Insurance for cars under loan

**raptor19** · September 15th, 2015 05:59 PM

Hello mga tsikoteers! Question lang po...mandatory po ba na may insurance ang car while under bank financing?

During my 2nd term ng car loan nagpalit ako ng insurance company sa mas mura but then during the third year hindi nagpadala ng letter ang bank and yung bagong insurance...since wala ako sa pinas nde ko nasubaybayan na wala palang insurance ang car..my loan will be completed next yr oct...magkakaroon po ba ng penalty or babayaran ko po ba ang mga yrs na hindi ako nagpurchase ng insurance?

Appreciate your reply mga Sir!

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**Bin Diesel** · September 15th, 2015 06:02 PM

Yes required siya for financed cars. Kung walang natanggap na letter ang bank from your insurance automatic ipinapasok nila yan sa insurance nila kailangan mo lang bayaran. Check with your bank.

**cast_no_shadow** · September 15th, 2015 06:08 PM

Yes check it.

Sa 2nd term mo pumayag ang bank na mag endorse ka sarili mo insurance?

Hindi ba "free" yung 1st year mo? Na ang kapalit eh itatalo ka sa insurance nila for the duration of your loan?

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**raptor19** · September 15th, 2015 06:16 PM

Thanks po sir...tsaka pag natapos na ang car loan, ano po mga documents or proseso na dapat po gawin against sa bank?

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**raptor19** · September 15th, 2015 06:17 PM

Nagpadala kasi bg quote ang bank and mataas sya sa ibang insurance company kaya nagopt ako sa outside

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**1D4LV** · September 16th, 2015 11:30 AM

Originally Posted by raptor19

Nagpadala kasi bg quote ang bank and mataas sya sa ibang insurance company kaya nagopt ako sa outside

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sa labas ka na lang kumuha, and submit the insurance coverage to the bank after renewal sa labas.
mas mahal talaga sa loob, pinagkikitaan pa yan ng bangko eh.

**yebo** · September 16th, 2015 01:28 PM

BPI requires you get BPI insurance and from no one else. Tali ka sa kanila for the duration of the loan.

In other banks you can get insurance from any approved insurance provider. Meron sila list.

If you forget to renew your insurance the bank will automatically renew it for you. They normally require the borrower to submit the new policy 1 day before the old insurance policy expires. 1 day late and they will renew it for you at their own price. Normally inaadjust nila ang babayaran mo na monthly payments to include the premium for the new insurance policy. Pag sinabi mo 3 gives then they add that to the next 3 months amortization. 6 gives, 6 months. Pag wala ka sinabi, then they will be very happy, 12 months nila sisingilin yun. The longer the term the more interest they earn! So, since I assume same pa din binabayad mo monthly then you can (or should) expect a penalty for this. At the end of your loan term magugulat ka kasi may utang ka pa pala! Kasalanan mo din naman so you can not argue against it.

The 1st year "free" insurance is not free. Bawi yan sa interest pag "in-house" financing. Pag bank P.O. purchase there is no such "free" insurance. You pay the down payment + chattel mortgage fee + insurance, that is why they allow you to get insurance from other companies. Except for BPI, of course sa BPI lang pwede. "Free LTO" is from the dealer, but it is already built-in in the price of the vehicle. There is no such thing as "free". Bayad lahat yan nakatago lang.

**1D4LV** · September 16th, 2015 01:58 PM

Originally Posted by raptor19

Thanks po sir...tsaka pag natapos na ang car loan, ano po mga documents or proseso na dapat po gawin against sa bank?

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pag natapos ang loan, the bank will issue you a certification that the loan is complete and a release of mortgage.
pupunta ka sa registry of deeds to have the release of mortgage certified, then punta ka sa LTO to issue a new CR without the encumberation na.

**jaggerx3** · September 16th, 2015 02:05 PM

Originally Posted by 1D4LV

pag natapos ang loan, the bank will issue you a certification that the loan is complete and a release of mortgage.
pupunta ka sa registry of deeds to have the release of mortgage certified, then punta ka sa LTO to issue a new CR without the encumberation na.

OT lang ah. Pag iisuehan ng new CR kelangan ba kung saan na LTO naka register? Ang layo ng LTO diliman sa akin

**1D4LV** · September 16th, 2015 02:50 PM

Originally Posted by jaggerx3

OT lang ah. Pag iisuehan ng new CR kelangan ba kung saan na LTO naka register? Ang layo ng LTO diliman sa akin

OT: yes.... where the vehicle was originally registered.
palakad mo na lang yan if ever na talagang malayo sa iyo.

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Originally Posted by jaggerx3

OT lang ah. Pag iisuehan ng new CR kelangan ba kung saan na LTO naka register? Ang layo ng LTO diliman sa akin

OT: yes.... where the vehicle was originally registered.
palakad mo na lang yan if ever na talagang malayo sa iyo.