Posts Tagged ‘Insurance Commission’
Insurance Commission issues stern ruling on premium rates | The Philippine Star Business Features Banking
“Remember, there is always catch when you have a deal that is way too good to be true!”-rln
Ondoy Victims on its 8th Month
I can’t believe that up to this day there are still car owners who haven’t got their flooded cars back in running condition! I got a call earlier today and seeking for my advise on how to deal with Insurance companies that neglects its obligation to pay.
Since Ondoy, i already received 5 calls from a complete stranger and they wanted to seek opinions, advises on their cases. Me and my company gave the best advises we can that is neutral to both the insurance companies and their customers.
My empathy goes to people who did everything but either their insurance company, agent, or the insurance commission neglected their obligations. For sure, each of you(Ondoy victims) has a different case scenario and different insurance companies. It really depends on how they handle your account.
Www.insuranceexperts.ph can help if we can create enough buzz in the online world. If we can generate 100 or more comments then i think the insurance commission should really do their part in helping you solve your ACTS of God claim.
PGMA orders quick processing of claims
Insurance Experts Agency Inc.
Its official! We already got our new corporate name from USG Insurance Agency- Greenhills Inc. to Insurance Experts Agency, Inc.
While SEC papers and other pertinent documents are still on the works. We will still be using USGIA-GH’s bank account until further announcement. Thank you all for your patronage!
Special thanks to the creative team of CREATIVE JUICE for the logo design. Ghertrude Pingol, Sonnie Santos for the Website and Dave Tuason for the Hosting.
Favorable Endorsement from IC
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.
Insurance 101-What is Excess BI in my Comprehensive Insurance?
Excess Bi means Excess Bodily Injury.
The reason for the word Excess is because of the CTPL which i explained in my previous blog.
This coverage applies to injuries you, the designated driver or policyholder caused to someone else. It’s very important to have enough liability insurance because if you are involved in a serious accident, you may be sued for a large sum of money. For example, you are driving a Honda Jazz and you rammed over a Traffic stoplight and hospitalizing an MMDA officer, without a comprehensive insurance, this will be the start of your worst nightmare! With a comprehensive insurance, you would’nt worry as much, because excess BI will cover the expenses that will be incurred for the Hospitalization of the injured MMDA officer after the 100,000 coverage of your CTPL. However you will be charged for the expenses that will exceed your chosen coverage which later i will indicate here.
There are 2 standard prices for Excess BI, one for Private Cars and another for Commercial Vehicles.
Coverage Private Cars Commercial Vehicles
100,000 180 230
150,000 230 280
200,000 280 340
250,000 340 390
300,000 390 440
400,000 450 500
500,000 520 570
750,000 610 630
1,000,000 700 700
These are Tariff Rates from the Insurance Commission. For more info on this, please email or call me at 5153823.
Now, i ask what happens to the Stoplight that you rammed over? For sure the government won’t let you go on that one! I’ll explain it on my Next Blog!
Insurance 101-CTPL
CTPL ( Compulsory Third Party Liability) What is CTPL? It is actually a “liability” insurance. In layman’s term, it is a contract of assuring the general public that the owner of the vehicle shall be able to pay him or her in case of bodily injury due to the vehicle owner’s negligent use of his car. For instance, the driver of the vehicle accidentally ran over a pedestrian, the pedestrian is assured that he can claim reimbursement for the hospitalization costs he spent, or at least some. CTPL under the law has a coverage of only P100,000. More than this amount, the offending party shall bear the cost. That is for the protection of the pedestrian who is probably equally negligent anyway. But how about if the driver swerved his vehicle to avoid the pedestrian and hit a tree instead? Or worse, he hit the pedestrian and hit the tree also totally wrecking his car?** The buying period of your CTPL should be at the same time that you will be registering your car at the Land Transportation Office. Be also wary of the price of CTPL as this has a tariff rate from the Insurance Commission.
For Private Cars like sedans, 2 doors or any privately driven sedan the total amount should be 610.40
For Commercial Vehicles like pick-ups, FB vans, Vans, AUVs and SUVs the total amount should only be 660.40
There could be slight differences from price but it should not be more than a P100.
For brand new vehicles, the CTPL covers 3 years from the time of your purchase or first registration, as you can see, CTPL are pre-requisite to LTO registration and sticker. The main objective here is that your vehicle is exempted from the yearly Smoke emission tests conducted every time that you will register your car. Since your vehicle is brand new, the government assumes that your vehicle will pass the emmission tests and delays it on your cars 4th year. At this time, your vehicle is due for the yearly registration and smoke emission testing. The total amount of the 3 yrs TPL should only be P1660.40, again there could be price diffrences but it should be not more than P100.
For free consultation, please contact us at the given numbers below. Need to know more about your car’s comprehensive insurance and want to get sample quotations? Visit or contact us at Insurance Experts, Inc. also known as USGIA-GH Corp. ( Suite 1407 Annapolis Wilshire Plaza Annapolis St. Greenhills, San Juan). DL 724-5140 or email me at ric_engee@yahoo.com
(** taken from Business mirror article by J. Tiongson)
