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  1. Join Date
    Apr 2007
    Posts
    487
    #1
    Im getting insurance coverage for my to-be-acquired car unit. I paid for it in cash.

    List Price = 1.43M
    Discounted/Actual Price = 1.275M

    Ano yung ilalagay ko na amount sa Insurance? 1.43M or 1.275M?

    Dealer SA/in-house insurance told me na 1.275M ang coverage since eto yung actual acquisition price.
    The other, a bank manager I requested quote from, told me na dapat 1.43M ang coverage.

    Which is which?

    Thanks.
    Last edited by b0y37; January 4th, 2018 at 03:18 PM.

  2. Join Date
    Feb 2007
    Posts
    533
    #2
    You decide how much coverage you want. You'll have to pay the premium accordingly.

    Sent from my SM-G950F using Tsikot Forums mobile app

  3. Join Date
    Aug 2017
    Posts
    319
    #3
    Quote Originally Posted by b0y37 View Post
    Im getting insurance coverage for my to-be-acquired car unit. I paid for it in cash.

    List Price = 1.43M
    Discounted/Actual Price = 1.275M

    Ano yung ilalagay ko na amount sa Insurance? 1.43M or 1.275M?

    Dealer SA/in-house insurance told me na 1.275M ang coverage since eto yung actual acquisition price.
    The other, a bank manager I requested quote from, told me na dapat 1.43M ang coverage.

    Which is which?

    Thanks.
    The amount you declare drives the insurance coverage cost, the higher you declare the higher your insurance cost.

    If this car is paid in cash, better declare the highest price. This is the cost the insurance will cover when you lose this car.

    Why pay a high premium if this is mortgaged? If this is mortgaged and you lose the car, the bank gets the insurance payout.

    Also, dont get an insurance from a bank, it's expensive than going straight to the insurance company

  4. Join Date
    Mar 2008
    Posts
    52,519
    #4
    Quote Originally Posted by b0y37 View Post
    Im getting insurance coverage for my to-be-acquired car unit. I paid for it in cash.

    List Price = 1.43M
    Discounted/Actual Price = 1.275M

    Ano yung ilalagay ko na amount sa Insurance? 1.43M or 1.275M?

    Dealer SA/in-house insurance told me na 1.275M ang coverage since eto yung actual acquisition price.
    The other, a bank manager I requested quote from, told me na dapat 1.43M ang coverage.

    Which is which?

    Thanks.
    you paid in cash?
    quote list price to the insurer.
    pag nasalanta, you get higher money from the insurance.
    i do not think the slightly higher insurance premium is a bother for you.

  5. Join Date
    Feb 2007
    Posts
    533
    #5
    Quote Originally Posted by dr. d View Post
    you paid in cash?
    quote list price to the insurer.
    pag nasalanta, you get higher money from the insurance.
    i do not think the slightly higher insurance premium is a bother for you.
    This. +1

    Sent from my SM-G950F using Tsikot Forums mobile app

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Insurance Coverage