Panic Mode!!! Help!!! Rammed my car into a road sign, now it's leaking oil. Wut2Do???

[meledson]

^^^ fixed cost based on the insured value.

[[archie]]

^^ im not sure kasi yung insurance namin hindi nagpapalit ng participation cost every year. baka iba yung sa insurance namin.

[derf8666]

Participation is based on the amount insured of the vehicle. If it's a car or sedan like altis, vios, civic, etc, the participation is 0.5% of the amount insured or 2k, whichever is higher. If it's an SUV, pickup or van, then it's 1% of the amount insured or 3k, whichever is higher.

Participation on the depreciation typically starts on the 3rd year. So if your car is less than 3 years and you meet an accident that requires the replacement of parts, you dont have to pay additional, only the particiaption deductible.

In your case, reckless female, since your car is just about a year old, you dont have to share in the depreciation expense. You only need to pay 3,295 (.5% of 659k).

Dont be traumatized by it, reckless female. Accidents do happen. Just be thankful walang 3rd party involved, especially tao. Kasi pag tao na yung nainvolved, kahit na nashoulder na ng insurance yung mga requirements, sometimes kukulitin ka pa rin talaga ng 3rd party. Sometimes it can even lead to a court case.. Oops, I hope i didnt scare you..

Good luck! Hope this clears up the matter a bit..

[Reckless_Female]

Participation is based on the amount insured of the vehicle. If it's a car or sedan like altis, vios, civic, etc, the participation is 0.5% of the amount insured or 2k, whichever is higher. If it's an SUV, pickup or van, then it's 1% of the amount insured or 3k, whichever is higher.

Participation on the depreciation typically starts on the 3rd year. So if your car is less than 3 years and you meet an accident that requires the replacement of parts, you dont have to pay additional, only the particiaption deductible.

In your case, reckless female, since your car is just about a year old, you dont have to share in the depreciation expense. You only need to pay 3,295 (.5% of 659k).

Dont be traumatized by it, reckless female. Accidents do happen. Just be thankful walang 3rd party involved, especially tao. Kasi pag tao na yung nainvolved, kahit na nashoulder na ng insurance yung mga requirements, sometimes kukulitin ka pa rin talaga ng 3rd party. Sometimes it can even lead to a court case.. Oops, I hope i didnt scare you..

Good luck! Hope this clears up the matter a bit..

THanks derf!!! Thanks... sorry, im such a noob when it comes to insurance matters eh. All i do is just drive my car, yun lang. Anyway, it's nice (and reassuring) to know that participation is only 3k something. Yan din ang exact amount na nabayaran ng dad ko last time, kasi nabangga nya yung rear bumper and he had it replaced. Anyway.. thanks so much for the help

[Reckless_Female]

Why not just call up your insurance company and ask how much participation you need to pay so you will know once and for all?

Avoiding it will not make the problem go away. In fact, you might be making yourself a nervous wreak for reasons unnecessary.

Wala pa kasi silang binibigay na estimate kung magkano participation namin eh

[Reckless_Female]

^^^ fixed cost based on the insured value.

Thanks mel!

[Reckless_Female]

ang alam ko participation is a fixed cost. not on a percentage basis.

dont worry TS, since 1 year pa lang oto, participation lang babayaran, theres no depreciation cost pa on parts.

wag ka paloko na after 50k gagatos ka na. thats what insurance are for, to have the peace of mind. basta comprehensive insurance, nothing to worry about TS.

Thanks archie. BUmalik ang faith ko in insurance companies. Whew! Thanks a lot!

[Reckless_Female]

ang alam ko participation is a fixed cost. not on a percentage basis.

dont worry TS, since 1 year pa lang oto, participation lang babayaran, theres no depreciation cost pa on parts.

wag ka paloko na after 50k gagatos ka na. thats what insurance are for, to have the peace of mind. basta comprehensive insurance, nothing to worry about TS.

Thanks archie. BUmalik ang faith ko in insurance companies. Whew! Thanks a lot!

[ajOT]

as long as you have not went over your total spending limit; what you only have to pay is the participation fee of your insurance....
you can see the participation fee on the papers of your insurance; if im not mistaken it is on the policy papers, that your insurance gives to you