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Verified Tsikot Member
- Join Date
- Mar 2007
- Posts
- 65
February 23rd, 2010 10:16 AM #1not sure if this was asked before or not, but just want to get suggestions/recommendations from kotse gurus here...
how do you know or assess if the comprehensive insurance you'll be paying every yr is fair? for my car - acquired feb 2007, vios a/t 1.5G - how will i know that the 12.5k they quote me to renew my insurance is not too high? last year i paid 14.5k, not sure why it's only less 2k for this yr.
sort of a "dummy" question lang pothanks..
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February 23rd, 2010 11:25 AM #2
The insurance depends on the "book value" of the vehicle. So every year you will pay less and less on the insurance of the car. BTW, it also depends on the insurance coverage like does it include AOG or not?
If you are having doubts, you can have a price quote from another insurance company so you can compare prices.
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February 25th, 2010 02:25 PM #3
This is how you go about it
First you deduct 10% value for every year you have owned the vehicle.
So if you bought your car at 880,000php, you will renew your cover at
792,000php on the second year and 712,800php on the third year. That's
10% depreciation every year which is the practice here. And you are
allowed to up to 15% depreciation every year.
On you second question.... you have to learn to compute manually
your insurance on approved Insurance Commision rates.
To compute manually check this thread
http://tsikot.yehey.com/forums/showthread.php?t=47835
Based on your computation granting that all the tariff are correct,
you can buy your cover from All or any of the insurance co. here.
Technically there is no such thing as cheap car insurance as they
are sold on a regulated basis. As regulated and approved by the
Insurance Commision.
And your insurance premium is tax deductible.Last edited by mark_t; February 25th, 2010 at 02:35 PM.
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Verified Tsikot Member
- Join Date
- Mar 2007
- Posts
- 65
February 28th, 2010 10:47 AM #4
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March 2nd, 2010 04:33 PM #5
Ask guidance from your accountant how to file an itemized ITR.
http://www.bir.gov.ph/home.htm
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Verified Tsikot Member
- Join Date
- Mar 2010
- Posts
- 5
March 4th, 2010 03:56 AM #6Hi Guys,
Need some advice... I am purchasing a 2nd hand 03 corolla altis thru BDO financing...
BDO is offering me 10k comprehensive insurance for the car. Do you think its the right price for its yr/model?
Regards
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Verified Tsikot Member
- Join Date
- Mar 2010
- Posts
- 5
March 5th, 2010 01:39 AM #8Hi Mark, bear with me, I'm really a newbie with this things.
1. Payment terms ng car? like 12 mos, 24 mos...
2. Premium rate ng car? tama ba ito, kung magkano ang appraised value nila for the yr/make and model of the car.
3. Participation schedule? Ano po ibig sabihin nito?
4. ***y ba ang broker? di eh... brusko!
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March 12th, 2010 01:50 PM #10
As expected, in response to Tesla’s entry into the Philippines market, Ford will be bringing in the...
Tesla Philippines