Sunday, October 25, 2009

Total Lost On Ondoy Cars

The total amount of the repairs needed to be done if your car is submerged in Ondoy flood varies from 50k to 100K. The chance that an insurance company will declare a total lost on your vehicle is very small.

A total lost will only be declared if the damage or the repair needed for a vehicle is 75% of its current value. So if your car's worth is 500K in Phil Peso and it will only need 100K for repair and for it to be back in pre flood condition, the insurance company will not declare a total lost on it.

As of date, there no report yet if an insurance company already declare a total lost on any of the cars that has been submerged in Ondoy water

Monday, October 05, 2009

Acts Of God

Acts of God could include:

  • Unusual weather factors - tropical storms, floods even droughts
  • Unusual geological phenomenon - volcanoes, earthquakes, tidal waves etc.
  • Unusual hazards - meteor damage, plagues of insects etc.
Although most car insurance does not cover acts of God, the above mentioned can make your car new if your insurance includes acts of God.

The question remains for most car owners, that though acts of God are included in their car insurance, will they get a full refund or will the insurance company declare a total lost in their cars. Most car owners would love to hear that, that their car are in total wreck and teh only choice they have is to buy a brand new one. And though it is a hassle to buy a new one, it is better than to use a car submerged in water for days.