Car Insurance

**chewycandy** · September 9th, 2012 12:09 AM

i will be buying my first car. so many questions like:
1) should i get my insurance from the bank? kasi ang quote sa akin ni PSBank for Mirage GLX AT is close to 23k na...548k ang SRP ng Mirage. Is that reasonable (feeling ko hindi, but i really have no idea)?
2) pwede ba akong maghanap ng sarili kong insurance?
3) kailangan ba accredited ng bank?

Thanks!

**stavros** · September 9th, 2012 12:42 AM

Originally Posted by chewycandy

i will be buying my first car. so many questions like:
1) should i get my insurance from the bank? kasi ang quote sa akin ni PSBank for Mirage GLX AT is close to 23k na...548k ang SRP ng Mirage. Is that reasonable (feeling ko hindi, but i really have no idea)?
2) pwede ba akong maghanap ng sarili kong insurance?
3) kailangan ba accredited ng bank?

Thanks!

Mautak na bank, gusto kahit 1st year sa kanila kunin ang insurance,check with them kung ano condition ng PSBank. Check also yung mga casa na accredited ng insurance.

**chewycandy** · September 9th, 2012 08:13 AM

Originally Posted by stavros

Mautak na bank, gusto kahit 1st year sa kanila kunin ang insurance,check with them kung ano condition ng PSBank. Check also yung mga casa na accredited ng insurance.

I see. Thanks!

**derf8666** · September 9th, 2012 08:32 AM

Originally Posted by chewycandy

i will be buying my first car. so many questions like:
1) should i get my insurance from the bank? kasi ang quote sa akin ni PSBank for Mirage GLX AT is close to 23k na...548k ang SRP ng Mirage. Is that reasonable (feeling ko hindi, but i really have no idea)?
2) pwede ba akong maghanap ng sarili kong insurance?
3) kailangan ba accredited ng bank?

Thanks!

1) The quote is on the high side. I computed it to be around 18k+.
2) Yes you can. They do allow it
3) Yes. But they do have a lot of accredited insurance companies. So you will never really run out of choices.

Three factors in choosing your insurer:
1. Dependability and service of agent
2. Stable and reliable insurance company
3. Reasonable premium. May not necessarily be the cheapest.

Insurance is just like a promissory note. The premium that you paid is for them to fulfill that promise to pay you if and when you encounter an accident. No capital outlay in other words. So there are some people who will offer you very low premium since wala nga namang puhunan yun, but when the time comes, they are nowhere to be found. Do not base your decision on just the quotes. Get the three best quotes and meet with the agents. It may be time-consuming but remember this is not just a one-time transaction. Your policy is for at least one year. And then it will have to be renewed the next. And again the next. And perhaps your other cars and your other properties as well. Long term na bali yan. And you will need your agent to be there for any inquiries that you may have or assistance that you may need. So you really have to at least meet with them once.

**chewycandy** · September 9th, 2012 11:25 PM

Originally Posted by derf8666

1) The quote is on the high side. I computed it to be around 18k+.
2) Yes you can. They do allow it
3) Yes. But they do have a lot of accredited insurance companies. So you will never really run out of choices.

Three factors in choosing your insurer:
1. Dependability and service of agent
2. Stable and reliable insurance company
3. Reasonable premium. May not necessarily be the cheapest.

Insurance is just like a promissory note. The premium that you paid is for them to fulfill that promise to pay you if and when you encounter an accident. No capital outlay in other words. So there are some people who will offer you very low premium since wala nga namang puhunan yun, but when the time comes, they are nowhere to be found. Do not base your decision on just the quotes. Get the three best quotes and meet with the agents. It may be time-consuming but remember this is not just a one-time transaction. Your policy is for at least one year. And then it will have to be renewed the next. And again the next. And perhaps your other cars and your other properties as well. Long term na bali yan. And you will need your agent to be there for any inquiries that you may have or assistance that you may need. So you really have to at least meet with them once.

I wonder, bakit kailangan accredited ng bank yung insurance company? I would like sana na kumuha ng insurance same sa friend ko pero I am not sure na nakita ko sya list ng PSBank.

I can negotiate pa naman yung premuim ng insurance di ba? Nag-aalinlangan kasi ako na si bank yung kukuha ng insurance kasi i have a feeling na may cut sila ang yung cut is ipapasa sa akin.

**mark_t** · September 10th, 2012 02:50 AM

Originally Posted by chewycandy

I wonder, bakit kailangan accredited ng bank yung insurance company? I would like sana na kumuha ng insurance same sa friend ko pero I am not sure na nakita ko sya list ng PSBank.

I can negotiate pa naman yung premuim ng insurance di ba? Nag-aalinlangan kasi ako na si bank yung kukuha ng insurance kasi i have a feeling na may cut sila ang yung cut is ipapasa sa akin.

Kasi gusto ng BANK na depositor nila ang insurance co. So if the insurance co wants to be on the
accredited list, they will be required to open an account with the bank to be on this list.

Even if your insurer of choice is not on the accredited list, you can still write a letter to the
bank on your choice of insurer. And they have to accept.

It is not a Insurance Commission regulation to have a accredited insurer.
It is a bank policy that is being forced on you. It is a gray area. This is what you call unethical practices.

**mark_t** · September 10th, 2012 02:55 AM

Originally Posted by derf8666

1) The quote is on the high side. I computed it to be around 18k+.
2) Yes you can. They do allow it
3) Yes. But they do have a lot of accredited insurance companies. So you will never really run out of choices.

Three factors in choosing your insurer:
1. Dependability and service of agent
2. Stable and reliable insurance company
3. Reasonable premium. May not necessarily be the cheapest.

Insurance is just like a promissory note. The premium that you paid is for them to fulfill that promise to pay you if and when you encounter an accident. No capital outlay in other words. So there are some people who will offer you very low premium since wala nga namang puhunan yun, but when the time comes, they are nowhere to be found. Do not base your decision on just the quotes. Get the three best quotes and meet with the agents. It may be time-consuming but remember this is not just a one-time transaction. Your policy is for at least one year. And then it will have to be renewed the next. And again the next. And perhaps your other cars and your other properties as well. Long term na bali yan. And you will need your agent to be there for any inquiries that you may have or assistance that you may need. So you really have to at least meet with them once.

I think the most important requirement in a Insurance Policy is a Coded Insurance Agent duly licensed with
the Insurance Commission.

Hindi yon Agent kuno.

At hindi rin yon Secret Agent. Aba sangkatutak policy na issue eh hindi malaman kung sino servicing agent.

**chewycandy** · September 10th, 2012 11:32 PM

thanks guys! very informative!

For newbies like me, sometimes they give the impression na sila ang magsasabi kung sino ang insurance co ng kukunin. Nung pinakita kasi sa akin yung quotation may insurance ng kasama...wala man lang option a, option b, ect. If I did not stumble upon sa internet yung list ng accredited company nila, di ko malalaman na may choice pala.

**chewycandy** · September 14th, 2012 12:06 AM

May question ako about CTPL/TPL?

1) Do I get it right, CTPL - compulsory na meron sa auto insurance... good for 1 year lang tapos renew next year uli?
2) TPL - required to have when registering sa LTO... for a new car, good for 3 years ang ipapakuha?
3) Kung may CTPL na ko, dapat ba kukuha pa ko ng TPL sa LTO?

Thanks!

**derf8666** · September 14th, 2012 12:34 AM

CTPL good for 3 years if brand new, then renewable every year after that.

CTPL is compulsory third party liability. That is a requirement before you can register your car. LTO offices do not issue that. It is the insurance companies. However, there are many "agents" outside LTO offices and oftentimes in tandem with an LTO officer who are soliciting CTPL packaged with their registration services. You may or may not get from them. However, it is advisable that you dont, especially if you already have one from your insurance agent.

CTPL is different from VTPL, which is Voluntary tpl, sometimes also known as Excess TPL and is packaged with your comprehensive insurance policy.

To summarize, here are the basic coverages of an insurance policy.

1. CTPL - needed for registration. covers 100k due to death and/or medical and other expenses for third party persons.

2. comprehensive - covers own damage/theft to your vehicle plus VTPL of body injury and property damage
2a. Sometimes also bundled with Acts of nature or acts of God

3. Auto P.A. - covering death or injuries to persons inside the vehicle covered