One requirement of having a car under installment mode of payment is a Comprehensive Car Insurance. It serves as a protection for the car owner and the bank for unforeseeable incidents and acts of nature that may damage the car. Having one can give you peace of mind and will save you money in case you need a claim. Note that different car insurance companies have different requirements and processes in dealing with insurance claims, so take note of them upon getting one and always bring your insurance policy.
How I chose my Insurance Company
Since owning a car on installment in the Philippines entails yearly comprehensive insurance cost, it’s important to set a budget on it as it costs around 25 thousand pesos on the first year and tad smaller on the succeeding years. But don’t dive into those first year free car insurance just yet as it may have caveats or terms that may cost you more in the long run. Having a thorough computation first is a must.
In my first year, I just chose my insurance based on price and availability as I really needed to get one so that the bank would release the car right away. I got my insurance from QBE Seabord Insurance Phils. Inc. online, yes online. It was around 20 thousand pesos and all was processed online and on a phone call. Take note that the insurance should be on the list of accredited insurance provider of the bank. I had no claims on my first year (thankfully!) so I cannot give a review for it. But I haven’t read any bad comments for them when I was still searching.
In my second year, where this accident happened, I got an insurance from Asianlife & General Assurance Corporation. It was less than P16,000 which was lower than other insurance providers. Plus, I got it from a car club co-member (see other benefits of having a car club here.) who happened to be an insurance agent. I thought having a connection with an agent will give you an advantage in case of a claim — and I was right. I have read many complaints that their insurance claim took very long, some were not approved. So I thought that if my agent would be a co-member, he would do his best to preserve his credibility.
I had attended an annual convention at SMX and was then on my way to Sto. Tomas to meet with my girlfriend. The traffic was slow moving along Skyway. As I approach the few kilometers of pavement before the toll plaza of Alabang, I noticed a slow-moving bus on the right lane and had the opportunity to transfer in front of it since I will need to exit in that lane. It was then around 200 meters away behind me moving at 10 to 20kph. After about 20 to 30 seconds, I heard a loud crash and screeching metal at the back.
My rear window shattered as some tiny bits of glass stayed intact with the tint. I immediately started recording with my cellphone and get out of the car to check out the damages and the surrounding. Since it’s just a few meters away from the toll gate, the Skyway patrol came just a few minutes later. We took pictures of the damages in different angles. The patrol guy then instructed to follow him on his big bike.
I followed him without knowing where he’ll bring me. Then we reached the destination, it was a police station in Sucat. Inside, I wrote my statement including the date, time place and specific damages on my car. They also took pictures of the damages for the police report. After the skyway patrol man finished his incident report, he left to his duties. I stayed and waited for the bus to come. It finally did after almost 2 hours as he reasoned that he mistakenly went to a different police station. He also wrote a statement and admitted his mistake.
The police officer asked me if I will file a case so he can hold the bus driver’s license and write a violation ticket, or just settle things out and make the insurance do its work. I just told the driver to pay related payable including the participation fee and if other costs arise. It was written and signed by both parties. The police officer then told us to come back 2 days after to get the police report.
The Process and Requirements on Car Insurance Claim
1) Police Report. As stated above, they required the Incident Turn over Form from Skyway (since it happened there), photocopy of driver’s license and OR/CR. I got it 2 days after. You need to pay fees for the picture and report. It’s affordable, though.
2) Repair Estimate. Upon securing the Police Report, I went to Hyundai casa for an estimate of labor and materials for the repair/replacement of damaged parts. Mind that you will need to wait a couple of days for them to finish the estimate. After a couple of follow-ups, I got the repair estimate in email form 5 days after.
3) Insurance Claim. Depending on your Insurance Provider, you may be ask to fill out a Claim Form or the agent will do it for you just like in my case. Attachments required are Police Report, Repair Estimate, ID, OR/CR and pictures. All the requirements were submitted via email, so I didn’t need to go to Manila to process those papers.
4) Wait for Insurance Approval. After 11 days (including Non-working) the Insurance Company approved majority of my claims. Some parts were denied due to blurry/dark photos sent by casa. The claims officer then sent brighter/clearer photos and got the approval after a couple of days.
5) Wait for Parts. Depending on both the agents from casa and insurance, ordering of parts may happen prior the approval of claims. But to be safe, casa agents order the parts after the approval so if ever the insurance rejected claims, they will not be charged of the parts they’ve already ordered. I waited for another 11 days before I got the go signal to bring my car to casa for the repair.
6) Back to New Look. After 8 days of repair, I finally got my car back. I paid a participation fee of P2,000. It looks brand new again — the paint was exactly the same tone with the rest of the car’s body. The rear glass repaired, trims inside, rear bumper, alignment of steel reinforcement, locking mechanism, etc. Upon finishing the checklist and inspecting the car, I drove it home with that excitement inside me.
The whole process lasted for 1 month and 9 days. That was above P130,000 worth of claims. If you would inquire about my insurance, just contact me so I can refer you to my agent. It was a smooth process and better than other insurance in comparison with customer feedback, articles and stories I’ve known. For further reading, here are some great articles I found on the net: