total loss claim

[nyvlem]

Mga sir ask ko lang yung offer kasi sa akin for total loss is fare market value less participation, dadagdagan back nila ng VAT yun?

[1D4LV]

alam ko non-vat yun kasi hindi naman sila ang magbabayad.
check din yung policy mo.

[_Qwerty_]

may depreciation pa yan.. so fare market value less depreciation less participation.

[makwin]

Fair Market value or Current Market Value is the prevailing selling price of your car in the market. Depreciation I think, is already netted out in the equation, meaning considered or deducted na yung depreciation sa Fair Market Value. Insurance claims are VAT exempt I believe.

[Retz]

Isn't it the premium that you pay for the amount insured of your vehicle, yan na susundin ng price pag total loss? e.g. Php500,000 ung own damage/theft premium that you pay is Php5K.

[_Qwerty_]

yes yan yung masusunod tapos binabawas nila yung depreciation so they end up paying for the current fair market value..

Isn't it the premium that you pay for the amount insured of your vehicle, yan na susundin ng price pag total loss? e.g. Php500,000 ung own damage/theft premium that you pay is Php5K.

[nyvlem]

Thanks sir sa reply, kasi insured amount is 420k, offer nila is 350k less 2k sa participation, Bali total is 348k, worry ko lang baka pag release na ng check dagdagn ng deduction

[jmpet626]

Question po kung insured siya ng 420k pero 350k lang ibibigay kung total loss, paano ma papakinabangan yung insured amount? Lets say kung na wreck yung car and if you opt to have it repaired? Or if may third party ka na na involve sa accident yun lang yung pinaka limit niya?

[Retz]

yes yan yung masusunod tapos binabawas nila yung depreciation so they end up paying for the current fair market value..

Sir, bakit may bawas pa? dapat ung insured amount yan na ung depreciated value kasi binayaran mong pemium is based on that insured amount. make sense ba?

[brainmafia_310]

Thanks sir sa reply, kasi insured amount is 420k, offer nila is 350k less 2k sa participation, Bali total is 348k, worry ko lang baka pag release na ng check dagdagn ng deduction

sir double check your policy. kung ang insured amount is 420k dapat 420k less participation fee.

bakit? kasi yan ung value na inasess nila for your car kaya hindi ka dapat pumayag na 350K, dapat diyan ang maleless lang is yung participation fee.

tama si Sir Retz, pwede mong ilaban yan. hindi na issue ang depreciation kasi (1) may assessed value na yan at (2) ung policy mo is un yung value (depreciated) na.