Archive for the ‘Insurance Matters’ Category

Happy new year everyone! 2011 was a great year for us, despite the fact that there were so many tragedies happened in our country we are still here strong and happy.

That is why i am very thankful for what we have and i wanted to share it to the housemates in Anawim. Last November, i actually posted in my facebook page that we are looking for a place that we can give donation to. My friends were all delighted and gave their suggestions, thank you because we placed it in our list so that we can consider it for December 2012.

I personally selected Anawim Lay Missions because i wanted to help people who does not have any choice already in life and these are the elderly people in Anawim.

Lola Victoria(center), 100 years old!

We were told by the guide that most of the Lolos and Lolas here are single, no kids to take care of them , and sometimes abandoned by their own family. Each of them has their own stories of trials, bravery and misfortunes. Currently there are 44 elderly housemates in the center. Some are still walking and some are bed ridden already. The oldest housemate is Lola Victoria, she’s still healthy and she even sang for us!

The English speaking Lola (in wheel chair)

Another notable housemate was the english speaking lola, she was very talkative and still sharp at the age of 93. She even boasted that she can still teach even today.

We noticed something in common to all Lolas, almost all of them suffer from osteoporosis, there toes were really awkwardly bent, i couldn’t imagine how it can it possibly happen. I hope the milk that we gave can help can help.

Giving, sharing, helping , whatever term we want to call it, its priceless, the heartbeat i felt in me was different, its unexplainable!

If you wish to do an outreach for your company or for yourself in Anawim, please click here.

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Seasons Greetings and Happy New Year to all!

This is a very important announcement to all our readers and customers alike, crucial as well for the renewal customers of comprehensive car insurance until March 2012. Because there will be a 50% increase in premium on Third Party Property Damage! Yes that is a huge amount of increase! According to the memo provided, this increase will take effect starting January 2, 2012 for new businesses (meaning new customers to comprehensive insurance) and effective March 2012 for the renewal businesses. So for the new customers who wants to change insurance companies or agents, better do it now until December 29,2012 to catch up with the current premiums. And for my existing customers that will expire up to March 31, 2012, please give me a GO signal to renew your policies immediately to get the current premiums!

As much as i wanted to maintain the affordable rates that i have provided you, in cases like this where in Memos and Circular is coming from the Insurance Commission and PIRA, i can’t do anything but follow. For sure what they did is for the benefit of the greater public. All of my Insurance principals are members of PIRA. Here are the memos provided for your perusal and information:

Insurance Commissions Letter-click to see in PDF.

PIRA Cir.Rates on VTPL.PD cover.dec.05.2011-click to see in PDF.

Complete TPPD Tariff- click to see in PDF.

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Hello! We wish everyone a blessed and merry Christmas! Please stay safe.

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This is another wake up call from the “ABOVE” that you really can’t take insurance for granted. Here are some quick facts about your insurance rider that will be famous again this year.

1. AOG- Acts of God (some use this term)

2. AON- Acts of Nature (some use this, but its the same)

3. It basically covers Typhoon, Flood, Earthquake,

4. It has a separate participation fee or deductible. For some they follow the .5% of the sum insured for Private Cars and 1% of the sum insured for Commercial Vehicles. To see what category are you in, click here. Others, they stick to 1% whatever category are you in.

5. Indemnity. Even if your car is insured with AOG/AON, your insurance company is still expecting you to save your vehicles from further damages because;

6. The insurance company will first inspect the car and declare if it is repairable or not. They will not instantly offer total loss. In the current situation we are in to  right now with Typhoon Pedring, if the Insurance offered for a Total Loss, negotiate a little and take it. Please be wary that we are in a state of calamity so insurance has to deal and negotiate with lots of Typhoon Victims. So when its your turn, grab it!

Well, I hope there will be a few claims this time around. And I also hope, insurance companies will diligently pay their assured! Have a great and positive day everyone!

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Hello again, its been a while that i haven’t been blogging about insurance. Went busy the past few months. Anyway, i encountered a tricky question about insurance and i consulted with my friends from my Linkedin group IRMP-Asia. The question is ” Is average clause  only applicable to partial loss?” To the many who is not aware of average clause, please read it here. I personally believed that average clause should be applicable to both partial and total loss in terms of property insurance like cars and houses or buildings. Because this is the safety net of insurance companies to minimize underinsurance. Many of the insuring public here in the Philippines is not aware of this. They know insurance but they don’t know the real essence of it! Mostly the rich sectors are culprits of this practice. They thought that by insuring a portion of the real properties worth will save them a few thousands from the annual premiums but they forgot that they are buying risk insurance that will save them a million’s worth in times of peril. I believe they got lost their that there main focus is to bargain their insurance premium. Anyways please see the comments from my linkedin account:

 

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In every industry, there are secrets waiting to be unveiled. Unfortunately, in the world of insurance in Manila, the secrets were already known by all. Sometimes the assured knows more than i do! And sometimes the insurance companies themselves reveal tricks of the trade to their potential “big shot” clients just to get that immediate sale. This is not good for the industry, because insurance should be prudent and transparent at all times. Most of the time, agents now are being gauged by how dirty can they get to fix impossible claims or how good a frauder an agent can be! This is very sad. Even in this small insurance industry, politics is still very present! We should really change this scenario, today is the best time! Our President PNoy, said so, “tumuloy na tayo sa tuwid na daan!” Tricks of the trade can harm everyone in a bigger picture and on the other hand can also help everyone. If we have quality insurance companies, the entire insuring public will definitely benefit from it. Lets all grow up and think like a first world!

Insurance should protect and secure the insuring public whether individual or corporate accounts. It shouldn’t be manipulated by anyone.

What are the famous insurance tricks of the trade?

1. 0% participation- there is no such thing as 0%, whether in bank interest or insurance participation! Somebody or someone is paying for it. Either direct or indirect. Somebody sacrificed for it. because nothing is free these days! its all about marketing.

2. Buy 1 take 1- this is crap. With the cut throat rates we have now? How can this be possible?  There is a catch for sure!

3. Vandalism- Everyone knows this even the insurance people. Unfortunately, the only solution to this is per panel participation fee.

If you know something that i don’t? please feel free to comment.

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Here are the documents need to file for a fire insurance claim:

I. GENERAL PROCEDURES

1. Immediately send notice of loss to us or to the broker/agent from whom you purchased the fire insurance policy.

2. Protect the properties affected or not affected from further loss or damage and/or deterioration, as if the property has no insurance coverage.

3. Submit a proof of loss duly signed and sworn by you within sixty (60) days from the date of loss. It should include:

1. The knowledge and belief of the time/origin of the loss

2. Actual cash value
3. Amount of loss

4. Encumbrances

5. Other contracts of insurance and information related to the insured properties

4. If the claim is substantial and/or complex, we will appoint an independent adjuster/surveyor to handle the investigation of the claim. The adjuster/surveyor will shortly get in touch with you for inspection of the insured property and verification of the related incident.
5. Make yourself and/or your representatives available for the inspection of the damaged insured property.

6. To facilitate the processing and settlement of your claims, submit the required documents as listed below.

II. LIST OF DOCUMENTS

To be submitted either to the Insurance Commission or to the handling adjuster:

1. General Requirements

1. Sworn statement of fire claim

2. Non-waiver agreement

3. Affidavit of loss

4. Fire investigation report

5. Copy of the business permit

6. Copy of the articles of incorporation

7. Colored photographs of covered properties taken immediately after the incident

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When is the best time to let go? Many of us car enthusiast have emotional attachments to our car but sometimes being emotionally attached will lead us to losing more money. Others also find  it hard to let go of the car after fulfilling the 48months amortization of hard earned money and you feel that keeping it 4 to 5 more years will help you save money or make your money’s worth. It may and it may not.

Car Insurance is the answer to secure your investment from theft or own damage claims, however, some insurance companies nowadays insure only 8years old and younger, some extends up to 12 years old on case to case basis.

We should all take this seriously, for sure insurance companies have a study of its own why they pegged it at 8 years old or a max of 12 years old.

As an insurance expert, i believe that cars that is more than 8 years old will have problems finding automotive parts even if its Toyota or the best selling car brand in its era. Whether we want a “surplus” or a brand new part, finding a “not so common auto parts” will be your worst nightmare, it could take you months or sometimes years to look for a replacement. So you end  up at the losing end. Insurance company can’t help you either if the auto parts is not available in the country, you have to make an extra effort finding it abroad just to complete the very last part that your car needs to run normally. Plus the fact that there is a depreciation cost of 40% from the brand new price and the participation fee.

So when is the best time to sell your car? not more than 8 years old. You get outright cash at a decent fair market value and no risk of future hassles.

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In this very competitive industry, how should you gauge your Insurance Agent?

1. He/She should be knowledgeable about his/her industry. Insurance is simple if sold properly, what you declared is what you get. But again because of its competitive nature, people began to outwit each other and from then on it became complicated. So be sure your agent is a winner or else you’ll end up losing money instead of being secured when the risk arises.

2. He/She should have lots of connections with insurance executives and car shops and adjusters.  This is a big help if you know that somewhere along the way, your insured property has a mis-declaration. In a smallest possible way, his connection can be of help either to speed up the process or from no claim to yes claim!

3. He/She should be trust worthy. Insurance is about trust, if you can’t trust your agent, don’t buy from him/her even if its damn low. There are many Crooks doing this as their sideline because price war is easy for them because what they sell to you are fake or not valid policies.

4. He/She should be reliable. He or She should be there for you if you need them the most. They should be reachable at all times. This is what you paid for unless you bought yours from a bank, call center and car dealerships. Because of their low price, there is no quality in their business with you. The people who sold you cheap insurance will not be the people who will assit you in times of claim. If you call them up during night time, they won’t be there and when you already reached them in morning they’ll just forward your concern to the insurance hotline. That is not SERVICE!

5. Best Price. Your agent should be able to give you a competitive price always. Not the lowest price nor the highest price. Just competitive. If its too low, for sure there is no after sales service. If its too high, your agent thinks your stupid.

Of course, nobody is perfect but if your insurance agent has at least 3 of 5 from this aspects, he or she is already good! So remember these aspects before buying your next insurance!

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Many people thought that they can outsmart insurance companies when they are applying for a claim. Think again, there are thousands of claims they receive each day and multiply it for the number of years they have operated. Most likely, your so called “unique” reason is already used up a thousand times already. LOL!

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