Total Loss Declaration on Flooded Cars

**dfopiso** · August 13th, 2012 10:30 AM

magiging madalas na yata ang mataas na baha ... baka magtaasan na insurance premium nyan

**Retz** · August 13th, 2012 10:35 AM

hindi ba malugi ang car insurance company sa dami ng nag cl-claim sa AOG?

**dfopiso** · August 13th, 2012 10:48 AM

^ yan ata ang delikado, baka mag-declare ng bankruptcy. For me, I opted sa free insurance ni BPI

**_Qwerty_** · August 13th, 2012 10:56 AM

read your policies.. nakalagay don kung ilang percent nang damage para ma declared as total loss.. some are 70%.. some 80%..

medyo habaan ang pasensya.. at matagal ang processing nito..

**dfopiso** · August 13th, 2012 11:07 AM

thanks Qwerty sa advice

**vefyjeph** · August 13th, 2012 11:53 AM

Dati di ko makita sa policy ko kung ilang percent. Pero nakita ko somewhere sa Insurance Law, is kapag ang repair amount would be 75% of the insured amount, declared as total loss na.

Yung sa akin, accident naman. Total loss sya. Ang nakuha ko lang is yung Fair Market Value, not the insured amount.

Mas madali magclaim if you get your insurance with a licensed broker, kasi tutulungan kayo sa pagclaim. Pero pag mga taong commission lang, good luck.

**dfopiso** · August 13th, 2012 12:08 PM

Originally Posted by dfopiso

^ yan ata ang delikado, baka mag-declare ng bankruptcy. For me, I opted sa free insurance ni BPI

certificate of coverage lang pala binigay ng BPI, nasa kanila yung policy

**dfopiso** · August 13th, 2012 12:40 PM

naku, mukhang lumang batas pa yang Insurance Code ... panahon pa ni Marcos Section 385 - Insurance Code of the Philippines Annotated

Section 385. The insurance company concerned shall forthwith ascertain the truth and extent of the claim and make payment within five working days after reaching an agreement. If no agreement is reached, the insurance company shall pay only the "no-fault" indemnity provided in section three hundred seventy-eight without prejudice to the claimant from pursuing his claim further, in which case, he shall not be required or compelled by the insurance company to execute any quit claim or document releasing it from liability under the policy of insurance or surety bond issued. (As amended by Presidential Decree No. 1455)

In case of any dispute in the enforcement of the provisions of any policy issued pursuant to this chapter, the adjudication of such dispute shall be within the original and exclusive jurisdiction of the Commissioner, subject to the limitations provided in section four hundred sixteen.