Insurance Claims Processing

[basucat]

Hi I have a question.

My car will turn 1 year this July and Toyota already sent me an In-House comprehensive insurance offer,

Coverage---------------------------------Limit of Liability-----------------------------------------------Premium w/AOG
Own Damage/Theft----------------------765,000-----------------------------------------------------------8,797.50
Compulsory TPL--------------------------0.00----------------------------------------------------------------0.00
Acts of God/Nature----------------------765,000-----------------------------------------------------------3,060.00
Excess Bodily Injury--------------------200,000-----------------------------------------------------------510.00
Property Damage-------------------------200,000----------------------------------------------------------1,320.00
Auto Personal Accident----------------140,000----------------------------------------------------------140.00
Premium-----------------------------------------------------------------------------------------------------------13,827.50
Docs. Stamp-----------------------------------------------------------------------------------------------------1,728.44
EVAT----------------------------------------------------------------------------------------------------------------1,659.30
L.G.T-----------------------------------------------------------------------------------------------------------------20.74
*Deductible/Participation is 3,000php*

Total Premium-------------------------------------------------------------------------------------------------17, 235.98

I have a few questions since wala ako masyado idea sa insurance apart from sa kasama sya when we first bought the car:

1) Mag 1 year pa lang yung car ko and fortunately, di naman po ako na-figure sa accident so wala akong claims sa previous year's insurance. Ganun pa rin ba talaga, bumaba na ang limit of liability nya (from 868,000 last year down to 765,000 now) ?

2) TPL is 0.00, ibig sabihin hindi nila ito isasama?

3) Reasonably priced po ba yang quote ng toyota?

4) Can I use my current insurance bago mag expire para ma-repair yung mga minor scratches or magpa-exterior detailing para magamit lang? sayang naman kasi.

Answers to your questions:
1) Yes, your sum insured is based on the "estimated" Fair Market Value of your vehicle at the time the policy will be issued. Thus, every year bumababa but not necessarily at the same percentage. Usually sa 1st year about 10% to 15%. If you feel it's too low or too high, tell the in-house agent if they can adjust it.

2) Yes, di kasama and CTPL since your vehicle was bought brand new and naka-insure and registered siya for 3 years.

3) Yes, I think this is reasonably priced - Yung OD/Theft mo is 1.15% of the Sum Insured and yung Acts of Nature is 0.40% for a total rate of 1.55%. Looks competitive.

4) Kung yung minor scratches is due to one "accident" or incident, and the cost of repair is more than 3,000.00, pwede ka mag claim. Do note that kung hindi mo ma-patunayan na yung mga gasgas ay due to one accident, the insurance company will apply a deductible of 3,000 for each suspected incident. Also note that kung yung mga gasgas ay due to regular wear and tear, malamang di bayaran ang claim mo. Excluded sa policy yung wear & tear.

Hope I was able to help.

[yaysyays]

^ thanks very much sir!