total loss claim

[Manilablock]

Ask mo insurer mo na ibili ka na lan nila ng 2nd hand car na same specs ng car mo.

[_Qwerty_]

yung insured amount is always at the time of writing the policy.

example: Oct. 10, 2012 = insured amount is Php500T

you got into an accident and the car was total wreck August 10, 2013.

From Oct. 10, 2012 to August 10, 2013, nag depreciate na ulit yung value nang car.

Kaya nila binabawas yung depreciation.

Sir, bakit may bawas pa? dapat ung insured amount yan na ung depreciated value kasi binayaran mong pemium is based on that insured amount. make sense ba?

[makwin]

But he is offered "Fair Market Value" meaning, net na yung depreciation dito. To come up with the FMV, it should be at par with prevailing market price for that unit or it should be calculated via original cost less deductions including depreciation, physical deterioration, utilization.

[_Qwerty_]

yes it's the same kung fair market value.. policy value which is the current value at that time less depreciation.

[makwin]

Because of the issue raised by the TS, i was obliged to call my Insurance Provider para linawin should a similar quandary occur in the future (knock on wood). The amount insured is the claimable amount according to the one who attended to m y inquiry. Example, Sum Insured Php400,000.00, Inception date : January 01, 2012 Expiry Date: January 01, 2013. either the car got totally damaged by January 02, 2012 (1 day after the insurance was signed) or December 31, 2012 (11 months and 30 days after the insurance took effect), ang babayaran ng insurance company is Php400,000.00. Why? kase yun ang coverage nung insurance policy. Hinde na ibabawas ang depreciation although the total loss was incurred 11 months after the insurance was signed/issued. To the TS, i Isuggest you check your policy once again and clarify with them bakit lower than the sum insured ang ibibigay sayo. Thanks to everyone who have sharede a thought or two.

[nyvlem]

Thank you mga sir sa reply, nakuha ko po today yung check sa people's gen non VAT nga. Yung nga lang lugi ako kasi Hindi ko na nareview yung policy.. pakonsuelo ko na lang sa kanila, within 1 month after submission ng documents nagbayad sila.. pero Hindi na ako uulit sa kanila

[Retz]

yung insured amount is always at the time of writing the policy.

example: Oct. 10, 2012 = insured amount is Php500T

you got into an accident and the car was total wreck August 10, 2013.

From Oct. 10, 2012 to August 10, 2013, nag depreciate na ulit yung value nang car.

Kaya nila binabawas yung depreciation.

ah okay sir. parang naisahan tayo doon ah dapat depreciated na rin ang premium kung ganon kung hindi mo agad bayaran.

[peejay_07]

Up ko lang...

TS, sabi mo 1 month after mag submit ng documents, nabigay na check sayo. Pero gaano katagal bago mo nakuha yung check after mo i sign yung letter na binigay sayo for the amount ng total loss?

Sa akin kasi 3 weeks na after mag sign nung conformity letter eh 'For Scheduling' pa rin status. Araw araw na kami nag fo-follow up. Bale 6 weeks na buong processing time from the date of accident.

Would anyone know what 'For Scheduling' status means? bibigyan lang ba ng date yung check? Normal ba talaga na matagal yun? And ano ba nagpapatagal kung i schedule lang pala yung check? TIA

[nyvlem]

Up ko lang...

TS, sabi mo 1 month after mag submit ng documents, nabigay na check sayo. Pero gaano katagal bago mo nakuha yung check after mo i sign yung letter na binigay sayo for the amount ng total loss?

Sa akin kasi 3 weeks na after mag sign nung conformity letter eh 'For Scheduling' pa rin status. Araw araw na kami nag fo-follow up. Bale 6 weeks na buong processing time from the date of accident.

Would anyone know what 'For Scheduling' status means? bibigyan lang ba ng date yung check? Normal ba talaga na matagal yun? And ano ba nagpapatagal kung i schedule lang pala yung check? TIA

sorry now ko lang nabasa to, nalubog sa baha, aug 19 2013, nag offer sila mga sept 2 2013, nasubmit ko yung lahat ng documents, mga sept 6, oct 9 nakuha ko na yung dated check nila