Free First Year Comprehensive Car Insurance Promo
Eligibility, Coverage & Premiums:
1. Program period is from March 12 to June 30, 2019.
2. Vehicle included in this program should be for personal or private use only with loan amount at least Php 500,000.00 and minimum term of 36 months.
3. Accounts must be approved and booked on or before July 31, 2019 to be eligible for the free insurance.
4. The insurance coverage will consist of the following:
5. Assured can request for increase / additional in coverage such as:
- Additional accessories
- Increase in coverage of Voluntary Third Party Liability Bodily Injury and Voluntary Third Party Liability Property Damage
- Unnamed Passenger Personal Accident (UPPA) – in excess of the maximum free 15 seats and/or increase coverage from P50K to P100K
Subject to additional premium charges using the standard BPI Direct rates/ Free Insurance policy should be endorsed to declare the additional accessories.
6. The policy will be issued under a Private Car (PC) policy and Dual Purpose Body (DPB) policy with fixed deductible of Php 2,000.00, as set forth under the “Confirmation of Auto Insurance Coverage”.
7. Depreciation rates, if any, shall be based on the depreciation table stated in the Private Car Policy, Dual Purpose body policy and “Confirmation of Auto Insurance Coverage”.
8. Certified Pre-Owned (CPO) vehicles are included in this promo, subject to the terms and conditions of the promo as well as the standard motor policy.
Policy Insurance Management & Monitoring of Results
9. For the proper management of policy issuance, BFSB-SSU shall send a copy of Automatic Renewal Agreement (ARA), Confirmation of Auto Insurance Coverage (CAIC), tracking form and Vehicle Sales Invoice of the unit to the following:
10. Consumer Loans Team of BPI Retail Dept. will monitor business results for the Head Office accounts while BPI/MS branches will handle the BFSB Provincial and Business Center accounts.
Premium Payment & Refund
11. Insurance premium will be shouldered by BPI Family Savings Bank for the first year.
12. Premiums for the subsequent renewals and policy endorsements, if any, will be shouldered by the client computed based on the fixed depreciation rate of 12% and renewal rate of 2.0% for Private Car (PC) and 1.6% for Dual Purpose Body stated in the ARA (Automatic Renewal Agreement.)
13. Should the client wish to terminate his enrollment to the program, he is bound to pay the premium for the initial year computed on the standard rates, the documentary stamps and other applicable charges.
14. Payment for the renewal premium is via OTC, EOL, Credit Card (straight charge or SIP) or PDC (preferably 3 months.)
1. Repackaged, restructured and multi-purpose loans.
2. The following units are excluded:
- Trucks, tankers, trailers & utility vehicles
- LTO vehicles (buses, taxi, rent-a-car, tourist buses), public utility/transport vehicles
- Vehicles for hire w/ green plates
- Vehicles used to transport fare paying passengers
- Vehicles used to transpost/carry cargoes or other traded merchandise
- Private cars over 8 years old
- Vehicles whose cost New/Fair Market Value is less than Php 600,000
- Motor trade vehicles
- Funeral Hearses
- Ambulance / emergency vehicles
- Armored cars
- Vehicles whose driver is considered unfit to drive (with defects that impair driving ability)
- Vehicles primarily operated on airport premises
- Vehicles carrying explosive products
- Vehicles used by Medical Representatives for Pharmaceutical Companies, except for those used by officers and executives of the company
- Reconditioned vehicles
- Surplus vehicles