience needed) P 4700

Thanks everyone! Will consider your suggestions. It will be a busy day for me today :-)

**maki mi** · June 30th, 2015 11:53 AM

I stopped compre on my 2002 Civic after 11 years because I think the 10k premium is already enough to pay for self damage. I also considered my accident history, only 2 claims within 11 years, and not even road related. 1 was swiped while in the parking and the other was broken rear windshield probably by kids throwing stones while playing.

It was also impractical because I will be shouldering participation and depreciation. Katwiran ko sa 10k dala agad sa talyer at mura lang naman ang collision repair, wala pang hassle ng documentation at pag-aantay ng LOA. Third party property damage however remains a risk, lalo na kung luxury car nadale mo.

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I stopped compre on my 2002 Civic after 11 years because I think the 10k premium is already enough to pay for self damage. I also considered my accident history, only 2 claims within 11 years, and not even road related. 1 was swiped while in the parking and the other was broken rear windshield probably by kids throwing stones while playing.

It was also impractical because I will be shouldering participation and depreciation. Katwiran ko sa 10k dala agad sa talyer at mura lang naman ang collision repair, wala pang hassle ng documentation at pag-aantay ng LOA. Third party damage however remains a risk, lalo na kung luxury car nadale mo.

**JJ All Day** · June 30th, 2015 02:29 PM

Originally Posted by Newcomer123

My 2007 Getz is still insured, for 180k.
Nothing beats the peace of mind an insured car brings.
Yun lang, tumatapang ako sa gitgitan

This is actually what you paid for.

At the end of the day, you should not compare the amount you paid for versus the amount you claimed from. Isn't great that you were not involved in any accident during the effectivity of the insurance policy? Di ka dapat manghinayang sa pera na nilabas mo.

It's all about managing a risk (which may or may not happen). Say, for one (1) year period, there is a risk that you may or may not be involved in any accident which may cost you between ZERO and P300K (say, the fair market value of your old car). However, you don't want to take that risk and opted to manage it at P10K (say, insurance premium). You should consider that P10K then as your outright expense (for the price you pay in managing that type of risk) and drive with peace of mind (priceless) during the effectivity of the insurance policy.

This is all about RISK APPETITE vis-a-vis FINANCIAL PROFILE of every UNIQUE PERSON.