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Car insurance is first of all required by law before you are allowed to drive your vehicle on a public road. Secondly your car insurance is for your financial protection when you have damages to your car or cause damage to another vehicle. The insurance policy is a financial contract between yourself and the insurance provider, shielding you from major financial loss.
The amount of protection you get from your car insurance policy is determined by the yearly premium that you pay and therefore the options included in your policy. At a minimum it is mandated that all vehicle owners get Compulsory Third Party Liability Insurance (CTPL), which covers death and injury of third parties but minimally covers the driver or it’s passengers. Most vehicle owners are looking for further protection and opt for comprehensive insurance, which compensates the policyholder for financial losses due to physical damage, bodily injury resulting from vehicle collision, theft, fire, or any damage that may arise from incidents in a vehicle.
A responsible vehicle owner should protect themselves from vehicle repair costs, hospitalization fees, and help protect other vehicle owners.
If you don’t have insurance and you crash into a vehicle and it is your fault then not only are you breaking the law but you will need to pay damages for your own vehicle and the repair costs on the vehicle you damaged, which could easily cost over ₱100,000. If you had comprehensive car insurance it would pay for all damages, thus protecting your pocket.
If your car is still under loan and not fully owned, then it is mandated that you get comprehensive car insurance until it is fully paid, which at this point you could choose to opt for CTPL only.
Generally the main reasons why you should have comprehensive car insurance are;
Before discussing the different types of Insurance policies available it is important to understand the following terms to understand who the policy is giving protection too and who covers the financial costs.
There are currently 3 main levels of car insurance that you can get in the Philippines, all with pretty big differences. See below;
|Coverage||Compulsory Third Party Liability||Voluntary Third Party Liability||Comprehensive without AON||Comprehensive with AON|
|Excess Liability: Bodily Injury|
|Excess Liability: Property Damage|
|Passenger Personal Accident|
|Strikes, riots, civil commotion|
|Acts of Nature|
|24/7 Customer care|
|Loss of use - Temporary use of vehicle|
|Financial protection against damage of vehicle and bodily harm of yourself, passengers and third parties, depending on the type of insurance.|
|Peace of mind that your vehicle, passengers and others on the road are protected.|
|Saves you money from potentially large repair and medical costs.|
|Insurers handle legal and paperwork, providing expertise and saving you time.|
|Well it’s not really a con, but yes you do have to pay an annual insurance premium|
|There are deductibles before you start using your insurance to cover medical expenses for example, but still much cheaper than potentially paying for the whole medical bill yourself.|
|Don’t expect all comprehensive insurance policies to be the same, they won’t all cover everything, make sure you clearly understand what is and is not included, so that there are no surprises down the road.|
|Yes it’s true you might pay the yearly premium and never use your insurance, but that is a good problem to have.|
Some typical ad-ons to your insurance policies are usually increases in financial protection or increased benefits, below are some common examples.
Voluntary Third Party Liability - This coverage protects for indemnities beyond the limits set forth under the CTPL coverage.
Personal Accident Insurance - Financially protects the driver and passengers against bodily injury or death if an accident occurs.
Roadside Assistance - Is usually an optional added service, which provides peace of mind if you breakdown or need a towing service.
Acts of Nature - Provides financial protection if your car was to be damaged by typhoons, earthquakes, flooding, volcanic eruptions or other similar natural disasters.
Loss of use - If your vehicle is under repair you can usually borrow a vehicle for upto 2 weeks, whilst your car is not available to use.
Getting your CTPL is easy and inexpensive, all you have to do is go online and purchase from an insurance provider. Costs are regulated and standardized by the insurance commission. You will need to upload the following documents;
Once you have received your policy, usually through email, you will print these documents out and upon registration you will present these to the LTO for proof of CTPL purchase.
|Vehicle Classification||Premium Cost (Inclusive of Tax)|
|Private car including private jeeps and utility vehicles||₱560|
|Light or medium trucks, not over 3,930 kg||₱610|
|Heavy Trucks & Private Busses over 3,930 kg||₱1,200|
|AC & Tourist Cars||₱740|
|Taxi, PUJ, Mini bus||₱1,100|
|PUB & Tourist Bus||₱1,450|
Motorcycles, Tricycles & Trailers - ₱250 *put into table
There is also a vehicle identification fee of ₱90.40 on top of the CTPL premium. So for a private car the cost would be ₱560 + ₱90.40 = ₱650.40
Your CTPL policy will cover up to ₱100,000 in third party-liability as well as the following schedule of indemnities for bodily injury and/or death.
The documents you need for comprehensive insurance are the same as for your CTPL, but if you have already purchased your CTPL, you don’t have to get the comprehensive insurance from the same provider, you can shop around and search for the policy that best suits your needs and wallet. Once again you can research online and purchase your policy online, no need for phone calls or in person meetings.
The usual range for comprehensive insurance for cars between ₱750,000 and ₱2m is usually between ₱15,000 - ₱50,000 per year, depending on the car make and model and the type of comprehensive insurance policy and ad-ons that you opt for.
It is possible to insure second hand cars, but there are a few guidelines to consider;
If you are in an accident these are the steps you should take to enable your insurance to take care of the financial implications;
First of all you need to know your insurance renewal schedule and two months beforehand, start researching other possible options. Services like AutoDeal Insurance will automatically send you renewal quotes from which you can choose from. Research online and get some more quotes, and once you have those quotes you can always go back to your current provider and see if they can match or beat it, normally they can.
|1st Party||Owner of the Insurance Policy|
|2nd Party||Insurance Policy Provider|
|3rd Party||Other party involved in the accident|
|At Fault||Persons who were at fault in the accident|
|Claim||Policy owner requesting for damages to be covered by the insurance provider|
|Deductible||A certain amount you need to pay before the insurance provider pays all other expenses.|
|Fair Market Value||The estimated value of your car in relation to it’s Make, model and variant|
|Premium||This is the overall cost of your insurance policy for the duration of one year|
|Policy Schedule||These are the full details of your policy - Coverage, price and start & expiration date.|