Yearly Comprehensive Insurance

[antz-z]

not sure if this was asked before or not, but just want to get suggestions/recommendations from kotse gurus here...

how do you know or assess if the comprehensive insurance you'll be paying every yr is fair? for my car - acquired feb 2007, vios a/t 1.5G - how will i know that the 12.5k they quote me to renew my insurance is not too high? last year i paid 14.5k, not sure why it's only less 2k for this yr.

sort of a "dummy" question lang po thanks..

[ghosthunter]

The insurance depends on the "book value" of the vehicle. So every year you will pay less and less on the insurance of the car. BTW, it also depends on the insurance coverage like does it include AOG or not?

If you are having doubts, you can have a price quote from another insurance company so you can compare prices.

[mark_t]

not sure if this was asked before or not, but just want to get suggestions/recommendations from kotse gurus here...

how do you know or assess if the comprehensive insurance you'll be paying every yr is fair? for my car - acquired feb 2007, vios a/t 1.5G - how will i know that the 12.5k they quote me to renew my insurance is not too high? last year i paid 14.5k, not sure why it's only less 2k for this yr.

sort of a "dummy" question lang po thanks..

This is how you go about it

First you deduct 10% value for every year you have owned the vehicle.
So if you bought your car at 880,000php, you will renew your cover at
792,000php on the second year and 712,800php on the third year. That's
10% depreciation every year which is the practice here. And you are
allowed to up to 15% depreciation every year.

On you second question.... you have to learn to compute manually
your insurance on approved Insurance Commision rates.
To compute manually check this thread

http://tsikot.yehey.com/forums/showthread.php?t=47835

Based on your computation granting that all the tariff are correct,
you can buy your cover from All or any of the insurance co. here.
Technically there is no such thing as cheap car insurance as they
are sold on a regulated basis. As regulated and approved by the
Insurance Commision.

And your insurance premium is tax deductible.

[antz-z]

And your insurance premium is tax deductible.

... meaning, i can have it declared in my ITR?

[mark_t]

... meaning, i can have it declared in my ITR?

Ask guidance from your accountant how to file an itemized ITR.

http://www.bir.gov.ph/home.htm

[mazdang_323]

Hi Guys,

Need some advice... I am purchasing a 2nd hand 03 corolla altis thru BDO financing...

BDO is offering me 10k comprehensive insurance for the car. Do you think its the right price for its yr/model?

Regards

[mark_t]

Hi Guys,

Need some advice... I am purchasing a 2nd hand 03 corolla altis thru BDO financing...

BDO is offering me 10k comprehensive insurance for the car. Do you think its the right price for its yr/model?

Regards

It depends on the

1. Payment Terms

2. Premium Rate

3. Participation schedule

4. Seksi ba ang broker.

5. 65 year old and above brokers (mga idol ko, I swear hindi sila pina pawisan)

[libroko05]

Hi. Newbie here. I'm about to renew the insurance of my vios 1.5S MT (2009). Last year, I paid 30k for the comprehensive coverage. This year, their quote is still 30k (24k for the original policy + 6K for AOG). Is that a reasonable price? Thanks.

[derf8666]

Hi. Newbie here. I'm about to renew the insurance of my vios 1.5S MT (2009). Last year, I paid 30k for the comprehensive coverage. This year, their quote is still 30k (24k for the original policy + 6K for AOG). Is that a reasonable price? Thanks.

It's on the high side. Reasonable would be about 24k but AOG included already. That is assuming a coverage of 700k OD, 200K BI PD and 250k PA.

[Lotur]

sorry for the noob questions:
for comprehensive insurances, how much is % the usual participation fee of the owner in case of car damages? and will this be reimbursable once the insurance release the damage payment?

tia!

[reactor]

sorry for the noob questions:
for comprehensive insurances, how much is % the usual participation fee of the owner in case of car damages? and will this be reimbursable once the insurance release the damage payment?

tia!

sir, participation depends on your insurance company. for example my insurace company only charged 3k as participation for every damages. mostly insurance company aside from your participation charges 10%-50% (depending on your insurance company policy) for every parts that needs to be replaced. you can pay first for the damaged or replaced parts and reimburse later BUT insurance company have their own ADJUSTER wherein they assess first the damage and decide how much is the cost.

better have your own insurance agent that you know. they give better services than what you get from casa. they (agent) can give you your preffered insurance company (ex standard, malayan, etc.) but the rate is lower than what casa can give. if you need an insurance PM me so i can give you my agent for the last 10years. even the new cars we bought, i get the insurance from him (60% cheaper than casa).

[rnagpala]

Sir pa join naman medyo OT.

Please badly needed ng advice lang. What should I do, "kung ayaw sagutin ng insurance ang bangga sa auto ko". Almost 3 months na sa CASA oto ko waiting pa din ako sa sagot ng insurance. Sabi ng Adjuster nasa Insurance na daw decision regarding my claim.

Baka may suggestion kayo na dapat kong gawin. Al paper documents are complete (Police report, certification of incident from the establishment, Insurance Policy, OR/CR etc.)

Btw, i got 2009 Tucson which iam still paying for it sa BDO. And my car insurance is Prudential Guarantee Ortigas.

[TholitzReloaded]

Sir pa join naman medyo OT.

Please badly needed ng advice lang. What should I do, "kung ayaw sagutin ng insurance ang bangga sa auto ko". Almost 3 months na sa CASA oto ko waiting pa din ako sa sagot ng insurance. Sabi ng Adjuster nasa Insurance na daw decision regarding my claim.

Baka may suggestion kayo na dapat kong gawin. Al paper documents are complete (Police report, certification of incident from the establishment, Insurance Policy, OR/CR etc.)

Btw, i got 2009 Tucson which iam still paying for it sa BDO. And my car insurance is Prudential Guarantee Ortigas.

Next time palit ka na ng Insurance company.. tagal ng 3mos.

[mark_t]

Sir pa join naman medyo OT.

Please badly needed ng advice lang. What should I do, "kung ayaw sagutin ng insurance ang bangga sa auto ko". Almost 3 months na sa CASA oto ko waiting pa din ako sa sagot ng insurance. Sabi ng Adjuster nasa Insurance na daw decision regarding my claim.

Baka may suggestion kayo na dapat kong gawin. Al paper documents are complete (Police report, certification of incident from the establishment, Insurance Policy, OR/CR etc.)

Btw, i got 2009 Tucson which iam still paying for it sa BDO. And my car insurance is Prudential Guarantee Ortigas.

Pa sama ka na sa servicing agent mo para mag file ng complain
sa Insurance Commision.

[Lotur]

thanks sir reactor!

*all
Just in case i want to renew my comprehensive insurance for the 2nd year with the same company, will they be amenable to change the insurance rates to more convenient 6-month or 12-month terms?

And during the 1st year of the insurance: What i fail to settle the entire amount before the 90-grace period? How much is the usual interest charged? Are there certain computations involved depending on the car insurance cost?

Thanks again!