1st time Insurance Claim

[susikey]

if parts are to be replaced, they have a formula.
zero depreciation for the first xx months.
then for every additional year, a certain percentage...

it's not the casa that charges depreciation. it's the insurance provider.

i think TS mentioned that the car is 3 years old, going on 4 (entry #3 on the first page).

Sobrang tagal magtatag-ulan pa naman na hays. Yep going 4 yrs old na yung sasakyan, parts are definitely for replacement basag tail lights, warat bumper, yuping compartment/cover(nako pwede ba ideclare reserbang gulong baka nadali din?), and so on. 5500 yung depreciation cost(wala yung computation sa policy) + 2k participation fee, hindi ko na din naitanong magkano ang total estimate ng insurance since hindi ko pa din nadala sa casa. Sa insurance namin niclaim dahil baka lalong tumagal kung sa kanila. Salamat sa mga nakibahagi.

[confused shoes]

Sobrang tagal magtatag-ulan pa naman na hays. Yep going 4 yrs old na yung sasakyan, parts are definitely for replacement basag tail lights, warat bumper, yuping compartment/cover(nako pwede ba ideclare reserbang gulong baka nadali din?), and so on. 5500 yung depreciation cost(wala yung computation sa policy) + 2k participation fee, hindi ko na din naitanong magkano ang total estimate ng insurance since hindi ko pa din nadala sa casa. Sa insurance namin niclaim dahil baka lalong tumagal kung sa kanila. Salamat sa mga nakibahagi.

In-house insurance naman pala yan, dalahin mo muna sa casa. Paayos kung ano dapat ang ayosin. Kung may naiwan o hindi isinama at sa iyong akala ay dapat isama, ipasama mo. Nangyari na sa akin yan, in-house din. Yung in-house insurance guys na din nagcoordinate sa casa service kung kelan gagawin. Medyo matagal talaga maghintay. Araw-arawin mong tumawag.

Yung participation cost, ay yun na lang ang iyong singilin sa nakabangga. Whether ipapasagot nila sa insurance nila o sila mismo magbabayad, nasa kanila na yun. Ang mahalaga may written agreement kayo na magbabayad sila.

[dr. d]

Sobrang tagal magtatag-ulan pa naman na hays. Yep going 4 yrs old na yung sasakyan, parts are definitely for replacement basag tail lights, warat bumper, yuping compartment/cover(nako pwede ba ideclare reserbang gulong baka nadali din?), and so on. 5500 yung depreciation cost(wala yung computation sa policy) + 2k participation fee, hindi ko na din naitanong magkano ang total estimate ng insurance since hindi ko pa din nadala sa casa. Sa insurance namin niclaim dahil baka lalong tumagal kung sa kanila. Salamat sa mga nakibahagi.

5.5 + 2 = 7.5K. is that the total cash you are going to pay for the repair? if so...
if i were me, i'd give the go signal for the car repairer to proceed. i'd abono the 7.5K myself, rather than wait for the other party to pay for it. i'd send the 7.5K bill to the other party. if they pay, fine. if not, at least i did not have to wait too long to have the car fixed.

[Walter]

Age of vehicle ... rate of depreciation
< 3 years ... 0%
3-4 years ... 20%
4-5 years ... 25%
5-6 years ... 30%
6-7 years ... 35%
> 7 years ... 40%

[noelbanat23]

To give an idea:

1. Estimate must come from the shop i.e casa or 3 star shop so that everything that must be done to the vehicle will be look into and negotiated with casa, and the owner has an idea of how much the depreciation will be. It should be explained based on the parts affected. Why it should be brought to shop? Because there are cases that the repair needs thorough ocular inspection, pag hindi nakita ng shop at di naisama, pwede ihabol pero it is another cause of delay.Take note, the owner must bring it, hindi naman si insurance ang may custody ng unit.

2. Pwede ba singiling ang participation or any moral or emotional damages..pwede as long it will not compromise the claim of insurance to other party involved. You may state that in the police report, participation and depreciation cost only..one advantage in claiming to insurance of other party is that depreciation and participation will be shouldered in full without cost to the owner of the damage unit..this is called 3rd party property damage.

[noelbanat23]

Continuation...

3. Is it the responsibilities of the insurance to ran after the 3rd party..yes but only to recover the cost of the loss..how about the participation and depreciation, you may ask them to have it included but we all knew for a fact how long it takes to finish a single case in the philippines..kaya matagal kaya para ka nag impok sa banko.

4. After issuance of loa, the ball now rest on the hands of shops, if they said 30-40 days, no one could reverse that unless you look for another shop but take note, show the estimate first to see if the shop will honor it..baka iba rates nila..pag ok at mas mabilis ay lipat na.

5. Insurance can help updating you on status of ordering parts but when shop told you already, possibly insurance will inform you the same it was before kasi yun talaga..you felt relieve pag one day sinabi sau "meron na daw po" from insurance..but still inabot din ng 45 days..that's the reality.

6. Insurance will not care how long it will take to recover from other party, trabaho na ng legal recovery nila..iba may hawak ng claims..and it is a company kaya let the case take its normal course.

7. Any damage hidden and can be connected to the incident is claimable..wag lang abutin ng 1 taon, kasi the insurance evaluator could explain the matter in yhe first place why does it need to be replaced..wag lang awayin si evaluator at bwisit din mga yan, it is better to negotiate, kahit naman sa banko..bolahin mo manager or kung wala ka big deposit..teller bolahin mo at di ka pipila.

[noelbanat23]

Lastly...

If you have unit that is old enough to incur max depreciation aside from participation..make a computation:

Based on P500k Market value of the unit..
mas mababa syempre mas maliit babayarn.

Insurance cost(annual) -P12k
Participation -P3k

Sample accident *P50k

Accident damage: P20k parts estimate, P30k labor/painting

Depreciation:
20k orig parts*45% dep- P9k
Painting/labor- no added cost to owner

Total expense protection(if may accident) for the year would be around P25k..
Broken down as follows:
Insurance-P12k
Participation:P3k
Depreciation: P9k

Insurance protection:
Od/theft, bodily injury & property damage, auto-PA

No insurance protection:
You save P12k
Lots of prayers and super defensive driving techniques..not to mention dont park to over crowded parking lot..magugulat ka may bangga na lang.

Something to think about..12k -15k insurance is like protecting yourself every month for only P1,500 or less.

It make sense, pag nagtitipid wag ilabas ang kotse.

[tokiyashiro]

Need some legal advice related to car insurances

So here are some pictures of the accident's. My friend is driving the L300 and had a minor accident with the KIA car as shown in the pic, based on the police reports they are at fault. Imgur: The magic of the Internet

Now it's been 2 months since both our insurance are processing this issue. First our L300 is insured in FPG, and we are insured only for the amount of 200K.

And there's one alarming thing we noticed. They seem to be overpricing those Headlights as shown on the KIA.

Here's the total estimate that was given to us by the owner of the KIA. Imgur: The magic of the Internet

The first estimate was only shown to be 37K . The revised one blew up to 340K.

Another shop where they got another estimate. Imgur: The magic of the Internet

The only thing that's funny with this Street Smart is that they also did overprice this headlights.

If we bought these parts outside of insurance I truly believe we won't even go over 50K or less because I've also checked their accessories prices and those OEM headlights.

Our problem is , since we are only maxed out to 200K and the total estimate repair is 340K we will need to shoulder that 140K and we're trying not to make that happen.

It also seems like FPG insurance is trying to add the total cost of the repair to get their money back for all these repairs that's going to cost them.

What are your thoughts?, would love to have an advice with some people who work or had any insurance experiences with their cars.

Our other solution is to have the repair done by us instead of trying to get it into an insurance.

Thanks

[dr. d]

in my opinion. "highway robbery".
i just do not know where to complain.

if i brought it to a high end repair shop of good repute, i also doubt if the bill will reach 50K.

[tokiyashiro]

in my opinion. "highway robbery".
i just do not know where to complain.

if i brought it to a high end repair shop of good repute, i also doubt if the bill will reach 50K.

Pretty much what I had in mind too .