Luxury Cars In The Philippines And How Much It Costs To Insure Them

Money can’t buy happiness. But for the extremely affluent, it can buy toys to put a smile on one’s face. In the case of minted car nuts, that would mean a fleet luxury cars sitting pretty in their garage.

If you’re seriously considering a luxury vehicle, congratulations. You’ll be joining the ranks of people who enjoy the best of the best cars.

Luxury Car Insurance

However, with a great luxury car comes great responsibility. Since a high-end vehicle comes with an eye-popping price tag, you want to ensure you enjoy your ride while insulating yourself from the expensive risks of driving by getting car insurance for your luxury vehicle.

Before you even visit the prestigious showrooms of your favorite exotic brands, you may want to know first the price of insuring a high-end car.

To give you a sample, we tapped our friends from Standard Insurance to give us their quotes for 10 luxury car models available in the Philippines. Keep in mind that car insurance quotes for luxury vehicles are available only upon special request.

Lexus RC F

Price: P5,598,000

Total premium with taxes: P163,602.16

Lexus RC-F
Ford Mustang 5.0L V8 GT

Price: P3,358,000

Total premium with taxes: P99,382.48

Ford Mustang GT 5.0
BMW 7 Series 740Li

Price: P10,490,000

Total premium with taxes: P303,853.35

BMW 7 Series
Mercedes-Benz E-Class E 200 AMG-Line

Price: P4,790,000

Total premium with taxes: P140,437.20

Mercedes E Class AMG
Bentley Continental GT

Price: P20,000,000

Total premium with taxes: P576,500.30

Bentley Continental GT
Aston Martin V12 Vantage S

Price: P13,500,000

Total premium with taxes: P390,148.55

Aston Martin V12 Vantage
Lamborghini Gallardo

Price: P6,000,000

Total premium with taxes: P175,127.30

Lamborghini Gallardo
Porsche Carrera S

Price: P12,000,000

Total premium with taxes: P347,144.30

Porsche Carrera S
Ferrari 458 Italia

Price: P22,000,000

Total premium with taxes: P633,839.30

Land Rover Range Rover Sport

Price: P9,180,000

Total premium with taxes: P220,524.83

Range Rover Sport

Anatomy of a car insurance premium

Like its price, a luxury car’s insurance premium is also more expensive than the average vehicle.

In a nutshell, the premium is based on a unit’s fair market value; the higher the estimated value of the insured vehicle, the higher the premium will be.

Based on the tariff rate imposed by the Insurance Commission, the sticker price of a car’s comprehensive insurance can go somewhere between 1.25 and 3.75 percent of the vehicle’s estimated value. Meanwhile, the optional acts of nature coverage will cost the owner 0.50 percent of his car’s value.

While the premiums for theft, own damage, and acts of nature rely on the value of the vehicle, the government’s insurance governing agency set a schedule of premiums for bodily injury and property damage. They are based on the following:

Bodily injury premiums
Limit of cover Premium
P50,000 P195
P75,000 P225
P100,000 P270
P150,000 P345
P200,000 P420
P250,000 P510
P300,000 P585
P400,000 P660
P500,000 P750
P700,000 P915
P1,000,000 P1,050
Property damage premiums
Limit of cover Premium
P50,000 P975
P75,000 P1,035
P100,000 P1,095
P150,000 P1,170
P200,000 P1,245
P250,000 P1,320
P300,000 P1,395
P400,000 P1,515
P500,000 P1,635
P700,000 P1,920
P1,000,000 P2,235

You will also have to pay some taxes such as documentary stamp tax, value-added tax, and local government tax. Compute them all together and that, friends, is how you get the insurance premium for your car.

Sources: BMW, Lexus, Ford,, TopGear Philippines,