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- The interested bidders shall place their respective offers for the specific or desired Total
loss unit through FGen’s website.
- Upon clicking the “BID” button, you will be redirected to the bidder’s log-in page.
- FGen shall set the floor price of the total loss vehicle that will be put up for bidding.
Pay the Cash Bond
- Every bidder must post a cash bond, which is equivalent to 10% of the minimum bid
price or a minimum of TEN THOUSAND (P10,000) PESOS, whichever is higher.
- You may deposit your payment at our head office-treasury department, or at any nearby
Prepare your Bid
- All bid offers must be sealed and must include a copy of your cash bond receipt.
- Place the sealed bid in the Bid Box located at the FGEN reception area before the
Determine the Winning Bidder
- Once the winning bid is determined and approved, FGEN will notify the successful
bidder via email.
- The winning bidder must make the full payment within TWO (2) DAYS from the date of
notification. Payment can be in the form of a Manager's Cheque, cash, or online payment.
- FGEN will provide bank details for online payment. Any storage and towing fees (if
applicable) and other incidental expenses shall be shouldered by the winning bidder.
FGEN’s Bank Account Details:
Bank Name and Branch : BDO - Bacolod Branch
Bank Account Name : FORTUNE GENERAL INSURANCE CORPORATION
Bank Account Number : 003030040121
- The cash bond of the losing bidder/s shall be refunded accordingly.
- In the event that the winning bidder failed to pay the total bid amount within the given
time frame, the cash bond shall be forfeited in favor of FGEN.
Rebid, if needed
- If there is no winning bidder, the unit will be rebidded, and a new bid announcement will
be made by the specified deadline.
- Rebidding of a total loss vehicle will be up to three (3) times only.
No Withdrawals after Deadline
- Bid offers cannot be withdrawn after the bid submission deadline.
Taking Possession of the Vehicle
- The winning bidder can take possession of the vehicle upon receiving an Authority to
pull out issued by FGEN.
- This should be done within the specified timeline allowed by the repair shop or the
- Any damage incurred by vehicles not pulled out within the specified timeline will be at
the sole risk of the buyer.
Vehicles Sold "As Is, Where Is"
- Please note that all bids are on an “AS IS WHERE IS” basis, meaning the vehicles are
sold in their current condition.
- FGEN’s Management reserves the right to reject bid offers, waive technicalities, or
accept a bid offer that it deems best for the interest of the company.
- FGen shall ensure that an obligation of confidentiality is imposed on persons, or its
employees authorized to process Personal Data.
- FGen shall implement appropriate security measures and comply with the Data Privacy
Act, its implementing rules and regulations, all amendments thereto, and other issuances
of the National Privacy Commission.