insurance company's offer for total loss

**zirkel** · March 20th, 2015 12:12 PM

Hi! Nabangga yung 2009 honda jazz ko. (see story here http://www.pinoyexchange.com/forums/...0#post72043070 )

nung una, gusto ng insurance ipagawa. pero based on advice of pexers, wag na lang. ipa total loss ko na lang daw. nag request ako for total loss and mabilis ang reply ng insurance company. pumayag naman sila.

their offer is this:
estimated FMV : P366,000.00
less: policy deductible: P2000
net liability: P364,000

so yan ang offer ng insurance company. the insured value of the car is P426,465.00. okay na ba yang offer nila na P364k? hindi ba masyado malaki depreciation considering na august 28 lang nakuha yung insurance?

or okay na ba yang offer? wala na kong dapat ireklamo and process everything na?

**zirkel** · March 20th, 2015 12:12 PM

Hi! Nabangga yung 2009 honda jazz ko. (see story here http://tsikot.com/forums/car-insuran...1/#post2478864 )

nung una, gusto ng insurance ipagawa. pero based on advice of pexers, wag na lang. ipa total loss ko na lang daw. nag request ako for total loss and mabilis ang reply ng insurance company. pumayag naman sila.

their offer is this:
estimated FMV : P366,000.00
less: policy deductible: P2000
net liability: P364,000

so yan ang offer ng insurance company. the insured value of the car is P426,465.00. okay na ba yang offer nila na P364k? hindi ba masyado malaki depreciation considering na august 28 lang nakuha yung insurance?

or okay na ba yang offer? wala na kong dapat ireklamo and process everything na?

**1D4LV** · March 20th, 2015 12:51 PM

imho, FMV for a 2009 Jazz is around 450k...
masyadong mababa.

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imho, FMV for a 2009 Jazz is around 450k...
masyadong mababa.

**zirkel** · March 20th, 2015 04:53 PM

Originally Posted by 1D4LV

imho, FMV for a 2009 Jazz is around 450k...
masyadong mababa.

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imho, FMV for a 2009 Jazz is around 450k...
masyadong mababa.

i understand na mga 450k nga siguro FMV ng 2009 Jazz now. except that ang insured value ko lang kasi is 420k

**1D4LV** · March 20th, 2015 05:27 PM

Originally Posted by zirkel

i understand na mga 450k nga siguro FMV ng 2009 Jazz now. except that ang insured value ko lang kasi is 420k

if FMV is around that, then they should pay for the entire face amount of the insurance less deductibles...

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Originally Posted by zirkel

i understand na mga 450k nga siguro FMV ng 2009 Jazz now. except that ang insured value ko lang kasi is 420k

if FMV is around that, then they should pay for the entire face amount of the insurance less deductibles...

**SkyFlakes88** · April 3rd, 2015 05:43 PM

Bale under insured po kasi yun jazz nyo sir against sa FMV.but you can deny their offer and mag counter offer po kayo.nasa negotiating table po kayo with the ins.co.kasi.it is your right to offer what you feel is the fair price for you sir.

**SkyFlakes88** · April 3rd, 2015 05:47 PM

Basta po reasonable yun price nyo. That is one mistake on the owners part to under insure the car po. Maybe you could negotiate with 400k?just try to ask for a better price sir.

**Drivesafe** · April 21st, 2015 05:45 AM

Question po: para saan pa yung face value ng insurance kung ang insurer ay magooffer lang din ng mas mababa?

**vvti2.0** · April 21st, 2015 07:41 AM

Itinanung ko rin yan sa Carter Ping-An.

Yung face value ng sasakyan mo sa insurance ay hindi ang makukuha mo kapag nag claim ka ng total loss, kahit pa after a day na nagfile ka ng insurance naka total wreck sasakyan mo. Automatic daw mababawasan yan ng depreciation for the current year.

Say ang depreciation mo per year ay 100k, automatic yung face value mo, less 100k yan.

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Itinanung ko rin yan sa Carter Ping-An.

Yung face value ng sasakyan mo sa insurance ay hindi ang makukuha mo kapag nag claim ka ng total loss, kahit pa after a day na nagfile ka ng insurance naka total wreck sasakyan mo. Automatic daw mababawasan yan ng depreciation for the current year.

Say ang depreciation mo per year ay 100k, automatic yung face value mo, less 100k yan.

**SkyFlakes88** · April 21st, 2015 09:20 AM

Pag po under insured yun kotse nyo sir ex. Market value nya is 300k tapos naka insured po sa 250k pag total loss po malamang po offer lang is 200k kasi nga po yun difference na 50k i adjust nila yun sa offer and mahirap nyo i justify yun value nang kotse nyo.

Whereas kung fully insured kayo kung ano po yun market value dun kayo entitled sa price na yun but still usually mag ooffer pa din sila nang mas mababa. You can counter offer naman dun sa tinggin nyo na fair value para sa inyo sir.

In case d po magkasundo pwede din na maghanap kayo nang same model at variant and ask the co.to buy the unit for you.in replacement dun sa na total loss na unit nyo po