Beware of PEOPLE'S GENERAL INSURANCE

[mike18]

I have a bad encounter with my in-house insurance of Union Bank – PEOPLE’S GENERAL INSURANCE. Please beware of this insurance company who knows nothing but to take advantage of others.

My Tucson GLS was bought last December 9, 2009. It was mortgaged at Union Bank Caloocan. The bank has an in-house insurance broker -- First Union Insurance who handles the bank client’s insurance coverage. Came December 2010, an agent told me that my current policy is about to expire, she offered an insurance from Union Bank, but later on, we found out that the insurance company is “People’s General Insurance”. If I only knew then that it was from People’s I wouldn’t accept their offer, but it was already paid, so we have no choice.

Here are the coverage:


Period Covered : December 11, 2010 – December 11, 2011
III-B Theft : P 1,042,000.00

Unfortunately, the said vehicle was carnapped at gunpoint on December 16, 2010. It was five (5) days after they declared an estimated amount of insured of P 1,042,000 FMV. I understand that I couldn’t get the whole amount of P 1,042,000 since it was stated in their insurance policy Section III paragraph 2. But we didn’t expect it to drop that low.

On March 18, 2010 they sent me a conformity letter below:



I can’t imagine that the amount was dropped to P937,800. That was unreasonably low. According to Insurance Commission and PIRA, in case of total loss, the indemnity of the insurance company will be the fair market value of the property. They even advise us not to accept an amount far from P 1,042,000 since that amount was estimated as fair market value as of Dec. 11, and after 5 days, that FMV is still the same. They also told us to file a complaint against People's General to get what is just and fair for us. And so we did, just this afternoon.

We sent a letter of contest, attached with screenshots of ads in sulit.com.ph (selling at P 1,050,000 and P 1,000,000 on Dec. 2010) and a circular from PIRA with the FMV of Tucson GLS as of December 2010 of P 1,160,000 and P 985,000 as of February 2011 and up to date. We also got a certification from Hyundai dealer that no one has traded-in any 2010 Tucson GLS model, hence they cannot issue any FMV at the moment.

But here is their reply to my letter:



They might be forgetting what they stated in their policy / contract:



And even if they will apply a depreciation value, our vehicle is only 1 year old, which according to the table, 0-3 years = no depreciation.

From PIRA:



This is just not rational. We still have many inconsistencies found in doing business with this insurance company and Union Bank, but we chose not to elaborate further because you might get exhausted reading this thread.

From personal experience…just a precaution to all tsikoteers:
1. NEVER get insurance from PEOPLE’S GENERAL INSURANCE.
2. Union Bank has poor customer relation / after-sales support.
3. In case the bank is offering an in-house insurance, better check the company name first. Since we are confident with the service of Union Bank before, we just accept their offer right away without checking all the details, unknowingly, this reputable company is becoming a hiding place of a rotten insurance company – People’s General Insurance!

[yebo]

pare,

your best argument against depreciation is that the insurance company collected from you the premium for the insured amount of P1042000 and not for anything less. if they had planned to pay a lesser amount then they should have collected a smaller premium from you.

report it to the insurance commission and send a copy to them.

[kurternest]

Sorry to hear your bad experience with that insurance company....

Hindi talaga maganda reputation ng PEOPLE'S GENERAL INSURANCE ... based palang sa thread na ito.

http://tsikot.yehey.com/forums/showthread.php?t=67284

Sana maayos yang problem mo.

[Big_daddy]

I'm going to switch next year when my insurance expires...but so far ok naman mga claims ko...di nga lang kasing laki ng issue mo sir/mam.

Hope that you get your issue resolved ASAP.

[mike18]

pare,

your best argument against depreciation is that the insurance company collected from you the premium for the insured amount of P1042000 and not for anything less. if they had planned to pay a lesser amount then they should have collected a smaller premium from you.

report it to the insurance commission and send a copy to them.

thanks bro, i already filed a complaint to IC, attached with all supporting documents... kaso april 6 pa ang conference, baka hindi ko na mahintay at ilabas ko na agad sa media... yung unang media entity na kausap ko eh mukhang natunugan nila, kaya inunahan na ko... natimbrehan ako ng tauhan nito na may umaarbor daw sa complain ko, kaya this time, hindi ko na muna sasabihin kung saang media group ko ito dadalin, pero may kontak na ko, ibubulgar ko ang kabulukan nyang people's na yan..

kaya sa iba pang may complain, baka gusto nyo rin mag-file para mas malakas ang impact at madokumento ng media. mukhang bihasang-bihasa na sila sa mga ganyang gawain eh.

Sorry to hear your bad experience with that insurance company....

Hindi talaga maganda reputation ng PEOPLE'S GENERAL INSURANCE ... based palang sa thread na ito.

http://tsikot.yehey.com/forums/showthread.php?t=67284

Sana maayos yang problem mo.

oo nga po eh, nabasa ko na dati yan, that's why worried ako after kong malaman na people's pala ang insurance na in-house ng union, i found out nung dumating na sa akin ang policy...too bad, hindi ko natanong agad kung anong company ang inooffer nila. all along i thought i'm in good hands.

I'm going to switch next year when my insurance expires...but so far ok naman mga claims ko...di nga lang kasing laki ng issue mo sir/mam.

Hope that you get your issue resolved ASAP.

good for you sir...let's just pray na wala nang mangyaring aberya sa car mo hanggang under ka pa ng people's...ang hirap pag muntik ka na nga mapatay sa dahil sa carnapping tapos gusto ka pang lamangan ng mga ganid na yan...

i just want to add nga pala, have you noticed the deductible in their conformity letters? first is 10,420 and the second is only 3,000... yan ang isa pang panlalamang na ginawa nila, hindi pa sila nakuntento sa pambabarat ng claims, pati sa deductible gusto pa nila kong isahan.

ung unang policy na pinadala nila, 3,000 lang ang nakasulat, since nakasama ang policy ko na yun sa tucson ko when it was carnapped, humingi ako ng another copy ng policy, pero sa sobrang stressed namin that time, no one has able to notice that the deductible became 10,420. it was noticed only after we got the confirmity letter. nagulat kame ng makita na 10,420 ang binawas nila...so i called union bank to check a auto loans department kung ano ang nakalagay sa records nila. and that confirms na it was only 3,000 + 100 towing. Nang nabuko, biglang sinabi ng agent na actually may endorsement daw pero hindi na niya isinama kasi malaki na ang claims namin kaya para makabawas naman sa kinakaharap na gastos ang company nila hindi na nya inattach ang endorsement.

[hondaboot]

parang mali nga yan kasi yun amin noon nacarjack ang civic namin, ang market value sa mga buy and sell is 330k na lang, but the insurance paid as 380k after 90 days. dapat mga 50k lang tanggal. grabeh puro manloloko na talaga mga tao ngaun

[111prez]

This is just not rational. We still have many inconsistencies found in doing business with this insurance company and Union Bank, but we chose not to elaborate further because you might get exhausted reading this thread.

nakow, union bank? ABOITIIS ka jan talaga

[darkpalosx]

had a bad experience din dyan sa generali last 2007,vios pa car namin.since yung uncle ko ay preferred client sa bdo sa morato iyan ang binigay ng manager na insurance, na terms pa na pwede bago magend yung period saka lang full payment o pag nagclaim.nahit and run yung rear bumper namin and we opted for a replacement,sabi ba naman "soli nalang po namin yung premium nyo" it defeats the purpose ng insurance kung ganon.so inaway talaga namin sila pati manager ng bdo nagalit kasi pati sila napahiya sa sagot ng generali.nabraso din namin sila after ng ilang araw na awayan. after that lahat ng sasakyan sa family namin hindi na generali kinuha.

[rene_tagle]

had a bad experience din dyan sa generali last 2007,vios pa car namin.since yung uncle ko ay preferred client sa bdo sa morato iyan ang binigay ng manager na insurance, na terms pa na pwede bago magend yung period saka lang full payment o pag nagclaim.nahit and run yung rear bumper namin and we opted for a replacement,sabi ba naman "soli nalang po namin yung premium nyo" it defeats the purpose ng insurance kung ganon.so inaway talaga namin sila pati manager ng bdo nagalit kasi pati sila napahiya sa sagot ng generali.nabraso din namin sila after ng ilang araw na awayan. after that lahat ng sasakyan sa family namin hindi na generali kinuha.

medyo mild lang kawalanghiyaan ng generali, ang people's general insurance talaga subok na, subok na matigas ang mga mukha.

[mike18]

medyo mild lang kawalanghiyaan ng generali, ang people's general insurance talaga subok na, subok na matigas ang mga mukha.

+1 ako sayo bro rene!

[birador]

newbie lng po, balak ko po ipa insured 2 jeepney namin. BTW, fish dealer po business namin so from Lucena city Quezon to Cubao Quezon city ang daily trip namin eh kapag po kasi fish dealer lagi mabilis ang patakbo kasi po habol sa bentahan ang karga isda. Eh medyo accident prone kapag mabilis ang patakbo. if ever po na amounting to P15k annually ang piliin ko, magkano po kaya ang total premiums?

[pop3corn]

Kaya dapat talaga if you bought a car today make it worthwhile.Imagine the price of an entry level SUV today at 1.2M with an insurance premium of 50k+ or divide this by 12 = 4k a month sa income mo. Tapos ganyan pa pahirapan sa claims, ayaw pa nila pagawa sa Casa, kundi sa taller of your choice.


minsan tuloy iniisip ko it's not worth to insure a 1M car. but of course insure 3rd party liability as well as your own welfare Kung aksidente, but the car itself don't. Take the risk, it's only 1M anyway, the same amount you invest in a risk business or a stock option na puwde mawala lahat. In a business, pwede ka invest 1M and then ma-debt ka pa for trying to protect that 1M investment, sa stocks pag ni-leverage mo say 1M Lang pers tapos nag margin call ka ng 3M, you can easily lose all and be indebted pa ng 2M.

Eh sa Tsikot ang mawawala Lang sayo 1M worth of your car. But imagine average of 40k / month sa original 50k insurance mo. If you hold your car for 5 years, you paid additional 200k for it, or 20% more of your original investment.

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Grabe ngaun noh, the banks securitize your loans on top of your receivables and package it as CDOs or Mutual Funds or ETFs, tapos may 50k extra pa sila Panlaro pa per car buyer. Kaya pala ayaw na tumanggap ng mga Casa ngaun ng cash payment unless they need bridge financing or something for a lean month, eh kasi nga parang investment bank na ang mga Casa

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