Insurance participation fee Help

[yagami_kira]

Accident Case:

1. A tricycle hit our 3 years and 4 months old Fortner last week. Tricycle is at fault.
2. Two doors at our car's side dented and scratched.
3. Got police report and the tricycles license and OR/CR.
4. We settled for the amount of 5000 pesos.
5. Called Prudential Guarantee in-house insurance of the casa dealer.
6. Told me that the supposed participation fee of 3000 pesos is no longer applicable if more than 3 years old.
7. Told me that I had to pay 30% participation fee of the total costs.
8. Assuming that the total cost of repair is 50,000 pesos for the dented and scratched doors, it will mean that 15,000 pesos will be my participation fee.

Question:

Is the above really the correct procedure? If that is the case then what if the damage is much bigger? Despite having insurance it will appear to me that I will still have to shell out a large sum of money.

[Retz]

Accident Case:

1. A tricycle hit our 3 years and 4 months old Fortner last week. Tricycle is at fault.
2. Two doors at our car's side dented and scratched.
3. Got police report and the tricycles license and OR/CR.
4. We settled for the amount of 5000 pesos.
5. Called Prudential Guarantee in-house insurance of the casa dealer.
6. Told me that the supposed participation fee of 3000 pesos is no longer applicable if more than 3 years old.
7. Told me that I had to pay 30% participation fee of the total costs.
8. Assuming that the total cost of repair is 50,000 pesos for the dented and scratched doors, it will mean that 15,000 pesos will be my participation fee.

Question:

Is the above really the correct procedure? If that is the case then what if the damage is much bigger? Despite having insurance it will appear to me that I will still have to shell out a large sum of money.

parang may mali dyan sir ah. ung isang more than 3yrs old vehicle ko dati. Php3k lang din participation. Nakasulat naman yan sa policy. hmmm.....

[Battlestar]

Accident Case:

1. A tricycle hit our 3 years and 4 months old Fortner last week. Tricycle is at fault.
2. Two doors at our car's side dented and scratched.
3. Got police report and the tricycles license and OR/CR.
4. We settled for the amount of 5000 pesos.
5. Called Prudential Guarantee in-house insurance of the casa dealer.
6. Told me that the supposed participation fee of 3000 pesos is no longer applicable if more than 3 years old.
7. Told me that I had to pay 30% participation fee of the total costs.
8. Assuming that the total cost of repair is 50,000 pesos for the dented and scratched doors, it will mean that 15,000 pesos will be my participation fee.

Question:

Is the above really the correct procedure? If that is the case then what if the damage is much bigger? Despite having insurance it will appear to me that I will still have to shell out a large sum of money.

Usually the participation fee is around 0.5% for the fair market value of car. In your case, Php 3000 is just right. Can you kindly check your insurance policy again?

[yagami_kira]

I read my insurance policy again of Prudential Guarantee, and it does state under Section III that if the age of the vehicle is over 3 years up to 4 years, the share of the insured is 25% for the cost of replacement parts. The share of the insured gradually increases to up to 50% when the vehicle is over 7 years old.

Is this really how Prudential Guarantee works? If so, do you suggest I shift to other insurance company?

[baludoy]

^ oh, wow. that just made me want to reread the fine lines of our new insurance policies.

but about three years ago when i was still driving my beloved ek (the car was something like 14 years old already during the time of the accident), a counterflowing motorcyclist went barging into me resulting in damaging 2 doors and leaving a long deep scratch on the side of the trunk. i only paid 2.5k for the participation fee (if i remember correctly).

and dealing w/ the insurers i had then were pretty easy because everything was done digitally. only an email w/ scanned attachments of the police report, pics, and affidavit were asked of me. i never met w/ anyone from the insurers physically but the communication lines were open all throughout via emails and phone calls. iyong ahente nga namin walang silbi

[Retz]

I read my insurance policy again of Prudential Guarantee, and it does state under Section III that if the age of the vehicle is over 3 years up to 4 years, the share of the insured is 25% for the cost of replacement parts. The share of the insured gradually increases to up to 50% when the vehicle is over 7 years old.

Is this really how Prudential Guarantee works? If so, do you suggest I shift to other insurance company?

Sir, replacement parts is correct. But the thing here is, there is no replacement parts as you mentioned in your post. Only your car door is damage and that is not considered as a replacement parts imo. Maybe other tsikoters knowledgeable on insurance policy could shed light to this.

[innovavilla]

simple lang ang insurance, kung painting/tinsmith lang ang gagawin, 3k lang ang babayaran mo, kung papalitan yung pinto mo, bayad ka ng 3k + 25% sa price ng pinto. Dun sa insurance ko, kung surplus lang yung ipapalit na parts (doors sa case mo) wala na yung 25%, 3k deductible na lang. check mo sa insurance company mo baka may ganun din silang scheme.

[Manilablock]

kung walang papalitan participation lang ang babayaran. sabihan mo ung agent if he cant understand english ill translate the policy in tagalog

[yagami_kira]

You are correct. just went there, they said the damage can be repaired and so I only have to shell out participation fee

[Lew_Alcindor]

Buhayin ko lang itong thread na ito. Sorry kung mejo cross post since meron akong isang thread na related dito.

Sa pagkakaintindi ko, no replacement of parts=pay only participation fee. with parts replacement=participation + 25% of the cost of the parts.

Yung Innova namin, wala pang 2 years. May crack sa windshield so malamang replacement yun. Ibig sabihin sasagutin ko pa yung 25% nang new windshield? Or dahil less than 3 years pa lang ung sasakyan, participation lang?

Baka nga tama yung pulis. Baka naman daw mas malaki pa yung participation ko kesa sa gagastusin ko kung ipapagawa ng sarili.

[Lew_Alcindor]

Buhayin ko lang itong thread na ito. Sorry kung mejo cross post since meron akong isang thread na related dito.

Sa pagkakaintindi ko, no replacement of parts=pay only participation fee. with parts replacement=participation + 25% of the cost of the parts.

Yung Innova namin, wala pang 2 years. May crack sa windshield so malamang replacement yun. Ibig sabihin sasagutin ko pa yung 25% nang new windshield? Or dahil less than 3 years pa lang ung sasakyan, participation lang?

Baka nga tama yung pulis. Baka naman daw mas malaki pa yung participation ko kesa sa gagastusin ko kung ipapagawa ng sarili.

[dr. d]

depende yan sa insurance company at sa inyong pinagsamahan..
participation fee is 3-4K ballpark figure, regardless of car's age.
when new parts are to be installed, you may be charged the cost of "newness", to account for the depreciation. depreciation is an imaginary amount computed on the gradual loss of the item's value, ending with zero value after, say, 10 years or so.... hey, the accountants have to make a living, too!).
so, if they have to replace a part in your 2 year old car whose depreciation is 10% a year, they may charge you 2 years' depreciation worth on the price of that new part. had they installed a 2 year old used part, you wouldn't have to pay extra.. but where do you find a 2 year old used part?...
example: the part costs 100 kesos brand new. at 2 years depreciation x 10% depreciation a year, that's 20% the cost of that new part, that you have to pay them, because they installed a brand new part and not a 2 year old used part (just like your 2 year old car). you end up paying them 20 kesos more!

but if you are a good friend of the insurance company, they may just sweep under the rug all this accounting mumbo-jumbo, and charge only the participation fee.. heck, they may even discount the participation fee!
it all depends on your relationship with your insurance company.

[vvti2.0]

Tama si sir, yung participation and depreciation fees depende yan sa partnership nyo ng insurance company or even the insurance agent.

Nung nasabit yung Innova ang replacement parts cost ay nasa 37k ata, yung depreciation fees ay nasa 7k while yung participation is 2.5k. Pinapaalis ko sana yung depreciation, ang sagot sa akin ay sa susunod na lang daw kasi first claim ko raw. That is for a 5 year old vehicle, pero for vehicles less than 3 years, ang alam ko wala pa yan depreciation fees.

[apartmentph]

Tama po ito sir. Iba ang deductible sa participation

Yun sinasabi nyong 3k is the deductible. Ang participation fee is the depreciation cost. After 3 years 20-30%, after 5 years, 30-40%, after 7 years, 40-45%

[apartmentph]

nagpa seminiar ako sa bpi. sa bpi ang participation at depreciation ay iisa. Ito ang malaki. Hanggang 3 years libre ang participation. Deductible lang ang babayaran. Ang deductible ay 0.5 to 1 % lang. Ito ang value na shoulder ng client. Kapag 75% ng insured amount ang total repair cost, pwede mag file ng total wreck. Ibibigay sayo yun buong insured amount in the form of cheque.

Kaya yun officemate ko nabangga ang total repair cost ay 120k. nagbayad sya ng 39k+ participation kasi more than 3 to 5 years na yun sasakyan nya. Bukod pa yun deductible na 2-4k

[february784]

nabangga po ng isang maritime shuttle service bus ang sasakyan ng asawa ko.
wala naman po nasaktan pero yupi at gas gas ang SUV namin wala pa nga ning 1 year old.

nakapag pagawa kami ng police report and aminado si manong bwiset driver na siya ang may kasalanan.
dahil newbie ang asawa ko sa ga bangga bangga pumayag sya makipag settle na insurance to insurance na lang ang mag uusap.

dinala namin sa car dealer CASA un SUV. umabot ng 143k ang quote, naka comprehensive insurance naman kami kaso may bbayran pala kami na participation fee. worth 3k.

eto ngayon tinatwagan namin ang company ng driver na nakabangga, araw araw. hndi sila makapag commit kung babayaran nila yung 3k. kung ikakaltas ba sa sweldo ng driver or si company nila ang magbabayad.

paano po ba namin masisingil yun?

saka maari pa po ba kami humingi ng danyos perwisyos? kasi once na ipasok na ang sasakyan for repair sa casa aabutin daw ng 2 weeks wala kami gagamitin na sasakyan?

ano po ba pwde naming gawin. sabi aksi nila hindi covered ng insurance ng bus nila un participation so sino po ba ang magbabayad nun sa amin?

[shadow]

nabangga po ng isang maritime shuttle service bus ang sasakyan ng asawa ko.
wala naman po nasaktan pero yupi at gas gas ang SUV namin wala pa nga ning 1 year old.

nakapag pagawa kami ng police report and aminado si manong bwiset driver na siya ang may kasalanan.
dahil newbie ang asawa ko sa ga bangga bangga pumayag sya makipag settle na insurance to insurance na lang ang mag uusap.

dinala namin sa car dealer CASA un SUV. umabot ng 143k ang quote, naka comprehensive insurance naman kami kaso may bbayran pala kami na participation fee. worth 3k.

eto ngayon tinatwagan namin ang company ng driver na nakabangga, araw araw. hndi sila makapag commit kung babayaran nila yung 3k. kung ikakaltas ba sa sweldo ng driver or si company nila ang magbabayad.

paano po ba namin masisingil yun?

saka maari pa po ba kami humingi ng danyos perwisyos? kasi once na ipasok na ang sasakyan for repair sa casa aabutin daw ng 2 weeks wala kami gagamitin na sasakyan?

ano po ba pwde naming gawin. sabi aksi nila hindi covered ng insurance ng bus nila un participation so sino po ba ang magbabayad nun sa amin?

Don't make it complicated, bayaran mo yun participation fee dahil ganun talaga kahit naman own damage ikaw talaga ang magbabayad nun nasa Policy naman and insurance ninyo yun.kotse ninyo ang naka insured, you can't force them to pay it.

Papatagalin ninyo pa ba yun repairs para sa 3k?

In reality hinde naman talaga dapat pinapasa yan eh. Naging practice lang dito sa atin, about sa additonal na payment na gusto ninyo, huwag na rin Please. Accident naman yan hinde rin gusto nun driver nangyari. For sure you can afford Yun kailangan gastusin ninyo pang uber for 2 weeks.

Move on na kayo sa sakit lag ulo ninyo kakaisip. Pay the participation fee and pa ayos na ninyo SUV, the earlier the better, ito na lang gawin niyo kung yupi lang and pwede pa gamitin, kausapin mo yun dealer kung meron na available parts or ordering pa nila. Sabihin mo ipapasok mo na lang pag andyan na yun parts na Order baka 1 week din yun pag order pa nila sa planta kaya 2 weeks sinabi sa inyo. Para mabawasan yun days na Hinde ninyo masakit yun sasakyan.


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[mda]

nabangga po ng isang maritime shuttle service bus ang sasakyan ng asawa ko.
wala naman po nasaktan pero yupi at gas gas ang SUV namin wala pa nga ning 1 year old.

nakapag pagawa kami ng police report and aminado si manong bwiset driver na siya ang may kasalanan.
dahil newbie ang asawa ko sa ga bangga bangga pumayag sya makipag settle na insurance to insurance na lang ang mag uusap.

dinala namin sa car dealer CASA un SUV. umabot ng 143k ang quote, naka comprehensive insurance naman kami kaso may bbayran pala kami na participation fee. worth 3k.

eto ngayon tinatwagan namin ang company ng driver na nakabangga, araw araw. hndi sila makapag commit kung babayaran nila yung 3k. kung ikakaltas ba sa sweldo ng driver or si company nila ang magbabayad.

paano po ba namin masisingil yun?

saka maari pa po ba kami humingi ng danyos perwisyos? kasi once na ipasok na ang sasakyan for repair sa casa aabutin daw ng 2 weeks wala kami gagamitin na sasakyan?

ano po ba pwde naming gawin. sabi aksi nila hindi covered ng insurance ng bus nila un participation so sino po ba ang magbabayad nun sa amin?

Ganito yun sir.

Since sila yung nakabangga, pwede nyo gamitin insurance nila and wala na kayong babayarang insurance.

Unfortunately, nasa timeline yan ng nakabangga. Kung tinamad siya mag file ng appropriate paperworks, maaaring tumengga yung paayos nyo.

Suggestion ko... 3k lang yun, paayos nyo na sa insurance nyo para hindi ka na mainis.

[cast_no_shadow]

Ganito yun sir.

Since sila yung nakabangga, pwede nyo gamitin insurance nila and wala na kayong babayarang insurance.

Unfortunately, nasa timeline yan ng nakabangga. Kung tinamad siya mag file ng appropriate paperworks, maaaring tumengga yung paayos nyo.

Suggestion ko... 3k lang yun, paayos nyo na sa insurance nyo para hindi ka na mainis.

Hassle antayin yung insurance ng kabila, to add at the mercy ka kung aasikasuhin nga agad nung other party. Try to ask for the 3K pero wag ka na umasa.

Use your insurance na save yourself the hassle.

I feel you sa danyos kaso how can you compute that? Paiyakan pa, yun ngang 3K eh papahirapan ka pa.

Parte na talaga ng buhay may sasakyan.

Cliché might sound pero charge to experience na lang.


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[aNthraxx]

walang TPL?! More likely din na unregistered Yung sasakyan. Play hardball sabihin mo insurance babayad and dun na sya claim/transaction sa office ng insurance that's what insurance are for anyway.

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