Yearly Comprehensive Insurance

**antz-z** · February 23rd, 2010 10:16 AM

not sure if this was asked before or not, but just want to get suggestions/recommendations from kotse gurus here...

how do you know or assess if the comprehensive insurance you'll be paying every yr is fair? for my car - acquired feb 2007, vios a/t 1.5G - how will i know that the 12.5k they quote me to renew my insurance is not too high? last year i paid 14.5k, not sure why it's only less 2k for this yr.

sort of a "dummy" question lang po

thanks..

**ghosthunter** · February 23rd, 2010 11:25 AM

The insurance depends on the "book value" of the vehicle. So every year you will pay less and less on the insurance of the car. BTW, it also depends on the insurance coverage like does it include AOG or not?

If you are having doubts, you can have a price quote from another insurance company so you can compare prices.

**mark_t** · February 25th, 2010 02:25 PM

Originally Posted by antz-z

not sure if this was asked before or not, but just want to get suggestions/recommendations from kotse gurus here...

how do you know or assess if the comprehensive insurance you'll be paying every yr is fair? for my car - acquired feb 2007, vios a/t 1.5G - how will i know that the 12.5k they quote me to renew my insurance is not too high? last year i paid 14.5k, not sure why it's only less 2k for this yr.

sort of a "dummy" question lang po

thanks..

This is how you go about it

First you deduct 10% value for every year you have owned the vehicle.
So if you bought your car at 880,000php, you will renew your cover at
792,000php on the second year and 712,800php on the third year. That's
10% depreciation every year which is the practice here. And you are
allowed to up to 15% depreciation every year.

On you second question.... you have to learn to compute manually
your insurance on approved Insurance Commision rates.
To compute manually check this thread

http://tsikot.yehey.com/forums/showthread.php?t=47835

Based on your computation granting that all the tariff are correct,
you can buy your cover from All or any of the insurance co. here.
Technically there is no such thing as cheap car insurance as they
are sold on a regulated basis. As regulated and approved by the
Insurance Commision.

And your insurance premium is tax deductible.

**antz-z** · February 28th, 2010 10:47 AM

Originally Posted by mark_t

And your insurance premium is tax deductible.

... meaning, i can have it declared in my ITR?

**mark_t** · March 2nd, 2010 04:33 PM

Originally Posted by antz-z

... meaning, i can have it declared in my ITR?

Ask guidance from your accountant how to file an itemized ITR.

http://www.bir.gov.ph/home.htm

**mazdang_323** · March 4th, 2010 03:56 AM

Hi Guys,

Need some advice... I am purchasing a 2nd hand 03 corolla altis thru BDO financing...

BDO is offering me 10k comprehensive insurance for the car. Do you think its the right price for its yr/model?

Regards

**mark_t** · March 5th, 2010 12:20 AM

Originally Posted by mazdang_323

Hi Guys,

Need some advice... I am purchasing a 2nd hand 03 corolla altis thru BDO financing...

BDO is offering me 10k comprehensive insurance for the car. Do you think its the right price for its yr/model?

Regards

It depends on the

1. Payment Terms

2. Premium Rate

3. Participation schedule

4. Seksi ba ang broker.

5. 65 year old and above brokers (mga idol ko, I swear hindi sila pina pawisan)

**mazdang_323** · March 5th, 2010 01:39 AM

Hi Mark, bear with me, I'm really a newbie with this things.

1. Payment terms ng car? like 12 mos, 24 mos...

2. Premium rate ng car? tama ba ito, kung magkano ang appraised value nila for the yr/make and model of the car.

3. Participation schedule? Ano po ibig sabihin nito?

4. ***y ba ang broker? di eh... brusko!

**mark_t** · March 5th, 2010 01:53 AM

Originally Posted by mazdang_323

Hi Mark, bear with me, I'm really a newbie with this things.

1. Payment terms ng car? like 12 mos, 24 mos...

2. Premium rate ng car? tama ba ito, kung magkano ang appraised value nila for the yr/make and model of the car.

3. Participation schedule? Ano po ibig sabihin nito?

4. ***y ba ang broker? di eh... brusko!

1. You were asking about insurance.

2. Read old posts.Fair market value, Premium rate

3. Old parts for new.(what is your share for the new replacement parts
since what you have is old/used parts)

4. Patay tayo dyan! Wag kayo mag espadahan!

**mark_t** · March 12th, 2010 01:50 PM

Originally Posted by mazdang_323

Hi Mark, bear with me, I'm really a newbie with this things.

1. Payment terms ng car? like 12 mos, 24 mos...

2. Premium rate ng car? tama ba ito, kung magkano ang appraised value nila for the yr/make and model of the car.

3. Participation schedule? Ano po ibig sabihin nito?

4. ***y ba ang broker? di eh... brusko!

Send me the details and I will send you a computation that you can
demand from the insurer of your choice.