To continue our #MoneyMaxPHAnswers series, we had another Instagram Live session last July 12 but this time with our Call Center Manager, Greg Aguilar. Greg answered car-insurance related questions sent by our followers in advance. Were you one of those who joined and tuned in? Did you send in a question? If yes, you might be one of our chosen winners!
Below are them, each receiving PHP 1,000 worth of gift certificates, plus Greg’s answers.
Table of Contents
- 1. Worth how much po ang minimum para masabing pwede mag-claim [ng] insurance? – Chonalyn Alibio, @tzunah_oibila
- 2. I have an older car whose current market value is very low – do I really need to purchase car insurance? – @givemeonekizz
- 3. I’m not the first owner of the car and it is not yet registered under my name–can i claim its insurance? – Elvira Ramos, @switi008_2008
- 4. Do you think it is a wise decision if I choose the cheapest car insurance as long as my car is insured? Or should I consider insurance companies that add more benefits even if it will cost me more? – Aisle Daniel Basilio, @aisleleendaniel
- 5. Am I covered if I drive someone else’s vehicle? – @meloykasipagan.carmelo
1. Worth how much po ang minimum para masabing pwede mag-claim [ng] insurance? – Chonalyn Alibio, @tzunah_oibila
I think what’s she’s asking here is what’s the least amount you should claim for. That really depends on you. If the amount that you are trying to claim is equal to or less than the deductible that’s on your policy, we would recommend that you cover that yourself. To give you an example, most deductibles probably float around the two to four thousand peso range. Let’s say you had a scratch and you could go to your local shop or local talyer and have it fixed for PHP 500, it’s probably not worth it to file a claim. Outside of that, anything more expensive than the worth of the deductible or the value of the deductible, that’s the time you should probably consider to send a claim request.
2. I have an older car whose current market value is very low – do I really need to purchase car insurance? – @givemeonekizz
That’s a really good question. What this depends on is your comfort level in terms of covering the costs associated with your car. If you are liquid enough and you have enough savings, I would say you probably don’t need to buy comprehensive car insurance. Although, I think as a whole, it’s still a good option to purchase one just because there is some assistance when it comes to the other benefits like bodily injury or property damage, and other things like that. It depends whether or not the fair market value of your car is still worth purchasing the comprehensive insurance for. On the whole, I would say it’s probably still a good idea.
3. I’m not the first owner of the car and it is not yet registered under my name–can i claim its insurance? – Elvira Ramos, @switi008_2008
This is kind of a trickier question. For those who find themselves in this position, it’s normally recommended that the car is properly endorsed to you. If you are the second owner, something like a deed of sale would be important or a notarized document saying that this car was sold to you, so that when it comes to claims there would be no issues.
4. Do you think it is a wise decision if I choose the cheapest car insurance as long as my car is insured? Or should I consider insurance companies that add more benefits even if it will cost me more? – Aisle Daniel Basilio, @aisleleendaniel
I think the wisest thing to do here is to identify what’s more important to you. For most people, they look for the cheapest option but the cheapest option doesn’t necessarily mean that the service will be bad. It also doesn’t mean that you pay for more, although it is kinda implied that the service is a little bit better.
It really depends on what you’re looking for because the price ranges can vary significantly. For example, for one particular car, one provider might be able to offer you x thousand pesos for a particular policy. Then let’s say the more high-end version of that provider would offer you like 30% more for that same policy.
However, people may not actually use their policy for their claims. It’s not like when you buy these things, you would want to use them right away because obviously that means that if you’re claiming something, unfortunate things might have happened. Those are the things that we will help you consider. That’s why we would encourage you to have a conversation with us so that we can help you actually identify which one you are probably leaning more towards.
5. Am I covered if I drive someone else’s vehicle? – @meloykasipagan.carmelo
If your friend (owner of the vehicle) has comprehensive car insurance and you are a valid driver–meaning you have a valid driver’s license–then yes you’ll be covered also.
Congratulations and thank you for your insightful questions @tzunah_oibila, @givemeonekizz, @switi008_2008, @aisleleendaniel, and @meloykasipagan.carmelo! We’ll email you about your prize soon.
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