Total Loss Declaration on Flooded Cars

[roydok]

The 1-year old Hyundai Accent 1.4 A/T of my friend was completely submerged in the recent floods. He wishes that the vehicle be declared as a total loss by his insurance. Can you suggest ways of convincing his insurance company to do just that?

Thanks.

[dfopiso]

^ meron bang AON yung compre insurance nya? kung going to 2nd year na auto, around 90% ng original value na lang insured amount

[Starex_Gold]

The 1-year old Hyundai Accent 1.4 A/T of my friend was completely submerged in the recent floods. He wishes that the vehicle be declared as a total loss by his insurance. Can you suggest ways of convincing his insurance company to do just that?

Thanks.

Did this before dun sa 10 months old FD ko (Ondoy 2009)

The car wasn't fully submerged. Pero dashboard level so ang daming papalitan. I told my service adviser to make an estimate na pwedeng ideclare na ng total loss. The estimate was 700K worth of parts The value of the FD is 805K.

I also justified na yun remaining 26 months ng warranty ay void na dahil sa flood. So ayun na-grant ng insurance.

BTW, dapat meron AOG / AON.

Ano insurance company niya?

[jut703]

Ang alam ko basta 80% of cost yung damage, pwede na ideclare as loss. Di ko lang maalala kung market value or purchase cost.

[Retz]

nakalagay naman sa AOG ang equivalent ng insured amount.

[dfopiso]

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

[Retz]

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

[dfopiso]

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

[_Qwerty_]

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]

thanks Qwerty sa advice

[vefyjeph]

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]

^ 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]

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.

[dfopiso]

bagong proposal pa yata ni JV ito http://www.congress.gov.ph/download/...15/HB02988.pdf

[dfopiso]

pa share experience nyo sa mga nag-claim ng total loss recently

[moipogi]

pa share experience nyo sa mga nag-claim ng total loss recently

Based on my Ondoy experience, it will be the insurance company who will have final prerogative on how it settles. Default is they will try to fix it, but will likely eventually declare it a loss if the cost crosses a certain threshold.

Tapos, pag mag settle sila, it will always be fair market value. Wag tatanggapin yung first offer, kasi they will always try to lowball the amount. Tip yan nung broker ko mismo. You have to have a counteroffer that is as close to market value.

Good thing about Ondoy though is that insurance firms now have a better grasp of when to repair or simply declare total loss. Yung 2005 APV ko had fair market value of 350k. My insurer spent well over 200k in repairs before giving me about 300k in settlement. Mas mahal pa yung total gastos nila vs kung ba declare total loss.

Took me 1 year to get the money though, kasi ang tagal sinubukang gawin. Suko lang sila nung sabi ng Suzuki change engine kailangan. . .

[dfopiso]

as insurance holder, we cannot demand pala

ngayong meron ng AON, same process pa rin ba; that is, they will try to repair first?

kung ganon, "ensure" na ma-damaged na auto pagmalulubog ito

[aki0125]

Meron rin isang option kung masyadong matagal aabutin yun repair ng unit due to unavailablity of parts puede mo na kausapin yun claims department of your insurance for possible total loss claim

[mark_t]

pa share experience nyo sa mga nag-claim ng total loss recently

Well we made sure to complete all the necessary documentation
accident statement form, and certification from
the Brgy. Captain that indeed there was flooding.

Remember first in first out, in all claims.

As for AOG claims resolution re: flooding - water up to dashboard level, total loss na agad.

[_Qwerty_]

hindi rin lahat nang insurance ganon.. meron nga hanggang bubong na.. insurance still wanted to repair.. depende sa nasirang parts at kung magkano aabutin..

Well we made sure to complete all the necessary documentation
accident statement form, and certification from
the Brgy. Captain that indeed there was flooding.

Remember first in first out, in all claims.

As for AOG claims resolution re: flooding - water up to dashboard level, total loss na agad.