Insurance for the car on its 2nd year , mandatory"

[ashbyluciano]

Hi guys,

I would like to ask if its mandatory to get a comprehensive insurance after it expires? The bank where i loaned it calls me to send them the insurance policy. My car is not imsured right now. According to them, if i dont insure my car, they will be the one to insure it and charge me for the cost


Thanks

[JohnM]

If it's still under loan insurance is a requirement. The bank "owns" your car while you're still paying for it and they want to protect their assets. Better get a good quote pronto because the banks' in-house insurance tend to be on the high side.

[ashbyluciano]

Oo nga sir mataas quote nila sakin. 3 years na car ko pero ang quote nila sakin is the amount of my car nung binili ko bnew. I called an insurance company and they quoted me for the depreciated value of my car. The quote that i got is 8k less than what my bank is asking me to pay. I called mu bank regarding this, auaw nila tanggapin. Kelangan daw yung value nung car ko nung binili ng bnew and must daw acts of god, ayaw ko sana acts of god kasi hindi nmn bumabaha samen but they are still insisting. Any thougts guys? Ganun po ba talaga?

[JohnM]

Depreciated value dapat. And AOG is not a requirement. Klaruhin mo muna. Or talk with a manager.

[_Qwerty_]

hanggang naka loan yung car kailangan may comprehensive insurance.. and banks require AOG included.. kasi they're just protecting the car habang ginagamit mo.. di pa kasi fully paid.. kung fully paid na.. ikaw na bahala kahit TPL lang ok na..

while still on loan, you can get the insurance kahit saan.. yung pinakamababa.. pero dapat may AOG as per your bank..

[Retz]

A little off topic.....

ung AOG ba lets say, 5yrs old above na ang car, hindi na ba iniinsured ito ng insurance? may nakausap ako na insurance company kasi ang sabi wala ng AOG.,,,,