Archive for the ‘Insurance 101’ Category
Hotlines to Remember!
Happy Holy Week People! This is a friendly reminder from your Insurance Experts!
Here are some of the Emergency 24-hr Hotline of the Insurance Companies who can assist you on the road.
Prudential Guarantee 8179625
Standard Insurance 7517999
Pioneer Insurance 7521789
MAA Gen 7500459
UCPB Gen 8516077
Federal Phoenix 8673722
Malayan 6878525
Take care and Drive Safely!
Earthquake Insurance Anyone?
I would like to share another link regarding Earthquakes and it says that the world experienced 6 earthquakes in the past 48 hours. I don’t know how true but it is better to be safe!
Here is the link: http://www.sfgate.com/cgi-bin/blogs/abraham/detail??blogid=95&entry_id=58505
If its happening around the globe, what are the chances that it will hit our Country, the Philippines. Despite the fact that we have the longest fault line in the world. Read my previous blog: http://www.insuranceexperts.ph/2010/01/earthquake-rider-is-now-a-must-have/
Insurance is an investment that won’t go to waste. Yes, it might be expensive at first but it will definitely save you a lot of money in times of a calamity like earthquakes and typhoon. Nobody knew that Ondoy and Reming wil hit us hard, both typhoons did it slowly but surely and kaboom! The entire nation was devastated! Believe it or not,Insurance firms up to now are still having a hard time finishing the claims.
Insurance is simple but people make it complicated. Here are a few tips on how to get an accurate Insurance Premium:
1. State your Name, Address, Location of Risk, Type of Risk (Residential House,Building or Commercial Buiilding,etc.), Estimated amount of Risk(e.g. Building with Improvements 10M, Furniture,Fixtures and Appliances 5M) its best to be specific., contact person and number for the inspection of risk.
2. People would always try to lower down Amount of Risk so that they can save a few on the Premium. Not a good idea, this is the time when assured get mad,curse and mock there insurance agent and/or insurance company when at a time of claim, they don’t get what they expect or worse if they don’t get anything. Insurance will only investigate the correct amount of your property at the time of loss, so when they found out that it was under insured, they’ll only pay you the percentage of their share of the risk on the actual value. Leaving you helpless because you get a small amount compared to the actual loss.
3. There are around 100 plus non-life insurance company in the Philippines, we sorted them out for you. Our company guarantees you that our principals are the bestest and safest and fastest in paying for claims! Email us your properties now and we will give you at least 3-5 quotes from our premium principals!
send your emails to richard@insruanceexperts.ph
Advantages of having an Insurance Agency
I believe each industry should have an agency or agent or an expert. Very similar to the education system, each courses has its professors who specializes a particular subject. Yes, this may add to the chain that can add up to your cost but it will definitely save you a lot of money in times of a claim or an accident.
Here are a few advantages of having an insurance agency:
1. The agency can function as your Insurance Manager. With your busy schedules at work and at home. You shouldn’t be bothering yourself to remember all the dates of your Insurances, you can give these responsibilities to your agency of reminding you of your due dates, expiry dates of all your insurances. This function is very vital mostly when accidents occur during the time of your expiration date.
2. Since agencies are the experts with Insurances, they can mediate things during your most horrific time(during an accident). Since they are a 3rd party, they will most likely not panic and decide correctly to prevent you from further losses.
3. They can also give you expert advise on how to settle for claims. Again, even if you are at the right side of the accident, because you panic, insurance can possibly decline your claim if you presented wrong documents, gave misleading statements and the like. But with an agency, All you need to do is call your agency and interact with them, they will translate it calmly and facilitate the docs for you. Most agencies like us are 24/7 customer service.
4. Insurance Agency will tell you if you are insuring your property the wrong way. Most people wanted to lower down their annual premiums jeopardizing the risk(property) and technically wasting money rather than saving money.
5. Insurance Agency will protect your rights from the Insurance Company, adjusters, Third Party(other people that you don’t know who is involved in the accident) and the Car Dealership.
If you bought your insurance from:
1. The Car dealership, how can they protect you if there interest is with the company they are working for?
2. The bank manager, how can they protect or help you if they don’t know anything about insurance?
3.The unlicensed agent- How can they protect or help you if they also don’t know anything about insurance?
Insurance is very complicated and it shouldn’t be about the price of the premium only but its about after sales service that you deserve in a crucial situation. Get it from the expert. Get it from us!
Why Tires are not part of the Motorcar Insurance?
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Why Tires are not part of the Motorcar Insurance?
I am pretty sure you already asked this question to
yourself. Worst is if this already happened to you and you were complaining
about this issue.
The insurance always has an explanation for every clauses and
warranties that they have implemented. With their experience dealing with the
general public, all possible reasons, alibis were already dealt and well taken
cared of.
And so why? Because the tire is a wear and tear part and it
is one of the most worn out part of a car. Thus, if the insurance allowed it
to be part of the insurance claim? Anyone including you will just pierce it
when your tires are due for a replacement and make a darn good alibi on it, if
this happens, our insurance industry will not last even for a month.
But there is one insurance rule that will include tires in
the insurance claim; if while driving your FRONT tires suddenly blew out and
the car you were driving went out of control and hit a tree or a post or
another car, the insurance will definitely pay also for the tires. This is the
only way. Don’t try this; it’s not worth the risk!
Do you have any questions with your motorcar insurance?
Please feel free to ask questions to the insurance experts, we will be glad to
answer you. You may comment on this or call us at 7245140 and 7447085.
Standard Insurance Advisory on Force Majeur or AOG for vehicles.
After the Ondoy and Pepeng typhoons, a lot of articles have been posted regarding Force Majeur or Acts of God as a guide for the victims. Car Dealerships and 3 star motor shops are now also flooded with customers which is good for their industry.
The leading motor car insurance company, Standard Insurance Co.,Inc have been very active lately with their marketing campaign in line of providing fair service to their assured. Last Monday, they posted an Ad with Philippine Star that highlighted their branches and dealer tie ups for reference. They also mentioned that they are also accepting Act of God Coverage starting October 15, 2009 which was suspended temporarily after the typhoon to give way for the immediate processing of claims “with” Force Majeur coverage at the moment.
Here is the clipping.
paid ads by standard insurance.
However, last Thursday, October 22, 2009, an article in Philippine Star made a confusion to a lot of their assured customers both with AOG and without.
Personally, after my client informed me about the article, i immediately went out to buy the newspaper and called my issuing branch if this is true. However, Mr. Romy Manucom of Caloocan Branch said: “We had a meeting with the head office regarding this article and our CEO was misquoted by the reporter, it was the same article that was also posted at GMAnews.TV the other day. The newspaper company promised us that they will correct this publicly the following day.”
It really gave a lot of confusion to the general public, even me. I really felt bad for my clients who were affected by the typhoon without the Acts of God rider, after knowing of this false article from a text, i immediately texted some of my clients and informed them of the good news, not knowing it was a false one!
This is the article on the today’s Philippine Star, October 23, 2009 that will clarify the false article from yesterday.
I hope this blog will help everyone with problems with ACTS of GOD.
For more info, please call us at 7245140 or email me at richard@insuranceexperts.ph
Links regarding Acts of God rider.
Since Insurance is in the Hot Seat this time of the crisis. Lots of Insurance companies are already explaining the real meaning and cost of the most famous insurance rider now, the Acts of God or Force Majeur. Please see this link from Inquirer.net: Is your flood-damaged car insured?
After reading the link, the figures given does not include Vat, Local Government Taxes and Doc Stamps.
I really wonder how others can give this expensive rider for free without any catch? hmm…something fishy?!
More links re acts of GOD. 1. Motorist Cope with Acts of God from philstar.com
Insurance 101- How to claim from your Insurance.
First, I would like to wish you all well! After cleaning up the mess that the Ondoy brought us, here are some of the few To do’s on how to claim with your insurance.
First, please check your insurance policy if your property is covered with Acts of God or Force Majeur. If you don’t have your insurance policy with you, you may call your agent, broker or respective insurance company and state your Name and your property insured. Remember to please bear with your Insurance companies since the entire nation is suffering from the disaster.
Once you already confirmed your Policy, please prepare the FF: 1. Insurance Policy (if present) 2. Official Receipt 3. Notarized Sworn Statement (include the estimated damages), pictures if possible. Submit them as soon as you have completed. Please be wary again that claims this time around will take some time compared to a normal state. Please be aware that Typhoon and Flood rider in all Fire policy has a participation of 2% of the actual value of the loss.
If your car is submerged in the water and you have Act of God Rider, please don’t start the engine, make sure to change motor oil, transmission oil, oil filters, fuel, fuel filters or better yet ask for a professional mechanic to save your cars engine first. Then you can have your cars towed to your service centers. Claim requirements are 1. Insurance Policy(if present) 2. Official Receipt (if present) 3. Notarized Affidavit 4. Pictures. Once completed, please submit to your insurance agent or brokers.
Acts of God is an additional rider for Car Insurance policy. It is not always included and it should be requested from your insurance agent with additional premium. However, there are a number of car dealers, agents who offer this rider for free as a come on for customers. I am just really not sure if these free AOG will be granted at this time of crisis. Hopefully, they should. Please be practical nowadays that nothing is free, one way or the other, there is always a catch on freebies.
I just got a call today from Standard Insurance that Acts of God coverage for cars will be temporarily not available for sale until they finalized the total losses incurred in the calamity. I am not sure with the other insurance company if they will do the same.
Hopefully this blog can help you in some other way.
For extended assistance, you may call Insurance Experts @ 7245140. You may look for Richard or Kristine.
Insurance 101- Insurance Hotlines
I’ve got a feeling that Insurance companies, brokers and agents will be flooded with calls and claims starting today till Monday!
Here are some of the 24-hr Hotline of the Insurance Companies who can assist you at the road.
Prudential Guarantee 8179625
Standard Insurance 7517999
Pioneer Insurance 7521789
MAA 7500459
This may help you but remember that they might also decline at this moment due to the impossible traffic and floods all over the Metro.
God Bless and Hope You are all well!
Insurance 101- What are the additional Riders for your Car Insurance?
After writing about the basic coverages of your comprehensive insurance, i will now show you the riders that you can include for an additional premium of course.
Auto PA is a personal accident insurance for the passengers and the driver. This rider will take effect once your car is involved in an accident and you and your passengers are injured. Personal Accident rider don’t have a tariff rate from the insurance commission, but you don’t have to worry because its cheap like with Pioneer Insurance they only charge P150 for 100,000 coverage for 5 passengers. Medical Reimbursements of up to 20k pesos per passenger is possible per accident. Some insurance companies like Prudential Guarantee, Standard Insurance and MAA gives this PA rider for free.
AOG or Acts of God is an accident or event resulting from natural causes, without human intervention or agency, and one that could not have been prevented by reasonable foresight or care, e.g., floods, lightning, earthquake, or storms. AOG is normally .5%-.1% of the covered value, for example, if your vehicle’s coverage is 1,000,000, your AOG premium is P5,000 or 10,000 before tax. However, AOG coverages will be subject for approval depending on the your address and usage of the vehicle. Although, when you purchase a new car from the casa dealer, they sometimes give it for free.
AOG coverage is very complicated. Not all flood related claims will be paid and not all typhoon related cases will also be paid. It will depend on the verification of the inspection report if its a valid claim or not. If you notice, i separated flood from typhoon and vice versa because in insurance, they have a different cause and effect. There can be flood without typhoon and there can be typhoon without flood in different areas in the country and there can be both. Insurance claim for AOG is not that easy, it takes time because they will investigate. Insurance company is always willing to pay but only after their investigation.
Because in reality, each claim funds of the insurance company are not theirs, its the cooperative fund of the assured, that is why they have to be sure that the claim is not fraudulent because the money is owned by all of the assured.
An example of AOG scenario. You are stuck in Espanya and the rain is pouring hard and the flood is starting to rise. If the situation did not allow you to get out of Espanya, and your car stalled because the flood went in to your engine, you’ll be paid for your claim. But if the situation allows you to get out of the flood and you opted to brave yourself to the flood and got stalled, that is a different story, you might not get paid for AOG. Insurance companies has a way to find out if your affidavit is authentic or it is manipulated. Most of the time, conflicts arises on this case.
Be wary of the Free AOG that casa or sometimes Banks give you; i already explained the real value of it and the gravity of its clauses, i really can’t imagine how can they manage to give it for free. There is always a catch for cheap or freebies. But you’ll only know when your in that situation already!
Thank you for reading. Please comment on your personal experience with car insurance,and i will answer it. Thanks!
Insurance 101- What is Property Damage in your car's comprehensive insurance?
With my last topic on Bodily Injury with comprehensive Insurance, i made an example of you ramming to a Stop Light and injuring an MMDA officer. Now, what happens to the stop light? The government will surely wont let you go without paying for it. This is where PD or Property Damage comes in.
Property Damage Liability
This coverage pays for damage you (or someone driving the car with your
permission) may cause to someone else’s property. Usually, this means
damage to someone else’s car, but it also includes damage to lamp
posts, telephone poles, fences, buildings or other structures your car
hit.
There are 2 standard prices for Excess BI, one for Private Cars and another for Commercial Vehicles.
Coverage Private Cars Commercial Vehicles
100,000 730 780
150,000 780 830
200,000 830 880
250,000 880 930
300,000 930 990
400,000 1010 1050
500,000 1090 1120
750,000 1260 1400
1,000,000 1490 1690
These are Tariff Rates from the Insurance Commission. In a comprehensive insurance, you have the option of choosing the BIPD coverage,however, it should be a tandem in terms of coverage. It is not possible for you to choose 100,000 for EXBI and 200,000 for PD. Gets?
You might think that you are a good driver and felt that you don’t need a comprehensive insurance just to save a few thousands. Ill have to disagree with you, car insurance is not a savings nor expenses, it is a premium that will really save you when the unexpected happens! It saves you from law suits, third party damages and most of all it saves you money, lots of money, when that “unexpected” happens. Its better to be insured now than be sorry later.
If you have questions on car insurance, please comment here. Next Topic will be additional coverages on Car insurannce.
