Total Loss Coverage for 6 month old vehicle

[dreilaqui]

I was approved for total loss, although I'm not sure if it's a win or lose for me. Here's my circumstances.

I bought a Jazz on Jan '09 from HC Pasig. Got comprehensive insurance (with AoG). Unit was flooded during Ondoy, the car was 9 mos. old. Started proper procedure with claim process a week after flood. Early Jan 2010, the insurance approved my claim for total loss. With depreciation, they're willing to settle for 86% of the car's srp. That's around 100k less than the orig bnew price of the unit. I'm still paying the bank, if I go for it, I learned mga around 100k lang matitira sakin from all the interest. Losses ko na yung downpayment ko plus all the other initial payments when I bought it.

I tried asking them to just repair, yung initial bill ng Honda is around 300k pero gusto nila may cerificate ng Honda na wala nang further bill and notarized affidavit na hinde ko na sila sisingilin.

Any opinions or advice for me? Pera o bayong?

[hammerhead2]

I was approved for total loss, although I'm not sure if it's a win or lose for me. Here's my circumstances.

I bought a Jazz on Jan '09 from HC Pasig. Got comprehensive insurance (with AoG). Unit was flooded during Ondoy, the car was 9 mos. old. Started proper procedure with claim process a week after flood. Early Jan 2010, the insurance approved my claim for total loss. With depreciation, they're willing to settle for 86% of the car's srp. That's around 100k less than the orig bnew price of the unit. I'm still paying the bank, if I go for it, I learned mga around 100k lang matitira sakin from all the interest. Losses ko na yung downpayment ko plus all the other initial payments when I bought it.

I tried asking them to just repair, yung initial bill ng Honda is around 300k pero gusto nila may cerificate ng Honda na wala nang further bill and notarized affidavit na hinde ko na sila sisingilin.

Any opinions or advice for me? Pera o bayong?

So how much in total are you going to lose if you opt for total loss?

[dreilaqui]

mga 350k + den po nailabas kong pera, all initial/deposit plus monthly sa banko. Hanggang ngayon nagbabayad ako e. Maski ala ko ginagamit since Ondoy.

[Altis6453]

I was approved for total loss, although I'm not sure if it's a win or lose for me. Here's my circumstances.

I bought a Jazz on Jan '09 from HC Pasig. Got comprehensive insurance (with AoG). Unit was flooded during Ondoy, the car was 9 mos. old. Started proper procedure with claim process a week after flood. Early Jan 2010, the insurance approved my claim for total loss. With depreciation, they're willing to settle for 86% of the car's srp. That's around 100k less than the orig bnew price of the unit. I'm still paying the bank, if I go for it, I learned mga around 100k lang matitira sakin from all the interest. Losses ko na yung downpayment ko plus all the other initial payments when I bought it.

I tried asking them to just repair, yung initial bill ng Honda is around 300k pero gusto nila may cerificate ng Honda na wala nang further bill and notarized affidavit na hinde ko na sila sisingilin.

Any opinions or advice for me? Pera o bayong?

If I were you, I'd get the cash and use it to get a newer vehicle. Just add a little more.

Assuming you got the range-topping Jazz 1.5, 86% of the SRP would amount to Php 706k +/- which you can still use to acquire a newer vehicle rather than take the risk with a flood-damaged unit.

[_Qwerty_]

in his case kasi.. bago pa lang sasakyan.. naka loan sa bank.. so ang cash out na nya eh 350T.. pag na total loss.. most of the cash sa bank mapupunta.. less yung depreciation.. so ang makukuha nya eh 100T lang.. kulang pa pang down sa bagong oto..

[Altis6453]

in his case kasi.. bago pa lang sasakyan.. naka loan sa bank.. so ang cash out na nya eh 350T.. pag na total loss.. most of the cash sa bank mapupunta.. less yung depreciation.. so ang makukuha nya eh 100T lang.. kulang pa pang down sa bagong oto..

He can ask the bank to just continue his amortization payments and constitute a new chattel mortgage over the replacement vehicle. I think the banks would be a little understanding on this.

[splash]

Thanks Mark. Funny, you know what Mapfre is now saying, they said they called us daw before they pulled out the unit and brought it Velocity (which they never did and which we would definitely not approve of as all our cars are casa maintained!). Having to deal with MAPFRE has been emotionally tiring for us. I can charge them big time for all the stress they brought us, the least you would have needed from an insurance company there to protect you. If they still will not give it us for total loss, we will see each other in court.

We also had a bad experience with MAPFRE, our car got submerged during the floods of Ondy.Counting 4 months after we reported and filed the claim, still no updates/progress has been given to us. We already filed a case against them to the insurance commission but it seems that we are still running on the same slow pace....Up to now they still didn't offer any amount since they decided that the car was for total loss. They didn't even bother to call or send a letter to update us of the status of the claim. I can say that they are really an epitome of a bad customer service.

[james00112233]

He can ask the bank to just continue his amortization payments and constitute a new chattel mortgage over the replacement vehicle. I think the banks would be a little understanding on this.

pwede ba yung ganun?...

[Altis6453]

pwede ba yung ganun?...

Haven't tried it personally. But the purpose of the chattel mortgage is to be the security for the main obligation which is the car loan. So, it would be like substituting the security or chattel for that loan with the bank so I think it would be a reasonable request.

Maybe a quick check on the chattel mortgage and loan agreement by dreilaqui will suffice to see if this is allowable.

[lazyfoot]

Lucky that you still got about 90% of the value for my car.

Standard Insurance faxed us their offer they gave us 3 options.
a. they'll repair it with 6 months warranty but any further repairs must be proved that it is from flood damage.
b. they'll give 130K cash to us to repair it in the casa but they will be absolved of any further claim
c. cash payout of only 330K

The problem with A is that it is hard to prove that the damages that will be discovered in the future is from the flood.
The problem for b is that it is not enough since the estimate is already way over the value of the car 750K (all the computers and electrics are busted)
The problem for c is it's far below the value of the car which is about 460K in the market (05 altis)

I would rather have option c but it's kinda too low, i don't think that's fair since they should give the actual value of the car. I am just hoping they would up it to at least 400K since i don't want to have the headache of making any legal actions. Anyway i think the moral lesson is that next time we should insure our cars with BPI-MS instead of standard. We're thinking about changing our insurance of our other cars to BPI-MS. Anybody has experience dealing with them? Any advice? Standard is good with crash damage but somehow i really don't get them why they're doing this to flood damaged cars.