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FOXSSLOTS

buying a used car - insurance and registration

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FOXSSLOTS

i am planning on buying a used auto here in Danao city - i do not understand how the registration works (car is registered for a period of time and that carries over to the new owner?) and how and where to get car insurance or does that remain active with the car as well.   thank you

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Davaoeno
Posted (edited)

The plates and third party liability  insurance  and excess coverage insurance  transfer over to the new owner.

You must file the Deed of Sale through the LTO  to transfer ownership .

 

DEED OF SALE OF MOTOR VEHICLE

KNOW ALL MEN BY THESE PRESENTS:

That I,                                 Filipino, of legal age, a resident of                                    Davao City                                           ,

 

am the lawful owner of a certain motor vehicle which is more particularly described as follows:

MAKE :   Ford

MOTOR NO. : UEJDDE2128

SERIES : Fiesta sedan titanium  

SERIAL/CHASSIS NO. MNB7XXARJ7D21285

TYPE OF BODY : sedan

PLATE NO. :ABN 335

YEAR MODEL : 2014

FILE NO. : 0701-0000012967

 

C.R. NO. 18998442

That for and in consideration of the sum of six hundred thirty thousand  (P630.000.00) PESOS, Philippine Currency, receipt whereof is hereby acknowledged to my entire satisfaction, I hereby sell, transfer and convey by way of  Deed of Sale unto                       ,  Citizen of Cyprus,  of legal age, and resident of  Davao City , Davao del Sur  , the above described motor vehicle, free from all liens and encumbrances.

IN WITNESS WHEREOF, we have hereunto affixed our hands this    8    day of July  , 2016 at  Davao City

 

                              

                          ______________________                   __________________________                                                                                                            

                                     Vendee                                      Vendor

                                     MARIOS XXXXXX                   XXXXXXXXXXXXXX

Signed in the presence of:

_____________________________ ______________________________

 

ACKNOWLEDGEMENT

Republic of the Philippines )

) S.S

BEFORE ME, personally appeared:

 

 

Name                                                 ID Number                Date/Place Issued

 

XXXXXXXXXXXXXXX       TIN-900-xxx-252   March 11, 2015  Davao City

 

MARIOS XXXXXXXXXX      Cyrus ID  No . 70166  489454-2                     

 

 

           

Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed.

WITNESS MY HAND AND SEAL, on the date and place first above written.

Notary Public

Doc. No.______;

Page No. ______;

Book No.______;

Series of 2016__.

 

 

Edited by Davaoeno
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A_Simple_Man
2 hours ago, FOXSSLOTS said:

car insurance

The basic car insurance in Philppines does not cover much.  Some expats with higher value, newer vehicles get "real" insurance for many thousands of pesos a year.  Are you looking for full coverage?   The basic legal coverage is what Davaoeno already covered in the post above.

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Davaoeno
Posted (edited)
12 minutes ago, A_Simple_Man said:

The basic car insurance in Philppines does not cover much

100,000

 

that is public liability . It does not cover any damage to your car

A car worth 800,000 will cost you about 16-17,000 a year 

Edited by Davaoeno
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to_dave007
Posted (edited)
5 minutes ago, Davaoeno said:

100,000

 

that is public liability . It does not cover any damage to your car

Seems to me that there is even smaller limit for each claimant..  which when combined together may not exceed the 100,000 you mention..

[point being..  the standard insurance is really REALLY small.]

Edited by to_dave007
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FOXSSLOTS

thank you all for the excellent information 

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FOXSSLOTS
32 minutes ago, A_Simple_Man said:

The basic car insurance in Philppines does not cover much.  Some expats with higher value, newer vehicles get "real" insurance for many thousands of pesos a year.  Are you looking for full coverage?   The basic legal coverage is what Davaoeno already covered in the post above.

i know about CTPL and TPPD  - just need to find an insurance company i guess to get the coverage I need.  thank you

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Davaoeno

We use Philippine British ( I think I have that right). I had 2 claims ( both times I was stopped and a bus hit me) and my wife was stopped in traffic and a 10 wheeler ripped the side off her car doing 135000 worth of damage. As a former insurance lawyer whose job it was to deny or minimizer people's claims I was really surprised how easy this company  was to deal with !

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jessdaddy
1 hour ago, Davaoeno said:

We use Philippine British ( I think I have that right). I had 2 claims ( both times I was stopped and a bus hit me) and my wife was stopped in traffic and a 10 wheeler ripped the side off her car doing 135000 worth of damage. As a former insurance lawyer whose job it was to deny or minimizer people's claims I was really surprised how easy this company  was to deal with !

Good info. How are their rates? Affordable?

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Davaoeno
Posted (edited)

You ask if they are affordable?  Lol  Only you can decide that. I don't know how much money you have .

I spend about 40000 a year for our 2 cars.

( both cars are insured for more than 1M each)

Edited by Davaoeno
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soupeod

Thanks to the OP for posting this and to Dav, I am in the process of buying one as well.  Thanks Gents.

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FOXSSLOTS

again - thank you all for your information - i feel confident now - will look into Philippine British insurance and others i find.  

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jessdaddy
2 hours ago, Davaoeno said:

You ask if they are affordable?  Lol  Only you can decide that. I don't know how much money you have .

I spend about 40000 a year for our 2 cars.

( both cars are insured for more than 1M each)

Thanks that's not too bad at all. How is the coverage for "the other" car or vehicle if you're in accident? Also, do they only cover specific drivers? Still learning the ropes of insurance here.

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smokey

I found out my now 3 year old truck is due to be registered the said my od is 18.600 to get belching done and bring to them they will handle the rest.  Hope its not a prank text

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Dafey

The registration and plate stay with the vehicle for it's life in the Philippines. You need to renew once a year and have the emissions tested, (because they are so concerned about the environment here).

When buying a used car, if the registration is due in a month or 2 it's fair to ask the seller to renew the registration so your set for a year. They may ask to add the fee to the selling price but it is minimal and the convenience is worth it. 

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