Beware of PEOPLE'S GENERAL INSURANCE

[mike18]

I have a bad encounter with my in-house insurance of Union Bank – PEOPLE’S GENERAL INSURANCE. Please beware of this insurance company who knows nothing but to take advantage of others.

My Tucson GLS was bought last December 9, 2009. It was mortgaged at Union Bank Caloocan. The bank has an in-house insurance broker -- First Union Insurance who handles the bank client’s insurance coverage. Came December 2010, an agent told me that my current policy is about to expire, she offered an insurance from Union Bank, but later on, we found out that the insurance company is “People’s General Insurance”. If I only knew then that it was from People’s I wouldn’t accept their offer, but it was already paid, so we have no choice.

Here are the coverage:


Period Covered : December 11, 2010 – December 11, 2011
III-B Theft : P 1,042,000.00

Unfortunately, the said vehicle was carnapped at gunpoint on December 16, 2010. It was five (5) days after they declared an estimated amount of insured of P 1,042,000 FMV. I understand that I couldn’t get the whole amount of P 1,042,000 since it was stated in their insurance policy Section III paragraph 2. But we didn’t expect it to drop that low.

On March 18, 2010 they sent me a conformity letter below:



I can’t imagine that the amount was dropped to P937,800. That was unreasonably low. According to Insurance Commission and PIRA, in case of total loss, the indemnity of the insurance company will be the fair market value of the property. They even advise us not to accept an amount far from P 1,042,000 since that amount was estimated as fair market value as of Dec. 11, and after 5 days, that FMV is still the same. They also told us to file a complaint against People's General to get what is just and fair for us. And so we did, just this afternoon.

We sent a letter of contest, attached with screenshots of ads in sulit.com.ph (selling at P 1,050,000 and P 1,000,000 on Dec. 2010) and a circular from PIRA with the FMV of Tucson GLS as of December 2010 of P 1,160,000 and P 985,000 as of February 2011 and up to date. We also got a certification from Hyundai dealer that no one has traded-in any 2010 Tucson GLS model, hence they cannot issue any FMV at the moment.

But here is their reply to my letter:



They might be forgetting what they stated in their policy / contract:



And even if they will apply a depreciation value, our vehicle is only 1 year old, which according to the table, 0-3 years = no depreciation.

From PIRA:



This is just not rational. We still have many inconsistencies found in doing business with this insurance company and Union Bank, but we chose not to elaborate further because you might get exhausted reading this thread.

From personal experience…just a precaution to all tsikoteers:
1. NEVER get insurance from PEOPLE’S GENERAL INSURANCE.
2. Union Bank has poor customer relation / after-sales support.
3. In case the bank is offering an in-house insurance, better check the company name first. Since we are confident with the service of Union Bank before, we just accept their offer right away without checking all the details, unknowingly, this reputable company is becoming a hiding place of a rotten insurance company – People’s General Insurance!

[yebo]

pare,

your best argument against depreciation is that the insurance company collected from you the premium for the insured amount of P1042000 and not for anything less. if they had planned to pay a lesser amount then they should have collected a smaller premium from you.

report it to the insurance commission and send a copy to them.

[kurternest]

Sorry to hear your bad experience with that insurance company....

Hindi talaga maganda reputation ng PEOPLE'S GENERAL INSURANCE ... based palang sa thread na ito.

http://tsikot.yehey.com/forums/showthread.php?t=67284

Sana maayos yang problem mo.

[Big_daddy]

I'm going to switch next year when my insurance expires...but so far ok naman mga claims ko...di nga lang kasing laki ng issue mo sir/mam.

Hope that you get your issue resolved ASAP.

[mike18]

pare,

your best argument against depreciation is that the insurance company collected from you the premium for the insured amount of P1042000 and not for anything less. if they had planned to pay a lesser amount then they should have collected a smaller premium from you.

report it to the insurance commission and send a copy to them.

thanks bro, i already filed a complaint to IC, attached with all supporting documents... kaso april 6 pa ang conference, baka hindi ko na mahintay at ilabas ko na agad sa media... yung unang media entity na kausap ko eh mukhang natunugan nila, kaya inunahan na ko... natimbrehan ako ng tauhan nito na may umaarbor daw sa complain ko, kaya this time, hindi ko na muna sasabihin kung saang media group ko ito dadalin, pero may kontak na ko, ibubulgar ko ang kabulukan nyang people's na yan..

kaya sa iba pang may complain, baka gusto nyo rin mag-file para mas malakas ang impact at madokumento ng media. mukhang bihasang-bihasa na sila sa mga ganyang gawain eh.

Sorry to hear your bad experience with that insurance company....

Hindi talaga maganda reputation ng PEOPLE'S GENERAL INSURANCE ... based palang sa thread na ito.

http://tsikot.yehey.com/forums/showthread.php?t=67284

Sana maayos yang problem mo.

oo nga po eh, nabasa ko na dati yan, that's why worried ako after kong malaman na people's pala ang insurance na in-house ng union, i found out nung dumating na sa akin ang policy...too bad, hindi ko natanong agad kung anong company ang inooffer nila. all along i thought i'm in good hands.

I'm going to switch next year when my insurance expires...but so far ok naman mga claims ko...di nga lang kasing laki ng issue mo sir/mam.

Hope that you get your issue resolved ASAP.

good for you sir...let's just pray na wala nang mangyaring aberya sa car mo hanggang under ka pa ng people's...ang hirap pag muntik ka na nga mapatay sa dahil sa carnapping tapos gusto ka pang lamangan ng mga ganid na yan...

i just want to add nga pala, have you noticed the deductible in their conformity letters? first is 10,420 and the second is only 3,000... yan ang isa pang panlalamang na ginawa nila, hindi pa sila nakuntento sa pambabarat ng claims, pati sa deductible gusto pa nila kong isahan.

ung unang policy na pinadala nila, 3,000 lang ang nakasulat, since nakasama ang policy ko na yun sa tucson ko when it was carnapped, humingi ako ng another copy ng policy, pero sa sobrang stressed namin that time, no one has able to notice that the deductible became 10,420. it was noticed only after we got the confirmity letter. nagulat kame ng makita na 10,420 ang binawas nila...so i called union bank to check a auto loans department kung ano ang nakalagay sa records nila. and that confirms na it was only 3,000 + 100 towing. Nang nabuko, biglang sinabi ng agent na actually may endorsement daw pero hindi na niya isinama kasi malaki na ang claims namin kaya para makabawas naman sa kinakaharap na gastos ang company nila hindi na nya inattach ang endorsement.

[hondaboot]

parang mali nga yan kasi yun amin noon nacarjack ang civic namin, ang market value sa mga buy and sell is 330k na lang, but the insurance paid as 380k after 90 days. dapat mga 50k lang tanggal. grabeh puro manloloko na talaga mga tao ngaun

[rene_tagle]

anak ng ogag talaga yang peoples general insurance na yan, malakas talaga mang-walanghya yan lalo na pagdating sa claims, madami ako kakilala na na-ondoy ang cars na cover ng AOG ng peoples insurance, halos karamihan hanggang ngayon hindi pa nila binabayaran, meron naman iba nakapag-claim nga pero kung magkano lang gusto nilang bayaran yun lang ang ibibigay nila dahil alam nila mahabang proceso kung ikokontest pa sa insurance commision, kaya no choice kundi tanggapin na lang kaysa wala makuha, kaya yung iba napipilitan na lang kung magkano gusto ibigay ng manlolokong insurance na ito, hindi ko nga din maintindihan sa insurance commission kung bakit sa dinami dami na nai-file na complaints dito e binibigyan pa rin nila ng license at permit, kaya kung mang-walanghya sila ganun ganun na lang dahil alam nila wala naman mawawala sa kanila.

tama si TS, masmaganda kung class suit para matigil na pangg*g*go nitong insurance na to.

[rene_tagle]

anak ng p#**$% nga! binarat at winalanghya ka na sa claims mo pati ba naman sa participation mo gusto pa nila baratin? grabe walang patawad. ang laking kumpanya pero asal pulubi at asal skwater! grabe panloloko nitong peoples na to. attention DTI and Insurace commission!

[mike18]

parang mali nga yan kasi yun amin noon nacarjack ang civic namin, ang market value sa mga buy and sell is 330k na lang, but the insurance paid as 380k after 90 days. dapat mga 50k lang tanggal. grabeh puro manloloko na talaga mga tao ngaun

maganda ung insurance na nakuha mo sir...how i wish ganun din sakin.

[mike18]

anak ng ogag talaga yang peoples general insurance na yan, malakas talaga mang-walanghya yan lalo na pagdating sa claims, madami ako kakilala na na-ondoy ang cars na cover ng AOG ng peoples insurance, halos karamihan hanggang ngayon hindi pa nila binabayaran, meron naman iba nakapag-claim nga pero kung magkano lang gusto nilang bayaran yun lang ang ibibigay nila dahil alam nila mahabang proceso kung ikokontest pa sa insurance commision, kaya no choice kundi tanggapin na lang kaysa wala makuha, kaya yung iba napipilitan na lang kung magkano gusto ibigay ng manlolokong insurance na ito, hindi ko nga din maintindihan sa insurance commission kung bakit sa dinami dami na nai-file na complaints dito e binibigyan pa rin nila ng license at permit, kaya kung mang-walanghya sila ganun ganun na lang dahil alam nila wala naman mawawala sa kanila.

tama si TS, masmaganda kung class suit para matigil na pangg*g*go nitong insurance na to.

oo nga sir...kung may iba pang gusto mag complain, sabay-sabay na tayo para mas malakas ang impact.