Insurance participation fee Help

[yagami_kira]

Accident Case:

1. A tricycle hit our 3 years and 4 months old Fortner last week. Tricycle is at fault.
2. Two doors at our car's side dented and scratched.
3. Got police report and the tricycles license and OR/CR.
4. We settled for the amount of 5000 pesos.
5. Called Prudential Guarantee in-house insurance of the casa dealer.
6. Told me that the supposed participation fee of 3000 pesos is no longer applicable if more than 3 years old.
7. Told me that I had to pay 30% participation fee of the total costs.
8. Assuming that the total cost of repair is 50,000 pesos for the dented and scratched doors, it will mean that 15,000 pesos will be my participation fee.

Question:

Is the above really the correct procedure? If that is the case then what if the damage is much bigger? Despite having insurance it will appear to me that I will still have to shell out a large sum of money.

[Retz]

Accident Case:

1. A tricycle hit our 3 years and 4 months old Fortner last week. Tricycle is at fault.
2. Two doors at our car's side dented and scratched.
3. Got police report and the tricycles license and OR/CR.
4. We settled for the amount of 5000 pesos.
5. Called Prudential Guarantee in-house insurance of the casa dealer.
6. Told me that the supposed participation fee of 3000 pesos is no longer applicable if more than 3 years old.
7. Told me that I had to pay 30% participation fee of the total costs.
8. Assuming that the total cost of repair is 50,000 pesos for the dented and scratched doors, it will mean that 15,000 pesos will be my participation fee.

Question:

Is the above really the correct procedure? If that is the case then what if the damage is much bigger? Despite having insurance it will appear to me that I will still have to shell out a large sum of money.

parang may mali dyan sir ah. ung isang more than 3yrs old vehicle ko dati. Php3k lang din participation. Nakasulat naman yan sa policy. hmmm.....

[Battlestar]

Accident Case:

1. A tricycle hit our 3 years and 4 months old Fortner last week. Tricycle is at fault.
2. Two doors at our car's side dented and scratched.
3. Got police report and the tricycles license and OR/CR.
4. We settled for the amount of 5000 pesos.
5. Called Prudential Guarantee in-house insurance of the casa dealer.
6. Told me that the supposed participation fee of 3000 pesos is no longer applicable if more than 3 years old.
7. Told me that I had to pay 30% participation fee of the total costs.
8. Assuming that the total cost of repair is 50,000 pesos for the dented and scratched doors, it will mean that 15,000 pesos will be my participation fee.

Question:

Is the above really the correct procedure? If that is the case then what if the damage is much bigger? Despite having insurance it will appear to me that I will still have to shell out a large sum of money.

Usually the participation fee is around 0.5% for the fair market value of car. In your case, Php 3000 is just right. Can you kindly check your insurance policy again?

[yagami_kira]

I read my insurance policy again of Prudential Guarantee, and it does state under Section III that if the age of the vehicle is over 3 years up to 4 years, the share of the insured is 25% for the cost of replacement parts. The share of the insured gradually increases to up to 50% when the vehicle is over 7 years old.

Is this really how Prudential Guarantee works? If so, do you suggest I shift to other insurance company?

[baludoy]

^ oh, wow. that just made me want to reread the fine lines of our new insurance policies.

but about three years ago when i was still driving my beloved ek (the car was something like 14 years old already during the time of the accident), a counterflowing motorcyclist went barging into me resulting in damaging 2 doors and leaving a long deep scratch on the side of the trunk. i only paid 2.5k for the participation fee (if i remember correctly).

and dealing w/ the insurers i had then were pretty easy because everything was done digitally. only an email w/ scanned attachments of the police report, pics, and affidavit were asked of me. i never met w/ anyone from the insurers physically but the communication lines were open all throughout via emails and phone calls. iyong ahente nga namin walang silbi

[Retz]

I read my insurance policy again of Prudential Guarantee, and it does state under Section III that if the age of the vehicle is over 3 years up to 4 years, the share of the insured is 25% for the cost of replacement parts. The share of the insured gradually increases to up to 50% when the vehicle is over 7 years old.

Is this really how Prudential Guarantee works? If so, do you suggest I shift to other insurance company?

Sir, replacement parts is correct. But the thing here is, there is no replacement parts as you mentioned in your post. Only your car door is damage and that is not considered as a replacement parts imo. Maybe other tsikoters knowledgeable on insurance policy could shed light to this.

[innovavilla]

simple lang ang insurance, kung painting/tinsmith lang ang gagawin, 3k lang ang babayaran mo, kung papalitan yung pinto mo, bayad ka ng 3k + 25% sa price ng pinto. Dun sa insurance ko, kung surplus lang yung ipapalit na parts (doors sa case mo) wala na yung 25%, 3k deductible na lang. check mo sa insurance company mo baka may ganun din silang scheme.

[Manilablock]

kung walang papalitan participation lang ang babayaran. sabihan mo ung agent if he cant understand english ill translate the policy in tagalog

[yagami_kira]

You are correct. just went there, they said the damage can be repaired and so I only have to shell out participation fee

[Lew_Alcindor]

Buhayin ko lang itong thread na ito. Sorry kung mejo cross post since meron akong isang thread na related dito.

Sa pagkakaintindi ko, no replacement of parts=pay only participation fee. with parts replacement=participation + 25% of the cost of the parts.

Yung Innova namin, wala pang 2 years. May crack sa windshield so malamang replacement yun. Ibig sabihin sasagutin ko pa yung 25% nang new windshield? Or dahil less than 3 years pa lang ung sasakyan, participation lang?

Baka nga tama yung pulis. Baka naman daw mas malaki pa yung participation ko kesa sa gagastusin ko kung ipapagawa ng sarili.