Comprehensive Car Insurance: What It Is and Where to Get It

Owning a car entails many responsibilities. Before you can even drive it, you need to accomplish basic requirements such as getting it registered and insured.

While registering your car is straightforward, getting comprehensive car insurance in the Philippines is more complex. You need to research, determine the coverage your vehicle needs, and choose an insurance company that offers the best deals.

But don’t let the process discourage you from insuring your car. Learn everything about comprehensive car insurance through this beginner-friendly guide.

What is Comprehensive Coverage in Car Insurance?

First, what is the meaning of comprehensive car insurance in the Philippines? True to its name, comprehensive insurance for cars in the Philippines or “compre” is a type of policy broader than the other type of car insurance, Compulsory Third-Party Liability Car Insurance (CTPL).

What Does Comprehensive Car Insurance Cover?

Comprehensive car insurance provides financial protection for you and your car with the following coverage:

• Acts of God, including typhoons and earthquakes
• Liabilities caused by accidental collision and overturning
• Car theft and burglary
• Fire and explosion
• Riots, strikes, and other malicious acts by third parties
• Damage to your own car
• Third-party liability or damage to other people's property, including cars, buildings, and others
• Legal liabilities for third parties in case of death or bodily injury

Take note that comprehensive car insurance doesn't cover ordinary vehicle wear and tear.

Read more: What Inclusions Should You Get With Your Car Insurance?

Is Comprehensive Insurance Mandatory for Cars in the Philippines?

First, you need to understand that there are two types of car insurance in the Philippines: the aforementioned CTPL and comprehensive car insurance.

What is the difference between CTPL and comprehensive car insurance? While CTPL insurance protects the general public, comprehensive insurance protects you, your car, and your passengers from an extended list of road-related risks and hazards.

Unlike CTPL, which is mandatory for all vehicle owners, a comprehensive insurance policy isn’t required in the Philippines. 

You might think CTPL insurance is enough if you’re a good driver. But even if you’re careful on the road, you'll likely encounter a driver who’s not. Should an accident happen, CTPL insurance can only cover so much.

Who Needs Comprehensive Car Insurance?

While it’s not mandatory, every car owner can benefit from a comprehensive car insurance policy's inclusions. Consider getting a comprehensive insurance policy if you’re: 

• Living in an area that gets flooded and battered by typhoons. Comprehensive insurance policies have an Acts of Nature cover, which financially protects you from various natural disasters. Consider this a must-have; after all, the country endures at least 20 typhoons per year and a couple of earthquakes every now and then.  
• Taking busy roads on a regular basis. Busier highways are often risky, as there are many cars passing through. 
• A new driver. Newbies are likely to get into accidents, so make sure to get a comprehensive car insurance policy. Keep in mind, however, that policies for new drivers tend to bear heftier premiums.
• Traveling with family and friends regularly. As mentioned, comprehensive car insurance policies also protect passengers.

How Much is Comprehensive Car Insurance in the Philippines?

There are no fixed rates for comprehensive insurance for cars in the Philippines. Every comprehensive policy coverage differs by price, as they depend on the current state of your vehicle.

Coverage can cost between ₱10,000 to as much as ₱100,000 per year. Various factors influence the cost of your insurance premium: 

• Model - The fancier the vehicle, the more expensive the policy. On the other hand, basic and smaller cars are cheaper to insure.
• Make - Luxury and foreign makes are more costly to insure.
• Year - Older cars are cheaper to insure. Most insurers apply a straight-line 10% annual depreciation^[1] to the value of vehicles.
• Usage - How worn out is the car? Its condition will affect the price.
• Accessories - The number of accessories installed in your vehicle can also increase the rate.
• Safety features - The safer the car is, the cheaper it is to insure.
• Fair market value - Fair market value^[2] refers to the estimated price of your car according to its model and series. The car insurance cost is higher for more expensive vehicles. It's a relatively accurate estimate of how much the insurance company will cover in case of vehicle damage or loss. Insurers also consider your car’s depreciation when determining the price of your insurance.
• Depreciation - How new/old is your car? Cars depreciate over time, which also decreases the cost of insuring them.
• Driving experience – As mentioned, new drivers tend to fetch more expensive policies since they’re prone to accidents. 

Of course, the overall price may vary depending on the types of car insurance coverage included.

Read more: Price of Luxury: Insurance for Expensive Cars in the Philippines

Where to Get a Free Comprehensive Car Insurance Quotation in the Philippines

Below is a list of top car insurance companies and their features. Compare your options and get a free quote from Moneymax!

📌 OONA

• Premium: ₱18,507 per year (based on 2024 Toyota Vios J 1.3L Gas M/T)

Formerly known as MAPFRE, OONA is a car insurance company in the Philippines that provides various coverage options for your car. 

OONA’s Auto Comprehensive Insurance is the company’s most complete car insurance. Here are its inclusions: 

• Accidental loss or damage to vehicle due to: accidental collision and overturning, explosion, fire and lightning, burglary and theft, self-ignition and malicious acts committed by third parties. 
• Unnamed passenger personal accident coverage that financially protects you and your passengers from injuries or death caused by a car accident
• Legal liabilities for third parties in case of bodily injuries or death
• Physical damage to properties due to use of the insured car

Meanwhile, OONA’s Auto Comprehensive Plus Insurance covers the abovementioned situations plus Acts of Nature like typhoons, floods, and earthquakes, just to name a few.

📌 Malayan Insurance

• Premium: ₱22,600 per year (based on 2024 Toyota Vios J 1.3L Gas M/T)

Malayan Insurance’s AutoMaster offers comprehensive protection against accident-related injuries and other types of damages. Take note that Malayan Insurance only insures motor vehicles up to eight years old. 

Get the following product benefits: 

• Personal damage and automobile loss
• Personal accident 
• Riots, strikes, and civil commotion
• Third-party liability
• Acts of nature
• Car accessories protection
• Loss of use (up to ₱500 allowance per day for up to 15 days while the car is being repaired)
• 24/7 roadside assistance (via CAMILLE or Call Malayan Insurance Live Line)
• Valuable accessories protection (optional)

📌 Prudential Guarantee and Assurance, Inc.

• Premium: ₱17,594 per year (based on 2024 Toyota Vios J 1.3L Gas M/T)

You can also get comprehensive car insurance coverage from Prudential Guarantee and Assurance, Incorporated. Policyholders enrolled in its Auto Insurance Program can exclusively enjoy the following free privileges anywhere in the Philippines 24 hours a day: 

• Vehicle retrieval service - Prudential will provide a free retrieval service if your vehicle falls in a ravine, gutter, or bridge. 
• Vehicle breakdown service - In case of a breakdown, you can avail of minor on-site repairs, like jumpstart, battery boosting, tire changing, car lockout, and fuel delivery. 
• Towing service - You can get free towing to the nearest repair facility if your car breaks down or gets involved in an accident. 
• Alternative transport to destination - If your vehicle breaks down outside Metro Manila and immediate repair isn’t possible, Prudential will arrange for a vehicle to bring you to your destination. 
• Alternative overnight accommodation - In case your car breaks down outside Metro Manila and immediate repair or alternative transport is unavailable, Prudential will provide free standard overnight hotel accommodation.
• Ambulance service - Prudential will dispatch an ambulance to take passengers to the nearest medical facility in case the insured vehicle meets an accident.
• Emergency relay service - In case of an accident or vehicle breakdown, Prudential can relay urgent messages upon the client’s request.

📌 SGI Philippines 

• Premium: ₱14,809 per year (based on 2024 Toyota Vios J 1.3L Gas M/T)

SGI Philippines offers complete protection for both private and commercial vehicles.

Enjoy essential coverage with Private Car Insurance: 

• Third-party liability
• Property damage
• Bodily injury
• Personal accident
• Acts of Nature
• Damage to your own vehicle

SGI Philippines’ Commercial Vehicle Insurance applies to buses, trucks, and taxis. Coverage includes:

• Fire
• Theft
• External explosion
• Self-ignition-caused damage
• Lightning
• Burglary
• Riots/strikes
• Earthquakes
• Floods
• Cyclones
• Accidents
• Malicious acts

📌 Stronghold Insurance

• Premium: ₱14,856 per year (based on 2024 Toyota Vios J 1.3L Gas M/T)

Get a Stronghold Motor Car Insurance policy if you want peace of mind on and off the road. It offers coverage to private cars, motor trades, and commercial vehicles. This type of insurance policy can cover:

• Own damage or theft
• Bodily injury
• Acts of Nature
• Property damage
• Personal accident 

📌 Mercantile Insurance 

• Premium: ₱16,488 per year (based on 2024 Toyota Vios J 1.3L Gas M/T)

Protect your precious car on the road with Mercantile Motor Car Insurance. This insurer has been in the business for more than 60 years, so you can feel at ease with its decades of experience. Mercantile Insurance’s Motor Car Insurance covers other transportation modes like motorhomes, motorcycles, scooters, mobiles, buses, road building equipment, and trailers, just to name a few.

Mercantile Insurance’s comprehensive car insurance has the following inclusions: 

• Own damage
• Excess bodily injury
• Theft 
• Property damage 
• Acts of nature 
• Auto passenger personal accident insurance 

Motor Car Insurance value-added services include the following:  

• Auto Assistance Program
• Teleconsultation 
• Emergency access via mobile app

📌 Standard Insurance

• Premium: ₱24,435 per year (based on 2024 Toyota Vios J 1.3L Gas M/T)

Car Protect by Standard Insurance is another excellent option for car owners seeking the most comprehensive protection. It offers the following types of coverage: 

• Own damage - In case of accidental collision, falling, overturning, fire, and other third-party malicious acts resulting in damage to property, Standard Insurance has you covered.
• Theft - In case thieves steal your car or parts of it, you're covered.
• Excess bodily injury - Opt for this if you want more beyond your regular third-party liability coverage against death or bodily injury. 
• Acts of nature - Get protection against typhoons, floods, volcanic eruption, lightning, fire, and other forces of nature. 
• Third-party property damage - You’re also covered against liability for damage caused by your insured vehicle to a property that belongs to a third party. 
• Unnamed passenger personal accident - This coverage financially protects you and your passengers against injury or death due to the accident. 
• Roadside assistance - This value-added service provides you with towing, battery boosting, locksmith, personal assistance, and relevant services in case of accidents or car breakdowns.
• Loss of use - In case the insured car is undergoing repair and you can’t use it, this coverage provides you with a transportation allowance worth ₱500 per day, for a maximum of 15 days.

📌 FPG Insurance

• Premium: ₱18,050 per year (based on 2024 Toyota Vios J 1.3L Gas M/T)

If you’re looking for complete car insurance protection, get one from FPG Insurance. MyAutoMate by FPG Insurance provides coverage against the following: 

• Own damage
• Acts of nature 
• Theft 
• Strikes, riots, and civil commotion (SRCC)
• Voluntary third-party liability (bodily injury and property damage)
• Personal accident insurance
• Cover for undeclared non-standard accessories 
• Inter-island transit cover 

FPG Insurance’s MyAutoMate also comes with free roadside assistance, provided that your vehicle is below 10 years old and covered by the said insurance program. If your car is insured with FPG, you can call the company’s hotline anytime you need emergency assistance due to the following: road traffic incidents, acts of nature, destruction caused by fire, vehicle immobilization caused by theft, etc. 

For roadside assistance, you’ll get the following: 

• Vehicle assistance – This includes towing, battery boosting, locksmith service, delivery of spare key, misfueling cover, and flat tire replacement, among others. 
• Personal assistance – Under this, you’ll get hotel accommodation, relay of urgent messages, and driving directional assistance. Moreover, you can avail of accident coordination services, in coordination with PNP, HPG, MMDA, and Skyway Patrol.
• Medical assistance – This covers hospital admission assistance, ambulance coordination assistance, health professional appointments (to be covered by you), and fitness and health programs referrals (to be covered by you).  
• Information assistance – This includes taxi arrangement services (including Grab), alternative driver service assistance (in case you’re unable to drive the vehicle; costs to be covered by you), and information services regarding road conditions, weather, nearest fueling stations, and telephone numbers of hospitals, police outposts, and fire stations.

For easier cost comparison, here’s a table featuring the insurers above and their annual premiums. Also included is the monthly payment equivalent for easier budgeting. 

NOTE: All rates are taken from Moneymax’s database. You can use our comparison tool to see and compare rates of the country’s leading insurance companies.

8 Things to Consider When Buying Comprehensive Insurance for Your Car

Buying car insurance for the first time can be intimidating. After all, you don’t know what you’re purchasing. Think over these considerations before making a decision. 

✔️ What the Fine Print States

As the driver and car owner, it's essential that you fully understand everything before signing it. Read the documents provided to you. Check the inclusions and exclusions, plus the clauses and terms that will help you during claims and renewal.

You will encounter a lot of technical terms. And when you do, don’t hesitate to ask your insurance agent.

✔️ Your Budget

When looking for comprehensive insurance for your car in the Philippines, consider your vehicle, lifestyle, and budget. While more coverage means more security, it also means more expenses.

Be smart and get only the policy you need. Before signing on the dotted line, determine if you can afford the car and insurance coverage. After seeing the annual premium, break it down to monthly terms. That way, you’ll be able to gauge if your monthly income can accommodate such an additional expense. 

Read more:

• Honda Car Insurance in the Philippines 2024: Prices for Top Models
• How Much is Mitsubishi Car Insurance in the Philippines?
• Toyota Car Insurance in the Philippines: Your Cheapest Options

✔️ Your Car's Fair Market Value

Many people overlook the value of their car and how this will impact the cost of their insurance. Some old cars that you can buy for cheap might be uninsurable. 

✔️ The Insurance Provider

Don’t settle with a single insurance company when other companies can offer you a better and cheaper deal. Read more about the top car insurance companies in the Philippines and the coverage they offer.

✔️ Claims Process

Convenience is an important consideration in buying car insurance. Find an insurance provider you can call 24/7, as any accidents can happen at any time of the day. 

Ask about the details for reporting a claim. Peace of mind should be the primary purpose of having your car covered.

✔️ Premium Payment Options

Go for an insurance provider with a payment schedule that’s easy on your wallet. Ask your agent about all possible payment options if you can’t afford an annual fee. 

Most companies have yearly and six-month premiums. Others with more frequent options may add a surcharge. In contrast, you may get a discount for paying the annual cost at once.

✔️ Any Hidden Fees

Whatever the cost of the premium, you'll have to pay fees as well. Insurance providers should give you a “schedule of fees” that may include items like cancellation fees or change of address. Be aware of these fees and negotiate with the provider to waive or lower them.

✔️ Your Policy Schedule

Take note of your policy's term and expiry date to avoid additional charges from your insurance company.

How to Get a Comprehensive Car Insurance Policy in the Philippines

If you already have CTPL insurance, you should know the process. Note that you can purchase comprehensive insurance from a company other than your CTPL provider.

Take the time to compare rates from different providers to find the best deal possible. Once you’ve picked out your provider, here are the comprehensive car insurance requirements to prepare:

• Original vehicle receipt
• Certificate of Registration of your vehicle
• Your driver’s license
• Another valid government ID
• Photocopies of each document

As mentioned, it’s the same process when applying for CTPL insurance. Submit the documents to your chosen insurer, pay the premium, and wait for your insurance policy.

You'll receive a digital copy through email and a hard copy which will arrive at the address you provided. Always keep in touch with your provider for further questions regarding your insurance.

Comprehensive Car Insurance in the Philippines: FAQs

Still have questions on comprehensive car insurance? Find the answers below:

1. Does comprehensive car insurance come with disadvantages? 

A comprehensive car insurance policy offers peace of mind. But it is not without some downsides. Here are some of them: 

• Compared to CTPL and basic car insurance, a comprehensive policy is much more expensive. 
• Exclusions and limitations apply. Just because it’s comprehensive doesn’t mean it will cover every single incident. 
• It may not be worth it when you have an old car. Older vehicles have a lower market value. Comprehensive coverage rates may be much more expensive than the car’s actual value. 
• It comes with a deductible. It’s the amount of money that will come out of your pocket before the insurance processes your claim. Refer to the FAQ number 2 for more details. 

2. What is an insurance deductible? 

The insurance deductible is the amount of money you’ll need to cover before the insurance company processes your claim.

The amount of a deductible can affect your insurance premium. For instance, a higher deductible may mean that you need to pay lower insurance premiums, but you need to cover higher out-of-pocket costs. On the other hand, a lower deductible may mean paying a higher car insurance rate and covering lower out-of-pocket costs. 

The good news is, you can choose either way, depending on the budget you’re comfortable with. It’s all a matter of preference. 

3. What are add-ons?

As the name suggests, add-ons are additional benefits or features that you can choose to include in your insurance. The more add-ons you include, the more expensive your insurance policy will be. 

The good news is, add-ons are optional. You always have the liberty not to get them, especially when they don’t fit your lifestyle. 

4. Are there ways to lower my insurance costs? 

Thankfully, there are! Here are some of them: 

• If you can, pay your premium in full. Some insurers offer a discount for lump sum payments. Moreover, it’s a convenient strategy since you don’t have to worry about recurring payments within a year. 
• Increase your deductible. This will lower your insurance premium. The trade-off, however, is that you will need to cover higher costs when you file a claim. 
• Ask your agent for a discount or special offers. Chances are, the insurance company is running a promo. If you’re a loyal client, you may get a good deal by leveraging your relationship. 
• Get a cheaper car. The more affordable your car is, the cheaper it is to insure. 

5. Can I cancel my comprehensive car insurance?

Yes, but remember that there are consequences. Primarily, you lose financial protection in case something happens to your car. Moreover, you have to pay the cancellation fee. 

6. What happens if I stop paying my car insurance premium? 

Generally, car insurance companies provide a grace period for settling late payments. But if you stop paying your premium, the following may happen: 

• The insurer will cancel your policy. This means you will lose the protection your insurance offers. 
•  Your next car insurance may get more expensive. Your history may give the insurer the impression that you’re a high-risk client. 

7. What are the payment options available for comprehensive car insurance? 

You can settle your annual car insurance in full, but you always have the option to pay the insurer in installments. The latter is a great alternative if you’re looking for flexibility in your budget. 

But how to settle your comprehensive car insurance in the Philippines? Generally, you can use these payment channels: 

• Credit card or debit payment (including auto-payment)
• Check payment
• Digital wallet payment (e.g. GCash)
• Online banking
• Phone banking
• Over the counter 

8. What happens to comprehensive car insurance if I sell my car? 

Remember that the car insurance policy is attached to your name. If you’re selling your car, you may request to transfer the insurance to the new owner.

Final Thoughts

If you love your car and want to take care of it, you must get comprehensive insurance. It's the protection you, your passengers, and your vehicle need. 

But if the entire process of getting comprehensive car insurance in the Philippines still confuses you, we’re here to help!

Moneymax can take you through the entire process of getting auto insurance. From choosing the right comprehensive insurance for your car in the Philippines to filing your insurance claim, Moneymax will assist you every step of the way. 

Get started by getting a free quote below:

Sources:

• ^[1] Car depreciation: What it is and how it works (Bankrate, 2024)
• ^[2] Fair Market Value (FMV): Definition and How to Calculate It (Investopedia, 2024)