Total Loss Process - What to expect?

[Ness]

Yes of course, kaya malaking bagay talaga insured ang vehicle. Imagine kung wala ka insurance, wala na yung oto nagbabayad ka pa din ng utang mo.



Nasa fine print yan? If it is then you answered yourself na.

Matagal talaga proseso pag total loss.



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Thank you so much sir. I will review the policy again. If it’s free insurance nga kasi for the first year, meaning considered bayad. Kelangan ko intindihin yung first year payment na sinasabi nila sa agreement.

[cast_no_shadow]

Thank you so much sir. I will review the policy again. If it’s free insurance nga kasi for the first year, meaning considered bayad. Kelangan ko intindihin yung first year payment na sinasabi nila sa agreement.

Those free may mga catch kasi yan. Nothing is free.

Nakwento ko na ito before, when I got my car the bank offered free 1st year insurance.

Who reads those tiny fine print diba? Hehe

Catch is naka lock in ako for the duration of my loan.

Ayun higher premiums ang kapalit. Binawi at kumita pa lalo sila.

To opt out binayadan ko na lang yung “free” na inoffer saken.


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[Ness]

but it's free insurance!
free insurance is free insurance, whether you use it or not.
is there something written in there, that says one has to pay for it, should the car be declared a total loss?

Thanks po! I will review the agreement again. Ang hirap din talaga kasi kausap ni insurance. Kelangan mo sila kulitin talaga para ayusin nila at dalian nila ung process

[Ness]

Those free may mga catch kasi yan. Nothing is free.

Nakwento ko na ito before, when I got my car the bank offered free 1st year insurance.

Who reads those tiny fine print diba? Hehe

Catch is naka lock in ako for the duration of my loan.

Ayun higher premiums ang kapalit. Binawi at kumita pa lalo sila.

To opt out binayadan ko na lang yung “free” na inoffer saken.


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Makes sense, sir! Ayun na nga yun. May catch. Ayun na nakatali ka na nga sa kanila for the whole duration of your loan.

If I get another vehicle once this is settled, same dealer, same bank, can I choose the insurance for my car? And refuse to be insured dun sa partner insurance ni dealer?

[Andreiiacoma]

Ano pong sabi sa inyo and gano daw katagal abutin settlement ng claim? Sakin kasi follow up ako ng follow up dun sa offer letter nila inabot po ng 2 weeks, ganun ba talaga katagal yun? Any tips wgat can i do or say to them para mapa bilis pricess nung claim?

Maraming salamat for all the inputs!

Same thing happened to our car po. 3mos old. Flooded. Evaluation result from third party went out july 14 daw po. Now, the person who initially handled my claim said na nasa head office na dahil total loss na and waiting na lang sa approved amount. Based sa thread, pwede makipag haggle sa initial offer. Which dapat hindi pa sobrang baba lalo na 3months pa lang.

Ngayon po, my question is, do we still need to pay the monthly amort to the bank hanggat hindi pa naiissue ung check?

Also, they are asking us to pay the 1yr premium as agreed daw po, which my bad I didnt read the agreement with them thoroughly. Per that agreement, if vehicle was declared total loss within 1 yr, we agree to voluntarily pay the first yr premium as cancellation na din sa 5yrs bond with them. Tama po ba to? Naka 1yr free insurance po kasi kami. Pero since na declare loss, pinapagbayad kami. Tama po ba yun?

TIA

[Ness]

Ano pong sabi sa inyo and gano daw katagal abutin settlement ng claim? Sakin kasi follow up ako ng follow up dun sa offer letter nila inabot po ng 2 weeks, ganun ba talaga katagal yun? Any tips wgat can i do or say to them para mapa bilis pricess nung claim?

Maraming salamat for all the inputs!

Wala pa din po update. Consistent din po ako nag follow up sa kanila. Una, sa laguna office kung san handled talaga ung policy ko. Then since na totaled, pinasa nila sa main branch.

Hindi ko din alam kung gano katagal ung settlement. We are planning to coordinate with the bank na din para they know that insurance will be paying for the car since totaled nga sya. Gusto din namin ma clear if mag new application kami to get a new clar ulit. Kasi lugi talaga eh, start na naman ng bayad. Gusto namin malaman ung approved amount para ma assure din kami na mababalik lahat ng naibayad, monthly amort and downpayment.

Update update po tayo dito ng progress! June 23 po nabaha ung vehicle namin. The next day, we submitted the docs to the dealer and pina tow agad namin. Tumagal ung docs actually kay dealer. Pero since lagi kami nag fafollow up, inaction-nan naman agad ni insurance pagka receive nila.

Suggestion po, kunin nyo ung contact info ng assigned sa claim nyo. Para sa kanila kayo mismo mag follow up.

[fleas2016]

Total loss means they will give you the max coverage of your policy. Unless there is some negligence on your part, what is there to negotiate?

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[sirkosero]

Total loss means they will give you the max coverage of your policy. Unless there is some negligence on your part, what is there to negotiate?

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I dont think you had any experience claiming total loss.

Insurance company will not give you the insured amount in your policy. Normally they give you a price then you negotiate to get a higher amount, somewhere closer to thr insured amount written on your policy

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[fleas2016]

Yep, you are right. So far I have been lucky not to have experienced that - total loss. Only minor accidents where I did negotiate a bit just to get it repaired sa suking talyer.

I know someone who got his car stolen. The insurer paid his entire theft coverage after investigation and the stipulated processing time. But then the policy is used up.

Unless you're telling me there's a clause in our policies na ganun. I'd expect the insurance coverage I paid the premium for. Otherwise, I would just lower my coverage to get lower premiums no?

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[sirkosero]

Like what i said, you will not get the full insured amount. Lower the value to lower the premium is up to you but you will still not get the full insured amount.

You can ask your friend how much was given to him vs what his car was insured for.

We had a 1 year car sa office that was totalled. It was insured for 600k. We got 540k from the insurance... After half year and a lot of negotiation.

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[fleas2016]

Interesting, I will bring this up with my insurer. It will be interesting to find out their legal basis. Friend got full amount - kaya he was able to replace his stolen ride with a slightly better one with a top up. Although I didn't verify by asking for a photo of the cheque.

60k difference not too bad but after 6 months of hassle, your time is worth more than that.

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[sirkosero]

Interesting, I will bring this up with my insurer. It will be interesting to find out their legal basis. Friend got full amount - kaya he was able to replace his stolen ride with a slightly better one with a top up. Although I didn't verify by asking for a photo of the cheque.

60k difference not too bad but after 6 months of hassle, your time is worth more than that.

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Whatever they say, ask them to put it in writing

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[Andreiiacoma]

Wala pa din po update. Consistent din po ako nag follow up sa kanila. Una, sa laguna office kung san handled talaga ung policy ko. Then since na totaled, pinasa nila sa main branch.

Hindi ko din alam kung gano katagal ung settlement. We are planning to coordinate with the bank na din para they know that insurance will be paying for the car since totaled nga sya. Gusto din namin ma clear if mag new application kami to get a new clar ulit. Kasi lugi talaga eh, start na naman ng bayad. Gusto namin malaman ung approved amount para ma assure din kami na mababalik lahat ng naibayad, monthly amort and downpayment.

Update update po tayo dito ng progress! June 23 po nabaha ung vehicle namin. The next day, we submitted the docs to the dealer and pina tow agad namin. Tumagal ung docs actually kay dealer. Pero since lagi kami nag fafollow up, inaction-nan naman agad ni insurance pagka receive nila.

Suggestion po, kunin nyo ung contact info ng assigned sa claim nyo. Para sa kanila kayo mismo mag follow up.

Grabe sana mapabilis naman yung process, in my case naman fully paid ko na yung unit so yung proceeds mapupunta mismo sakin, im just planning to buy a 2nd hand unit na closer sa na totaled kong sasakyan. Gusto ko lang malaman talaga gano tatagal yung process ng claiming, offer letter palang ang tagal na i process haays.

[_Qwerty_]

ni less lang nila yung depreciation and the participation.. kaya hindi full amount..

[Ness]

Grabe sana mapabilis naman yung process, in my case naman fully paid ko na yung unit so yung proceeds mapupunta mismo sakin, im just planning to buy a 2nd hand unit na closer sa na totaled kong sasakyan. Gusto ko lang malaman talaga gano tatagal yung process ng claiming, offer letter palang ang tagal na i process haays.

Yung neighbor po namin na kasabay namin na flood din yung car. Na issuehan na po sila ng check nung wednesday. Buti pa sila. Yung samen, wala pa din offer. Ang hirap kausap ng nag hahandle ng claim namin. Hundi ko alam pano mapapabilis. Eh yung sa neighbor po namin, within a month, settled na. I even told them about it. If they want more clients, dapat they are competitive with other insurance na sobrang ganda at bilis ng service. They should have taken into consideration the referrals they will get from their satisfied clients. I guess depende talaga sa insurance at sa adjustor ung pag process ng claim eh

[papi smith]

Like what i said, you will not get the full insured amount. Lower the value to lower the premium is up to you but you will still not get the full insured amount.

You can ask your friend how much was given to him vs what his car was insured for.

We had a 1 year car sa office that was totalled. It was insured for 600k. We got 540k from the insurance... After half year and a lot of negotiation.

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Why is there a need to negotiate? Aren't the stipulations on covered amount and depreciation clear enough in the policy? Parang nakakaloko naman pagka ganun.

[_Qwerty_]

pareho ba kayo nang insurance?

Yung neighbor po namin na kasabay namin na flood din yung car. Na issuehan na po sila ng check nung wednesday. Buti pa sila. Yung samen, wala pa din offer. Ang hirap kausap ng nag hahandle ng claim namin. Hundi ko alam pano mapapabilis. Eh yung sa neighbor po namin, within a month, settled na. I even told them about it. If they want more clients, dapat they are competitive with other insurance na sobrang ganda at bilis ng service. They should have taken into consideration the referrals they will get from their satisfied clients. I guess depende talaga sa insurance at sa adjustor ung pag process ng claim eh

[sirkosero]

Initial offer was 480k. We rejected the original offer and asked for a recomputation, keeping in mind how much we insured the car for. Max they gave was 540k.

Negotiate because they will always lowball. Parang kapag bibili ka din ng 2nd hand kotse, there is the asking price (yours) and the initial offer (insurance). Negotiate and neet somewhere in the middle

Why is there a need to negotiate? Aren't the stipulations on covered amount and depreciation clear enough in the policy? Parang nakakaloko naman pagka ganun.

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[papi smith]

Sir Kosero, can you mention the name of the insurer? If not, at least by pm sana. I'd like to avoid that company. Sa lahat ng ayaw ko ay yung kelangan mo pa makipag patintero para lang makuha ang tama. I hope, it's not FPG, cause I had an easy time claiming with them, and with quick action also on additional claims if it was not seen in the first LOA.

Initial offer was 480k. We rejected the original offer and asked for a recomputation, keeping in mind how much we insured the car for. Max they gave was 540k.

Negotiate because they will always lowball. Parang kapag bibili ka din ng 2nd hand kotse, there is the asking price (yours) and the initial offer (insurance). Negotiate and neet somewhere in the middle

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[Ness]

pareho ba kayo nang insurance?

Magkaiba po ng insurance. Mas okay yung sa kanila kasi in just a month, settled na.
But yung samin naman po, kaka receive lang namin ng offer. May dalawang breakdown, isa without salvage value, yung isa with. So in my understanding, ung computation ng with salvage value is if we retain the vehicle tama po?

About 30k ung na depreciate na value sa insured amount. Any advise po?