Find the Most Affordable Car Insurance Policy in the Philippines
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Data from the Philippine Statistics Authority shows that the number of fatalities due to road crash has been increasing since 2014. What’s worrying is that 79 percent of these accidents are caused by driver error.
With the growing rate of car accidents in the Philippines, it’s financially wise for every motorist to have a car insurance to protect them against expenses that may arise in the event of an accident.
The mandatory Compulsory Third Party Liability (CTPL) insurance that comes with your LTO registration is not enough. Every Filipino car owner needs a Comprehensive Motor Vehicle Insurance that shields their finances from the following:
- Own Damage/Theft
- Excess Bodily Injury or Voluntary Third-Party Liability (VTPL)
- Property Damage or Voluntary Third-Party Liability (VTPL)
- Auto Personal Accident (Auto PA)
- Acts of Nature
Keep in mind, however, that not all providers are made equal. That’s where eCompareMo’s Car Insurance Wizard comes in.
Simply punch in a few basic details and you get the most affordable car insurance quotes within seconds.
List of Car Insurance Companies in Philippines
Going through each and every single insurance option is a tedious process. Imagine having to check the premiums, rates, inclusions, and freebies offered by the following car insurance providers in the Philippines:
- Charter PingAn Car Insurance
- Mapfre Car Insurance
- Pioneer Car Insurance
- Standard Car Insurance
- Liberty Car Insurance
- Fortune Gen Car Insurance
- QBE Seaboard Car Insurance
- Oriental Assurance Car Insurance
- AsianLife Car Insurance
- The Mercantile Insurance
- FPG Car Insurance
- Malayan Car Insurance
- Prudential Guarantee Car Insurance
- PNB Gen Car Insurance
- Standard Car Insurance
- UCPB Gen Car Insurance
- Commonwealth Car Insurance
The benefits and advantages of a car insurance can also reduce the risk of uncertainty, lessening the financial burden of the insured.
Car Insurance Sample Quotes
|SAMPLE COMPUTATION - SUV|
|Insurance Provider||PROVIDER A|
|Estimated Fair Market Value||PHP562,000|
|Auto Personal Accident||PHP250,000|
|Total Estimated Savings||PHP9,700|
Disclaimer: Figures indicated are for illustration purposes only. Actual prices may vary
Here are a few irrefutable reasons every car owner should get a vehicle insurance:
- Covers the accident repair costs.One of the advantages of having a vehicle insurance policy in your hands is to keep your finances safe from unwanted automobile expenses arising from accidents you might or might not have caused. Your provider shall take care of the body repair and parts repair/replacement in case of damages; or replacement of your vehicle in case of theft, such as carnapping.
- Aids in paying the hospital bills.Apart from the maintenance and repair of the vehicle, your policy also covers hospital bills. This applies to both the insured party and the third party involved in the accident.
- Enables you to pay depending on your capacity.Not all Filipinos may be aware that an insurance is actually a means to save rather than an expense, and it’s because of the car insurance premium they have to pay upfront. Luckily, there are several car insurance providers in the Philippines that allow you to pay in installment. A car owner can choose from different payment terms according to their budget.
Overall, getting your car insured is recommended because of the following:
- Efficient, as it decreases the risk of uncertainty
- Reduces the financial burden due to the losses
- Gives peace of mind, either your own or someone else
- Serves an investment instrument, and more discipline of saving
Car insurance companies also give you the option to avail of add-ons, such as:
- Loss of Use, where the provider reimburses the transportation costs while your vehicle is being repaired.
- Roadside and Towing Assistance.Some insurance firms offer these as a freebie.
A number of providers in the Philippines, in fact, offer more perks and free add-ons bundled with their policy. This makes car insurance comparison a wise choice for consumers.
What are the different types of Car Insurance?
Just like in any other types of insurance, car insurance has several types to suit variety of needs. To give you an idea on what are the kinds of car insurance in the market, here are few kinds of types of car insurance that you can choose from.
- Compulsory Third Party Liability (CTPL) – As a car owner in the Philippines, it is mandated that you will get the compulsory third party liability (CTPL) that insured a third party up to P100,000. Third party refers to any person other than the passenger that they encounter in an accident, either by causing an injury when outside of it or while riding the insured vehicle.
- Comprehensive Car Insurance—without Acts of Nature – A comprehensive car insurance without the Acts of Nature covers an accident cause by vehicular accident, such as collision and overturning, theft, and other malicious acts from third party.
- Comprehensive Car Insurance—with Acts of Nature – A comprehensive car insurance with Acts of Nature covers an accident cause by natural disasters, such as typhoons, earthquakes, wildfires, and floods.
How to Apply for a Car Insurance Coverage?
Applying for a new vehicle insurance policy may require you to submit more documents than usual. Not all cars also be insured too, because the legal status of the vehicle must be clear. Here are some of the most common qualifications you must have in order to apply for a car insurance:
- Valid driver’s license and valid vehicle registration
- The ownership status of the vehicle to be insured must be legally recognized by the law
- Vehicle was not involved or used for unlawful acts
- Some car insurance companies in the Philippines do not accept cars over 10 years of age (unless for renewal only) and over 8 years old for commercial vehicles (unless reconditioned or certified to be in good running condition)
When applying for a vehicle insurance, you need to present several documents that are required by providers. Among them:
- Name of the registered owner appearing in the Certificate of Registration (COR). In the absence of COR, the name of the buyer in the deed of sale
- Address of the owner
- Make (whether Toyota, Honda, Mitsubishi, etc.)
- Body type (Fortuner 4x2, Hi-Ace Super Grandia 2.5 DSL)
- Year model (2014, 2013)
- Transmission (manual or automatic)
- Plate number
- Usage of car (either personal or commercial)
eCompareMo’s insurance comparison team has a combined 30 years in the insurance industry. Our comparison advisors will be glad to help you with any concerns, and provide free consultation via phone call or email.
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