Repair or Total Loss

[sirkosero]

You can not have a repair estimate at "A" then take the money and have it repaired at "B", most specifically if you're gonna earn money.

Insurance people are not dumb.

IF it is declared total loss, it will be a loss for YOU and the insurance, even a loss of income for the bank.

I know, I had 2 total losses last year.

The best you can do is to be tough on your stand to have it repaired vs total loss.

Wow 2 total losses? Hopefully hindi ikaw driver on both cases

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[17Sphynx17]

You can not have a repair estimate at "A" then take the money and have it repaired at "B", most specifically if you're gonna earn money.

Insurance people are not dumb.

IF it is declared total loss, it will be a loss for YOU and the insurance, even a loss of income for the bank.

I know, I had 2 total losses last year.

The best you can do is to be tough on your stand to have it repaired vs total loss.

What you say is true if declared as total loss.

In this case, the fortuner looks like a total loss as it does not look like just cosmetic damage and there could be damage to frame plus airbags most likely deployed.

If it were merely broken glass and panel repair, then you might have a chance of filing a repair claim budget from inaurance but you will shoulder anything beyond that amount they will give.

[SidCoronel]

Wow 2 total losses? Hopefully hindi ikaw driver on both cases

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Thanks for saying this, it was by my drivers. I operate a fleet of GrabCars

[Archerfish]

You can not have a repair estimate at "A" then take the money and have it repaired at "B", most specifically if you're gonna earn money.

Insurance people are not dumb.

IF it is declared total loss, it will be a loss for YOU and the insurance, even a loss of income for the bank.

.

I'm not in any way implying that I want to earn from the insurance. What I am referring is, if there is even a possibility of saving the vehicle for your own sake since you won't get anything. At least, you still have the car with the chance to repair it and scrimp on the cosmetics.

So if the maximum amount the insurance can cover is 300,000 and the estimated total cost by casa exceeds the insured value, then you haggle for that amount.

You now buy second hand parts like bumper​, headlights, radiator, side mirror, etc., then let the car be repaired out of casa. Of course, you shoulder any amount that exceeds beyond what the insurance gave you.

I am asking for this possibility since I don't have any experience regarding this matter.

I know, I had 2 total losses last year.

The best you can do is to be tough on your stand to have it repaired vs total loss.

Then again, you have spoken with your two cars. I am now assuming that what I am asking is next to impossible or not practical at all.

Please pardon my ignorant query.

[SidCoronel]

I'm not in any way implying that I want to earn from the insurance. What I am referring is, if there is even a possibility of saving the vehicle for your own sake since you won't get anything. At least, you still have the car with the chance to repair it and scrimp on the cosmetics.

So if the maximum amount the insurance can cover is 300,000 and the estimated total cost by casa exceeds the insured value, then you haggle for that amount.

You now buy second hand parts like bumper​, headlights, radiator, side mirror, etc., then let the car be repaired out of casa. Of course, you shoulder any amount that exceeds beyond what the insurance gave you.

I am asking for this possibility since I don't have any experience regarding this matter.





Then again, you have spoken with your two cars. I am now assuming that what I am asking is next to impossible or not practical at all.

Please pardon my ignorant query.

Pardon as well, my thoughts did not reach you right. I wish you luck in having it repaired than declared total loss, to minimize your monetary loss. Brace your self for losses, the auto financing schemes is just built that way.

The insurance company will recover its loss with a total loss scenario by selling your car's parts out.

I think you have 2 negotiation options :
1) Have the repair out side CASA, in the insurance company's accredited shop. This may minimize the cost, at an amount within 70% of policy covered value
2) Take the total loss pay-out, hopefully this will cover your bank balance.

Either way, you will loss some money but lessen your loss.

[Archerfish]

This I think, is the best answer you can have in your scenario:

I wish you luck in having it repaired than declared total loss, to minimize your monetary loss. Brace your self for losses, the auto financing schemes is just built that way.

The insurance company will recover its loss with a total loss scenario by selling your car's parts out.

I think you have 2 negotiation options :
1) Have the repair out side CASA, in the insurance company's accredited shop. This may minimize the cost, at an amount within 70% of policy covered value
2) Take the total loss pay-out, hopefully this will cover your bank balance.

Either way, you will loss some money but lessen your loss.

[17Sphynx17]

I'm not in any way implying that I want to earn from the insurance. What I am referring is, if there is even a possibility of saving the vehicle for your own sake since you won't get anything. At least, you still have the car with the chance to repair it and scrimp on the cosmetics.

So if the maximum amount the insurance can cover is 300,000 and the estimated total cost by casa exceeds the insured value, then you haggle for that amount.

You now buy second hand parts like bumper​, headlights, radiator, side mirror, etc., then let the car be repaired out of casa. Of course, you shoulder any amount that exceeds beyond what the insurance gave you.

I am asking for this possibility since I don't have any experience regarding this matter.





Then again, you have spoken with your two cars. I am now assuming that what I am asking is next to impossible or not practical at all.

Please pardon my ignorant query.

Yes, this is possible as long as no frame damage, i think it would be safe to operate your car after repairs.

You will need to have your insurance approve of it, so hopefully your agent can help you.

Had to go through this when our truck driver had a frontal collision. No frame damage, but since it was an old truck, the policy basically would mean total loss for the truck.

We talked to insurance that we wanted to repair, they basically approved release of some funds. Everything else, we shouldered out of pocket.

Repairs were out of casa and parts not covered by insurance we bought surplus or 2nd hand thru the repair shop approved by insurance.

Good luck with the approval.

[_Cathy_]

Need ko po sana ng advice, ako po ang nagbabayad ng monthly amortization for car loan. Ang nangyari po kasi ay hindi sa akin nakapangalan ang van, at na hiram siya ng tao na nagpakilalang pulis pero fake pala po ids niya. And 22 days na po ngayon ay di pa niya naibalik ang van and di na siya ma contact sa fb or sa text or tawag po.

Itutuloy ka pa din ang pagbabayad sa bank sabi ng bangko po. Ginagamit kasi namin yon pang outreach ang sasakyan... Ano po maganda kong gawin?

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[PickleRick]

Hingi lang po sana ako ng advise. yung 2023 suzuki ertiga gls namen binaha kasi. declared siya ni insurance na total loss.. 2yrs na siya this oct. sa mga ganitong scenario po ba makaka expect kami ng money in return? may remaining balance pa po siya sa bank kasi naka financing siya.

[glenn_duke]

Hingi lang po sana ako ng advise. yung 2023 suzuki ertiga gls namen binaha kasi. declared siya ni insurance na total loss.. 2yrs na siya this oct. sa mga ganitong scenario po ba makaka expect kami ng money in return? may remaining balance pa po siya sa bank kasi naka financing siya.

Tingnan mo yung current insurance policy ng sasakyan mo kung magkano nakalagay na insured value, minus depreciation then subtract mo remaining balance sa bank, yung natira yun ang pinaka malaking makukuha mo. Ooferan ka ng insurance ng settlement amount na mas maliit sa insured value.

Matagal magbayad ang insurance so you still have to pay your monthly ammoritization para hindi ka mag accumulate ng penalties.

Mag haggle ka sa insurance adjsuter mo for higher settlement, mataas pa ang salvage value ng flooded cars kaysa sa wrecked cars.