Unacceptable Offer from Insurance

[Battlestar]

di ba pwedeng gamitin yung insured value sa insurance ni TS
para gawing basis nung value nung unit?

Ganun nga yata sir ang habol ni TS. Ang nangyare kase 3rd party insurance ang magbibigay sa kanyan ng cash settlement and not his insurance.

Let's say yung fair maket value ng car ni TS is Php 400k based on his insurance. Then yung 3rd party insurance naman ay Php300k lang ang inoffer. Lugi talaga si TS dun. Pero mas maganda kung linawin muna ni TS kung ano ba model ng kotse nya at magkano ang offer 3rd party insurance.

[ghosthunter]

di ba pwedeng gamitin yung insured value sa insurance ni TS
para gawing basis nung value nung unit?

Insurance companies have a "book value" for the car... they will offer a lower amount to save on "costs". It is a business.

[vefyjeph]

Insurance companies have a "book value" for the car... they will offer a lower amount to save on "costs". It is a business.

this is true. Nung matotal loss dati yung car ko, yung binigay sa akin is less 50k sa insured amount. Pero within the average pa ng selling price nung car sa second hand market kaya tinanggap ko na. Then nung sinisingil nila yung nakadisgrasya sa akin, plus 50k nung insured amount. so lumalabas kumita pa sila 100k. hahaha. Then nag-auction pa sila nung car na yun. another kita pa nila. so Business talaga insurance.

Sa mga panahong ito nagagamit ang insurance agent/broker mo. Tutulungan ka makikipagkulitan. Pero kung wala ka broker, mahirap na.

[basucat]

Ganun nga yata sir ang habol ni TS. Ang nangyare kase 3rd party insurance ang magbibigay sa kanyan ng cash settlement and not his insurance.

Let's say yung fair maket value ng car ni TS is Php 400k based on his insurance. Then yung 3rd party insurance naman ay Php300k lang ang inoffer. Lugi talaga si TS dun. Pero mas maganda kung linawin muna ni TS kung ano ba model ng kotse nya at magkano ang offer 3rd party insurance.

Si TS can demand for a higher compensation provided na yun talaga ang fair market value ng car. Susubukan syang baratin ng insurance company. However, if ang VTPL - Property Damage cover ng 3rd party (TP) is up to 300T only, hanggang duon lang ang kayang bayaran ng insurer. Anything more than that will have to be paid by the 3rd Party vehicle owner. Suggest that you write the TP Insurer that you are demanding xxx amount since the amount they offered is too low. If they do not respond, get a lawyer to make the demand for you. Ask the lawyer to write the TP owner too since if you pressure them, they will pressure their insurer to settle the claim.

[cast_no_shadow]

TS kindly post muna the following:

1. What is your car? (year model, mileage and condition prior to the accident)
2. What is the value of your car with your own insurance and on the second hand market?
3. How much is the insurance company of the other party offering you?
4. How severe is the damage? (engine, chassis or suspension is badly affected?)

When our car got declared total-loss ok naman yun offer sakin.

not the whole insured amount though since they follow how to compute the value to be given

[mark_t]

Do you have your own insurance policy? Use it.

[richardmonde]

Mga Sirs,

Salamat sa mga advices nyo...pasensya na masyado ako naging busy these past week sa work at hindi agad nakareply agad sa inyo.

Anyway, I settled sa repair cost offer ng insurance sa akin..i just need to top up few thousands pesos para marestore un car ko.

Thanks again to all.

Hi Sirs,

Hingi ako payo sa inyo...

Naaksidente un car ko at ako ang victim party sa accident, third party. Dahil sa severe damages ng car ko, un insurance ng nakabangga sa akin declared total loss for my car and nag offer ng very low amount ng cash settlement or restore un unit using their prefer shop.

My question:
1. Any advice kung paano ko idedemanda ang insurance company?
2. Paano ko ma-insist un fair offer sa insurance since ako binangga? Gusto ko sa casa ipagawa para sure pa rin ang condition ng sasakyan ko.

any input is a great help. thanks.

richard