How to Apply for A Car Insurance in the Philippines
In the Philippines, vehicle owners are required by law to secure a Compulsory Third Party Liability (CTPL) insurance as a prerequisite to the registration of a motor vehicle. This is the basic insurance coverage required by the Land Transportation Office when you register your vehicle. This coverage will answer for the death, disablement and medical expenses of a person injured because of an accident involving your vehicle.
When you apply for a car insurance in the Philippines you will need to answer a number of questions. You can get all the information in your car’s Certificate of Registration.
Here are some of the most common requirements asked by insurers:
- 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/type/model of the vehicle body
- Year model
- Motor/body/engine no.
- Serial/chassis no.
- Color of the body of the vehicle
- Plate number
- Car usage – whether private or commercial
- Coverage – compulsory third-party liability (CTPL), comprehensive with acts of nature, comprehensive without acts of nature
You can get a motor vehicle insurance directly from the insurer, through an agent/broker or with the help of a car insurance comparison site. If you contact an insurer directly, the firm will only give you details of its own cover so you will not be able to assess whether or not it is good value for money in relation to the rest of the market. Insurance agents can search the market to find the best deal for their client and offer advice on the right type of policy. However, some brokers select from only a limited number of insurers. An online motor vehicle insurance comparison site is a quick and easy way to compare insurance policies, whether you want mainstream cover or a specialist policy. You will find cheap insurance quotes provided by some of the country’s leading insurers on eCompareMo.com which could help you find the best car insurance policy for your circumstances.
Renewal application and cutting the cost of cover
The cost of insurance might be coming down, but nobody wants to pay over the odds for cover. Yet many of us still stick with the same insurer at renewal, when we could probably find a better deal elsewhere. When your car’s insurance policy is near expiration, it is a wise move to get different quotes from other insurance companies. With eCompareMo, we can simplify the tedious process for you with just a click of a button.