Will you still avail of AOG if the charge goes up?

[woohoo]

In light of the havoc wreaked by typhoon Ondoy and the corresponding Acts of God claims, it's (almost?) a given that Insurance Companies will charge higher next year for such a clause/rider. So, I ask you, if the charge goes up by a significant factor, will you still avail of it?

[woohoo]

Up ko lang... Vote naman kayo, tsikoteers.

[shadow]

market survey?

[alainroyce]

Sa akin eversince free lang ang AOG.. hindi ko lang alam next year pag nagrenew ako ng policy malamang may premium na yan..

[XTO]

no pa rin ako.

[mreyes]

depende siguro kung gaano kataas pero siguro, for peace of mind na rin, avail ko na rin ulit when renewing my insurance...

[alnr]

i voted yes...

after what happened this past few weeks, ang daming nalubog. not just town but cities, kung nangyari na ngayon eh malamang mangyari na lagi. now that there's already rising concerns about the effects of global warming and sa tigas ng ulo nating mga pilipino na mag tapon ng basura ng wasto malaki ang chances na umulit na ito. maganda na din ang prepared.

[roberto_minosa]

Yes.

Technically, I won't be paying the insurance but I'd give up 25% of my monthly allowance for dad to get AoG coverage for the car.

"Better have it and not need it than need it and not have it."

[james00112233]

I will avail it. Nobody knows, pwedeng maulit uli yung katulad ng flooding sa manila at sa northern luzon...

[mazzipino]

Yes, to an extent where I'm not getting ripped off.

[woohoo]

market survey?

I wish! Wala lang, naisip ko lang itanong.

Saka kung market survey man siguro ito, malamang papabor sa mga car owners ang kahihinatnan.

[actor21]

yung everest namin 11k+ ang AOG buseeeeeeeeeeetttttt

[Gumusut_Amige]

yes, wifey just added 2.3k last week to be covered on AOG. 2 cars belongs to brother & brother-in-law sa harap ng bahay nakasama sa nalubog.buti andito ako noong nangyari at nilusong ko noong tumataas pa lang ng tubig. first time na nangyari dito sa La Union.
sabi ng kapitbahay namin na 92-y.o., itong pepeng ang may pinakamalakas na ulan na kanyang naranasan.

[james00112233]

yung everest namin 11k+ ang AOG buseeeeeeeeeeetttttt

tama ba ang pagkakaintindi ko, 11k+ yung AOG pa lang yun? total of what?

[jrln]

our 07 honda civic used to have a 'free' acts of god for 2 years now as part of the insurance policy. i got a quotation from them end of july this year for renewal by october with still the same free acts of god but when i called them 1st week of october, they said they are now charging for that item because of typhoon ondoy. out of 21.5t for the new insurance, 4.2t was for AOG.

i read somewhere before that coverage for AOG is quoted between 0.3-0.5% of the insured value.

[james00112233]

i read somewhere before that coverage for AOG is quoted between 0.3-0.5% of the insured value.

Parang eto yung sinasabi mo....

[SIZE=4]Insurers nix proposal to make ‘acts of God’ coverage mandatory[/SIZE]

10/19/2009 | 03:35 PM



Non-life insurers are against a proposal to make coverage against natural disasters mandatory, saying this would be detrimental to the industry.

"We can’t make acts of God coverage compulsory. It’s a basic exclusion because nobody can withstand the losses from that," said Michael F. Rellosa, vice-chairman of non-life industry group Philippine Insurers and Reinsurers Association (PIRA).

"It will destroy the industry," he added.

Senate Majority Leader Aquilino Q. Pimentel, Jr. has called for changes to the Insurance Code, particularly that of making coverage for natural disasters mandatory for those selling motor vehicle policies.

The comprehensive third party liability insurance required for all motor vehicle owners currently only covers costs arising from road accidents or theft.

Natural disasters such as flood and lightning can be included as a "rider" if car owners pay an extra 0.3-0.5 percent of the premium.

Mr. Rellosa claimed the industry might collapse if it was made to pay all at once in the event of a calamity such as a volcanic eruption or the floods brought by Ondoy last month.

Reinsurers will not favor a surfeit of policies with coverage for natural disasters, he added.

Industry veteran Reynaldo A. de Dios shared the view, saying: "It (coverage against natural disasters) should be optional as [the] premium rate is a bit costly."

"I doubt companies would agree should they be forced to underwrite risks unless there is a good reinsurance support and a fair rate."

Mr. Rellosa said demand for acts of God coverage had increased after tropical storm Ondoy ravaged Metro Manila and neighboring provinces last September 26.

But he said non-life insurers were wary of selling such policies as they were still in the process of assessing the country’s risk to natural disasters.

Currently, about one out of four vehicles have acts of God coverage.

Insurance Commissioner Eduardo T. Malinis said the regulator would only endorse to lawmakers what industry players recommend.

"It would depend on the insurers. The rate of the premium must be adequate. We have to talk to PIRA about it," Mr. Malinis told BusinessWorld.

The PIRA said claims from damage caused by Ondoy could reach P11 billion, P1 billion of which would involve motor vehicles.

PIRA officials said the industry had the capability to service the claims but warned that profitability would take a hit this year. - Gerard S. dela Peña, BusinessWorld

[_Qwerty_]

http://www.philstar.com/Article.aspx...bCategoryId=66

Standard Insurance offers AOG cover
(The Philippine Star) Updated October 23, 2009 12:00 AM

MANILA, Philippines - A major insurance company said yesterday that it is extending an “acts of God” (AOG) provision in all comprehensive motor insurance policies effective Oct. 15.

Standard Insurance Inc. also assured car owners that their claims for mandatory coverage of damage to and loss caused by the AOG in the wake of Typhoons Ondoy and Pepeng will be immediately settled.

Ernesto “Judes” Echauz, chairman and CEO of Standard Insurance, said about 50 percent of the total number of insured units with AOG coverage is concentrated in Metro Manila.

He said 300 of the 30,000 vehicles insured with Standard Insurance and which were severely damaged were covered by an AOG insurance clause.

Echauz said Standard supports a proposal to automatically include an AOG cover on the comprehensive insurance policy on motor vehicles damaged by floods and other calamities.

This, however, will not come free since “we will be sending endorsement with the prescribed rate,” he pointed out.

He said Standard Insurance require claimants to pay participation fees once they claim car damages from the company. He said such fees may cover depreciation and deductible costs.

“At the minimum, it may reach P2,000,” Echauz said.