Unfair Market Value (UfMV)

**peejay_07** · November 23rd, 2013 05:08 PM

Mga Sirs,

May question lang ako sa Fair Market Value (FMV) ng sasakyan. Ano/Saan ba basis ng insurance sa pagkuha ng FMV?

Yung insurance kasi namin until Oct. 8, 2013 lang. So, Oct. 07, 2013 nag renew kami. Yung Own damage/Theft/Insured amount at that time was 585k. Down from 650k nung Oct. 8, 2012. Kung titingnan nagkaroon ng 10% depreciation in a year (65k).

Tapos nung Nov. 2, naaksidente kami. Na approved ng insurance as total loss yung sasakyan pero yung FMV daw sa time ng accident is 484k.

From the time ng renewal, Oct. 7, to time ng accident, Nov. 2, eh wala pang 1 month ang pagitan. Pero 101k ang nabawas sa FMV? Unfair Market Value ata ang binibigay nila. That is 17.26% depreciation in less than a month.

Syempre i cocontest namin yung amount. Ang tanong ko pa, ano ba usually ang mga mangyayari (saka mga process) kung hindi mag agree sa amount? Meron ba sa inyo na naka experience nito and napabago nyo ba yung amount sa gusto nyo? Saka any ideas kung magkano dapat hingin namin? Ako kasi tingin ko dapat close to 585k pa rin kasi less than a month palang nung nangyari yung accident. So, mga 575k is OK dba? Kung tutuusin 10k depreciation na nga yun. Malaki na ibinaba compared sa 2012-2013 depreciation kung kukunin yung monthly depreciation (65k divided by 12 = 5416.67 per month).

Salamat in advance sa mga mag rereply and mag susuggest.

**mark_t** · November 30th, 2013 03:01 AM

Originally Posted by peejay_07

Mga Sirs,

May question lang ako sa Fair Market Value (FMV) ng sasakyan. Ano/Saan ba basis ng insurance sa pagkuha ng FMV?

Yung insurance kasi namin until Oct. 8, 2013 lang. So, Oct. 07, 2013 nag renew kami. Yung Own damage/Theft/Insured amount at that time was 585k. Down from 650k nung Oct. 8, 2012. Kung titingnan nagkaroon ng 10% depreciation in a year (65k).

Tapos nung Nov. 2, naaksidente kami. Na approved ng insurance as total loss yung sasakyan pero yung FMV daw sa time ng accident is 484k.

From the time ng renewal, Oct. 7, to time ng accident, Nov. 2, eh wala pang 1 month ang pagitan. Pero 101k ang nabawas sa FMV? Unfair Market Value ata ang binibigay nila. That is 17.26% depreciation in less than a month.

Syempre i cocontest namin yung amount. Ang tanong ko pa, ano ba usually ang mga mangyayari (saka mga process) kung hindi mag agree sa amount? Meron ba sa inyo na naka experience nito and napabago nyo ba yung amount sa gusto nyo? Saka any ideas kung magkano dapat hingin namin? Ako kasi tingin ko dapat close to 585k pa rin kasi less than a month palang nung nangyari yung accident. So, mga 575k is OK dba? Kung tutuusin 10k depreciation na nga yun. Malaki na ibinaba compared sa 2012-2013 depreciation kung kukunin yung monthly depreciation (65k divided by 12 = 5416.67 per month).

Salamat in advance sa mga mag rereply and mag susuggest.

Collision damage or history affects market value, do you agree?

**Manilablock** · November 30th, 2013 05:23 AM

Originally Posted by mark_t

Collision damage or history affects market value, do you agree?

it affects kung ibebenta mo, but that is the part where insurance should come in, to restore your car to the condition when you ask the insurance company to qoute for you cars actual value.

Pwede kaya i-request na lang sa insurance to replace the car of similar condition prior to the accident?

Kasi ung mga bahay (or other structures) pag ayaw bayaran ng insurance ung owner sa insured amount, nag o-offer ang insurance ng rebuild ung property. Lalo na kung bulok na ung property at ung value ng insurance ay malaki.

**kinyo** · November 30th, 2013 01:06 PM

idaan na lang sa magaling na lawyer sir ... niloloko kayo ng insurance nyo

pakibanggit na lang anong insurance company para maiwasan

**mark_t** · November 30th, 2013 01:50 PM

Puede ba malaman kung anong car ang involved? And ano ang basis nila ayon sa offer nila na halaga?
Mayroon ka ba servicing agent sa policy mo? And ano naman ang explaination kung bakit doon dinala ng
servicing agent ninyo ang pinapa insure ninyo?

484k nga ba ang mga for sale sa market na katulad ng car mo?

**[archie]** · November 30th, 2013 03:09 PM

Dati may lumubog na car parents ko. Ganyan po talaga sa insurance, the car was insured for 400k+ pero they gave them 340k. Pwede niyo contest yan but with no assurance of getting your way. Samin, they just took the hit and moved on. Kung hindi acceptable Sanyo yung amount, pwede kayo cash settlement (Sanyo pa rin yung Oto plus cash).

Isipin na lang na may participation and depreciation cost.

**dr. d** · November 30th, 2013 09:58 PM

yes, it does seem unfair to me.. after all, it was appraised as a total loss.. i am sure there is an office that takes care of complaints like this..
i am told that these insurance companies "underpay" their clients, because a number of these clients accept the offer.. but if the client complains, the company does... heh heh..
good luck.