Need Help! Regarding Insurance Policy

**theovercomer** · October 26th, 2007 01:05 AM

Hello po Sirs..
I am new here. I just wanna ask regarding this "insurance thing". Our Van L300 was carnapped last Oct24 morning, and we are now on the process of giving all the necessary documents to MAA insurance. Our Van is insured in Comprehensive . Medyo nalilito lang kami nang bayaw ko regarding the amount to be claim (if in case di talaga marecover). ito po ang details.. The van was bought last APRIL 2007 and carnapped last OCTOBER 2007. So, halos bago pa.And, ang nakalagay sa insurance policy is 640k under compre. Magkano kaya ang mababalik? In-house insurance po siya nang UNIOn motors..

/Need some advice po. Thanks po sir... Hope someone will reply to shed some light.

**n2knee** · October 26th, 2007 10:35 AM

hindi ka ba babayaran base sa book value or market value ng kotse mo?

**kpy555** · October 26th, 2007 11:43 AM

Originally Posted by theovercomer

Hello po Sirs..
I am new here. I just wanna ask regarding this "insurance thing". Our Van L300 was carnapped last Oct24 morning, and we are now on the process of giving all the necessary documents to MAA insurance. Our Van is insured in Comprehensive . Medyo nalilito lang kami nang bayaw ko regarding the amount to be claim (if in case di talaga marecover). ito po ang details.. The van was bought last APRIL 2007 and carnapped last OCTOBER 2007. So, halos bago pa.And, ang nakalagay sa insurance policy is 640k under compre. Magkano kaya ang mababalik? In-house insurance po siya nang UNIOn motors..

/Need some advice po. Thanks po sir... Hope someone will reply to shed some light.

Hi!

As per my cousin working in Prudential Guarantee, if the car was stolen or total-wrecked within a year from date of purchase, the insurance company shall pay the same purchase price or replace the vehicle of the same exact model. Reason is that the vehicle has not yet depreciated within a year.

Correct me if I'm wrong but that is what I was told.

**shadow** · October 26th, 2007 11:49 AM

kung magkano mo nainsured which is 640k

**monsrick** · October 26th, 2007 01:05 PM

Me nga din po di makaunawa dyan sa insurance thing na yan,pag naaksidente ka mas malaki pa participation fee mo kesa sa pay nila sa repair cost.Y kaya?

**niky** · October 26th, 2007 02:00 PM

Depends on your contract.

Some contracts mandate a percentage participation rate or default to a percentage rate once the car is past a certain age.

Others mandate a "fixed" rate. On one vehicle we have, this is 3.8 thousand (doubles on second claim within the year), on the other, it's fixed at 11 thousand.

This is to keep you from claiming all kinds of minor niggling dents and dings under insurance, which would drive their costs up, but let me tell you, if you've got a total wreck on your hand, you'll be glad for fixed rate insurance... ;)

**hominid** · October 26th, 2007 06:09 PM

Originally Posted by theovercomer

And, ang nakalagay sa insurance policy is 640k under compre.

P640k nga ang meke-claim. Good thing pina-insure mo.

There were times pinapanalangin ko manakaw sasakyan ko para mapalitan bnew. Lalo na pag nagagasgasan. Kaso sa kakabasa ko d2 ang daming bagong lemon. Swerte na ko sa current ko wala problem. So wag na sana.

OT na pala. Pinapatawa lang kita sa loss mo, lol!

**theovercomer** · October 26th, 2007 09:14 PM

Thanks sir sa mga inputs...

talagang subtle un mga insurance dito sa atin. We just clarify this matter to the insurance co. Ang masasabi ko lang, "madaya" sila, ang sabi sa akin. "wala raw ganon agency na magbibigay nang buo kapag "theft" or carnap ang kaso. kahit 640k ang nakalagay sa policy, di raw buong 640k ang makukuha... e ang habol ko naman is "replacement" not cash settlement.

pero ito ang scenario, wala pang 5k un mileage nang Van ko, mag 6 months pa lang siya, tulad nang sinabi ni "kpy555" un din ang intindi ko, dahil nag check pa rin ako sa union motors, di pa rin nababa un price nang van. e pano sila mag co-compute?

haay, talagang subtle talaga ang mga insurance na yan...

hope, more insights para matuto tau..

thanks guys.....

**j_avonni** · October 27th, 2007 02:41 PM

The insurance company shall have the option to pay your claim in cash based on the insured value or the fair market value at the time of the loss, whichever is lower, less the deductible OR replace it with the same brand, make & model and you pay the deductible.

By the way, once the car is driven out of the casa, it is already considered depreciated. The insured value indicated in the policy is only an estimate and shall be the maximum amount payable by the insurer.

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