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Yes, car insurance is required in the Philippines. There are two types of auto insurance in the Philippines, one of which is required and the other optional:
CTPL insurance or Compulsory Third Party Liability is a Land Transportation Office requirement for car registration in the Philippines. It covers the financial responsibilities associated with bodily injury, permanent disablement, and/or death of the victim or third party. CTPL insurance doesn’t cover you.
Comprehensive insurance is an all-inclusive type of motor insurance. It is not mandatory to have but it is highly recommended to get one. It covers not only your vehicle but also you and your passengers from road-related risks and hazards.
It’s easy to get lost in a sea of unfamiliar words when you first read your motor insurance policy. It might also be hard to recall your car insurance agent’s explanation of the terms but we’re here to refresh your memory. Below is a list of commonly used car insurance terms you’ll encounter:
1st Party
Also called the Assured. This is the owner of the vehicle and the insurance policy.
2nd Party
Also called Insurer. This is the insurance company where you applied for car insurance.
3rd Party
This refers to the other person/people involved in the accident that’s not the 1st party, the 2nd party, or relatives or employees of the 1st party. A good example would be bystander/s and/or person/s in the other car/s involved, or your passengers that aren’t your relatives or employees.
Agreed Value
The amount the insurance provider will pay if your car gets totaled or stolen. This is a fixed amount that you and the provider have agreed on at the start of your policy term.
At Fault
The amount the insurance provider will pay if your car gets totaled or stolen. This is a fixed amount that you and the provider have agreed on at the start of your motor insurance policy term.
Certificate
One of the documents you’ll receive as part of your motor insurance policy. It’s also one of the most important because this serves as proof that your car is insured.
Claim
A request filed by the insured and sent to the insurer to cover or reimburse expenses from damages or loss of your car or other coverages as stated in your insurance policy.
Deductible Fee
A type of participation fee that involves a car accident or loss and an investigation proves that you’re at fault. Some policies don’t include deductibles and for those that do, it should follow the Motor Tariff’s minimum deductible fee. You can increase your deductible fee if you want to lower your insurance premium.
Depreciation Fee
A type of participation fee for your car’s damaged or lost parts due to an accident or loss. The amount will depend on the value of the new parts when it was damaged or lost compared to its value when the vehicle was purchased. This is only applicable to vehicles older than 3 years and is not applicable to total vehicle loss.
Fair Market Value
The amount the insurance provider will pay if your car gets totaled or stolen. This is based on your car’s make, model, mileage, age, variant, and overall status at the time of the incident.
Legal Assistance
A type of coverage that provides financial assistance for legal fees in case you get into an accident that will be taken to court.
Loss of Use
A type of coverage that provides transportation allowance while your car is being repaired.
Participation Fee
The amount that you need to pay out of your pocket before the insurance provider pays for the rest of the expenses.
Policy Schedule
This document details the coverage of your motor insurance such as the type of coverage and add-ons, and includes the pricing related to it. Depending on the type of insurance you chose, it will indicate the specifics of the agreed or market value that the insurance will pay for and the participation fee.
Premium
This is the amount that you’ll pay to your insurer for your vehicle insurance policy.
Roadside Assistance
This is a type of add-on to your vehicle insurance if you want your coverage to include car issue support while on the road like towing, tire replacement, battery jumpstart, lockout services, and fuel delivery.
Surcharge
This is an added cost to your premium due to an at fault accident, filing several claims, or filing for an expensive claim.
Totaled
Also called write-off. When a vehicle is marked as totaled by the insurance provider, it means that the cost of repairs will exceed the vehicle’s market value.
Aside from CTPL, which is a requirement of the Land Transportation Office, car insurance coverages aim to protect you, your passengers, and your vehicle from road accidents or incidents that will cause harm or poses a threat. Insurance providers offer several options that consider situations a driver needs protection from with comprehensive car insurance coverage as your best bet since it covers most of your needs. There are other coverages that you can get for additional protection but note that this will also cost you more. Below are the most common car insurance coverages offered in the Philippines:
Comprehensive Car Insurance Coverage - protects your vehicle from a wide range of causes, from motorist accidents and property damage to Acts of Nature and vandalism.
- Own Damage/Theft - covers car damage, loss, and damage/loss of declared accessories and spare parts. In extreme cases like car robberies, fires, or explosions, your car insurance will handle all repair expenses.
- Property Damage or Voluntary Third Party Liability (VTPL) - covers damages caused by your vehicle to other people’s properties in the event of an accident. Regardless of who is at fault, your insurance will cover all property damages.
- Personal Accident or Auto PA - covers the insured individual and the unnamed passengers inside the vehicle in the event of injury, disablement, or death caused by a vehicular accident. Usually, it comes free with your insurance policy.
- Acts of God - covers damages caused by extreme natural disasters such as earthquakes and floods, and even animal contact. Acts of God is a popular coverage in the Philippines due to unpredictable weather conditions.
Liability Coverage - covers the cost of the damaged property or the medical bills of people injured in the accident up to a certain amount as specified in your policy.
Collision Coverage - takes care of the damages inflicted on your car. If your car received major dents from a freak collision accident, this type of motor insurance coverage will cover the repair costs.
Personal Injury Protection Coverage - takes care of the passengers involved in a road accident. You’ll need it to take care of you and your passenger/s’ medical expenses.
|
Car Insurance Company |
Casa Eligibility |
Accredited Repair Shops |
Maximum Total Sum Insured |
Overnight Accommodation |
Towing Services |
Vehicle Removal Crane Services |
|---|---|---|---|---|---|---|
| OONA Insurance | 10 years | 365 | ₱5,000,000 | Yes, up to ₱3,000 | Yes, up to ₱5,000 | Yes, up to ₱10,000 |
| Malayan Insurance | 3 years | 58 | ₱7,500,000 | Yes, up to ₱1,000 | Yes, up to ₱4,000 | Yes, up to ₱8,000 |
| Prudential Guarantee | 10 years | N/A | ₱3,000,000 | Yes, up to ₱2,000 | Yes, up to ₱5,500 | Yes, up to ₱15,000 |
| SGI Philippines | 5 years | 134 | ₱5,000,000 | Yes, up to ₱2,000 | Yes, up to ₱5,000 | Yes, up to ₱10,000 |
| Stronghold Insurance | 10 years | 167 | ₱3,000,000 | N/A | N/A | N/A |
| The Mercantile Insurance Corporation | 10 years | 77 | ₱5,000,000 | Yes, up to ₱2,000 | Yes, up to ₱5,000 | Yes, up to ₱10,000 |
| Standard Insurance | 15 years | 504 | ₱5,000,000 | Yes, up to ₱2,500 | Yes, up to ₱4,000 | Yes, up to ₱10,000 |
| FPG Car Insurance | 5 years | 172 | ₱4,000,000 | Yes, up to ₱1,500 | Yes, up to ₱5,000 | Yes, up to ₱10,000 |
The table below shows the performance of car insurance providers in terms of net premiums written as reported by the Insurance Commission last 2021.
|
Car Insurance Company |
Name Premium Written |
|---|---|
| Malayan Insurance Company Inc | ₱4,079,633,561 |
| Prudential Guarantee & Assurance, Inc. | ₱3,900,308,008 |
| Mercantile Insurance Company, Inc. | ₱2,095,972,724 |
| Standard Insurance Company Inc. | ₱1,676,285,352 |
| FPG Insurance Co., Inc. | ₱1,454,027,271 |
| Stronghold Insurance Company, Inc. | ₱1,439,102,792 |
| OONA Insurance Philippines | ₱686,115,017 |
| SGI Philippines General Insurance Company, Inc. | ₱93,536,051 |
- Your vehicle’s Original Receipt (OR) and Certificate of Registration (CR)
- Driver’s license
- Any valid ID, apart from the license
- For second-hand vehicles: Deed of sale
- Previous vehicle insurance policy, if any
- Photos of your car
Save time searching and comparing quotes. Convenience is the biggest advantage of shopping for auto insurance online. The hours spent collecting and comparing quotes have been reduced to minutes. Through a car insurance comparison site like Moneymax, you can compare quotes from a variety of insurers in one go and find the best car insurance at the lowest cost.
Purchase vehicle insurance conveniently. When you get car insurance online, you won’t have to go out to visit the motor insurance company’s office, get stuck in traffic on your way there, and wait in line. You can easily process your application without leaving your home or while you’re on the go.
Save on auto insurance costs. Along with the time-saving benefit of getting car insurance online, you’ll also save money traveling back and forth to the provider’s location. Instead of meeting an agent, you can just transact via email, chat, or phone for processing your application or making any inquiries.
Get your policy faster. Processing a motor insurance policy offline involves a lot of physical documents, which can be time-consuming on the part of the provider or broker. Doing it online makes the process quicker, so you can receive your policy in just 1 or 2 business days.
Access your policy anytime, anywhere. It’s easier to retrieve your car insurance policy if you got it online instead of the traditional means. You have a soft copy of it in your email and can even save a copy on your smartphone or tablet. When you have to review your policy, you can just access it from your email or phone anytime and anywhere you need it.
Renew your policy more easily. Motor insurance policy renewal is just as convenient as your first-time purchase—as long as you do it online. Because all your personal, vehicle, and policy information is saved online, the car insurance company can easily access it when it’s time to renew your policy.
Save the environment. For environmentally-conscious car owners, buying car insurance online is a great way to save trees and reduce their carbon footprint. Since the entire process doesn’t involve using lots of paper and printing, you’re contributing to the efforts to conserve the environment.
Different factors affect auto insurance prices in the Philippines. Some of them you cannot control, but there are actions you can take to increase or decrease car insurance costs. Here are the different ways to save money on your auto insurance:
Increase your deductible. A deductible is a part of the participation fee that you pay out of pocket when you make a vehicle insurance claim. You can pay an amount higher than the standard deductible to reduce your monthly vehicle insurance premiums. But note that your out-of-pocket expenses will be higher when you get involved in a car accident.
Maintain a good driving record. The longer you drive without figuring in an accident or traffic violation, the more the insurers will see you as low risk and might quote you a lower premium. Some motor insurance providers even offer discounts to policyholders who had no claims for an entire year. Improve your driving habits, follow traffic rules, and if necessary, take a defensive driving course from a driving school.
Improve your credit score. Studies prove that people who are responsible with their finances tend to be responsible and are therefore less likely to make a claim. Thus, a number of auto insurance providers consider credit scores when setting premiums. To lower your car insurance rate, pay your bills and debts on time, check your credit score, and have it corrected (if needed).
Choose a vehicle that costs less to insure. This tip is crucial for first-timers who will purchase a new car along with their motor insurance policy. Different factors such as a vehicle’s fair market value, safety, make, model, and year affect a vehicle insurance price. Here’s what to look for in a vehicle if you’re trying to save money on car insurance costs:
- Less expensive models—like those from Toyota, Honda, and Nissan—with lower repair costs than premium models and replacement parts that are readily available in the Philippines
- Economical vehicle types such as hatchbacks and sedans
- Safety and security features such as airbags, anti-lock braking systems, car alarms, and anti-theft devices
Compare motor insurance quotes. Auto insurance comparison is a critical step in reducing your premium. It lets you know how much it will cost you to insure your vehicle from different insurance providers and allows you to find affordable car insurance rates. Ideally, get vehicle insurance quotes from as many companies as possible.
Get cheap car insurance from an online broker. Did you know that you can save as much as 50% when you compare motor insurance rates and apply through an independent online broker? Aside from helping you secure the lowest auto insurance possible, an online broker facilitates hassle-free claims processing. Moneymax, for example, has a dedicated claims team that can assist you when filing a claim and a team of advisors that can answer any questions you may have about car insurance.
Ask your agent about discounts. Ask your agent if you qualify for any discount. Some motor insurance companies offer discounts to policyholders who have not filed a claim for a certain period. You may also enjoy cheap car insurance prices if your car has plenty of safety features. If you avail of multiple insurance policies from one provider, it’s good to ask if you can get a discount on your premiums.
Opt out of unnecessary add-ons. Personal injury protection, legal assistance, and roadside assistance are some of the few add-ons you can get for additional protection on top of your comprehensive cover. The more add-ons you get, the more expensive your premium will be. Review your auto insurance to determine which riders or add-ons you don’t need. Unnecessary riders only add to your motor insurance cost without much use. When you renew your policy, talk to your agent about removing any add-ons you don’t need.
To cancel your policy, contact your respective insurance provider and follow the process of canceling your coverage. Prepare to submit other requirements and pay additional fees.
- Bank deposit
- Bills payment and remittance centers
- ATMs
- Credit card
- Check payment
- Online banking channels
- Mobile payment apps like GCash, PayPal, and PayMaya
Did you recently buy a car? You need car insurance! The thrill of having a new car is over and now you have to go through the process of insuring your four-wheeled investment. Getting a car insurance in the Philippines can be confusing, especially for first-time vehicle owners. However, that shouldn’t be an excuse to not get one. Here’s a helpful beginner’s guide to car insurance to get you started.
Looking for cheap comprehensive insurance? It can be challenging, but it’s not an impossible task. By comparing online motor insurance quotes, it is possible to get a policy that suits your vehicle and your lifestyle with a price that won’t break the bank. Don’t worry, you’re not going through this blindly. Here are some tips on how to get a cheaper car insurance deal.
Saving on your comprehensive car insurance cost begins with comparing quotes and finding the best deal from different insurance providers in the Philippines. Since car insurance rates vary from one insurance company to another, it is best to get as many motor insurance quotes as possible. Don’t be afraid to shop around and compare your options meticulously. This will help you determine which provider is the easiest to deal with, which one can give you better coverage, or which one can give you the most bang for your buck.
When you compare auto insurance quotes, do not just look at the rates. An insurance policy with the lowest premium is not necessarily the best option. You also have to check the coverage, exclusions, benefits, and the reputation of each insurance provider.
Calling up each provider to ask for car insurance quotes is good, but it can eat up much of your time. Make the process easier by taking advantage of the free comparison tool here at Moneymax to help you compare car insurance quotes in just a few minutes.
One of the advantages of comprehensive motor insurance is that you can customize your coverage. Go over your policy and check the coverage that you have. You may not need the add-on benefits so remove them to lower your insurance costs.
For example, if you’re already a member of an auto club in the Philippines where you enjoy privileges such as roadside assistance, it makes sense to eliminate this coverage from your car insurance. If you already have a family lawyer, you might as well remove the legal assistance coverage to save more money. But of course, don’t remove an essential coverage just to save a few thousands. If you really need any of the add-on benefits, keep it in your policy.
You can further cut down on your vehicle insurance costs if you pay your premiums in full or in lump sums every year compared to paying monthly installments. Insurance companies are inclined to give you discounts when you pay full annual premiums because it saves them a lot of time in processing your payments.
Paying in full also endears you to your insurer and they will eventually treat you as a priority policyholder. Processing your comprehensive car insurance claim will be a breeze once you’ve built a rapport with your insurer.
A Car Insurance Coverage Gap happens when you fail to keep your car insured for a certain period because of various reasons, such as your policy getting canceled or you making late payments. A gap is also likely to happen when it took you a long time to switch to a new motor insurance company after you ended your policy with your former insurer. It’s always important to be consistent in insuring your vehicle.
Having these gaps and lapses in your history will greatly increase your premium the next time you apply for a policy. Make sure to pay your premium on time to prevent these gaps and save money on your insurance.
Also, when you get a new auto insurance from a different provider, do not terminate your existing one until your new policy becomes active.
Owning a car increases the likelihood of you being involved in a road accident. That’s where your car insurance comes in. It ensures you that you will receive assistance and compensation for the loss or damage of your car in an accident. While we hope you don’t have to use it, you should know how to file a car insurance claim in the Philippines.