What are the requirements for getting car insurance in the Philippines?

Having car insurance in the Philippines is a necessity, in fact, even the government requires you to get Compulsory Third Party Liability (CTPL) for your vehicle when you registered it. CTPL, however, only covers certain aspects of insurance. It only covers the death or injury of a third party and not the damages to the vehicle itself. With that in mind, it is important to make sure you have insurance for your vehicle more so if it's a brand new unit. If you want to get your hands on a great insurance package, here is what you will need.

Determine which insurance provider suits you best by checking the packages they have to offer. Autodeal has a list of insurance companies that are ready to give you the best deal to fit your insurance needs. Pick an insurance provider that will best suit your needs given your defined budget. Remember each package covers a different range of parts and clauses so make sure to fully read the terms and conditions. It is also important to remember that your insurance premium will depend on the make, model, and age of your vehicle. As the vehicle ages the higher the premium for it will be. A newer vehicle’s premium, however, will be based on their fair market value or how much it would sell for in an open market. Another important factor to note is that some insurance companies will not accept vehicles past a certain age as it would cost too much for them to repair. 

Once you have chosen the right insurance company for you the process begins. You will need the following requirements to apply for insurance.

Original Receipt (OR)

It shows that the vehicle’s registration has already been paid for by your dealership that you purchased the unit from or has been previously registered by the prior owner. Make sure to also have at least a photocopy and a digital copy of the latest OR on hand for later use.

Certificate of Registration (CR)

This document shows that your vehicle has been registered in the Philippines and that you are the owner. If your vehicle was purchased second hand it is highly recommended that you change the ownership details to yours.

Driving License

The Driver’s license will act as one of the primary ways to identify you when it comes time to submit insurance documents. It also proves that you are able to drive a vehicle.

Government ID

This acts as another means of identifying you when it comes to processing the required documents. You can use any sort of ID so long as it comes from the Philippine government. Examples of such are as follows: Passport, SSS ID, Postal ID, Driver’s license, Voter’s ID, TIN, etc.

It is important to note that some companies may ask you for a physical copy of these documents so have them ready to make your application process move smoothly.

After you have gathered all of the requirements and have sent them off to the insurance provider’s office the next to the last step begins.

The final step in getting insurance for your vehicle is choosing the method in which you will pay for it. There are several options available which the insurance company will offer you and you can choose which one suits you and your budget best. You will, however, have to pay a small processing fee, after this the wait begins. In about 1 to 3 days you should receive your chosen insurance policy in your email inbox. Make sure to print out a copy of the insurance policy and keep it inside your vehicle to incase of an emergency.