Free Auto Insurance

Date Posted: Oct 25, 2017



 

PNB Savings Bank – Smart Auto Loan Free Auto Insurance and 2/7 Road Side Assistance Promo

PROMO MECHANICS

Promo Eligibility

The PNB Smart Auto Loan Free 1-Year Comprehensive Auto Insurance and 24/7 Emergency Roadside Assistance Package Promo is open to new car loan applications received from August 5, 2017 to January 31, 2018 (“Promo Period”) and subsequently approved and booked until March 30, 2018 (“Booking Period”).
• Minimum of P500,000 up to a maximum of P4,000,000.00 sum insured amount
• Minimum auto loan term of 3 years (36 months)
• Maximum down payment requirement: 30% of vehicle’s net selling price
• Type of car loans/vehicles excluded/not qualified from this promo: loans for mass transport utility vehicles/common carriers such as light trucks, delivery vehicles to transport quantities of goods for trade purposes, school service vehicles etc. This includes but not limited to Mitsubishi L300 FB/Canter, Isuzu NKR amd NPR series and the like.

Promo Inclusions

Free 1 year comprehensive auto insurance coverage for the loan borrower
• Free 24/7 Emergency Roadside Assistance Program for the entire loan term
 
• Fixed participation fee of Php2,000.00 for Sedan, SUV, AUV, Pick-up

Promo Conditions

Insured shall sign a Deed of Undertaking stating among others:
• There shall be no loan break or pre-termination of the loan.
• The Borrower cannot sell the vehicle acquired under the promo while the loan is outstanding
• The Borrower shall keep the vehicle acquired under the promo for private use only and not convert the same to a public utility vehicle.
• The insured shall pay the succeeding insurance premiums via post dated checks for the renewal of the insurance via the amortized insurance plan of PNB Savings Bank, wherein the insurance is included in its monthly loan amortization.
• In case of pre-termination of the loan, customer shall pay the free first year insurance. PNB Savings Bank/ the insurer: shall collect the first year insurance and the balance (pro-rated) from the insured.
• The Borrower authorizes PNB Savings Bank to hold release of the original LTO OR/CR and other documents relative to the motor vehicle upon maturity of the loan until any unpaid obligation (i.e. insurance premium) is settled.
• There shall be no rate breaks or reduction from the approved rates.
 
• The promo cannot be availed in conjunction with other on-going promotional activities, or other special considerations, such as but not limited to special rate reductions granted to individual, corporate or auto dealer tie-up arrangements. Where conflict shall arise under these situations, the borrower shall choose which promotional campaign to avail of.
• If the borrower/client opts to avail of other on-going promotional activities or special considerations, he/she shall advise the Bank in writing of such intention.
• Promo is non-transferrable
• In case of dispute, the decision of PNB Savings Bank with concurrence with DTI shall be deemed final.