All Articles With Category : Car Insurance

The latest and the best financial news, tips and tricks.

The Importance of Car Insurance: 6 Benefits for Car Owners

You might think that car insurance is just another expense added to your monthly bills. However, vehicle insurance gives you a safety net when unfortunate incidents happen to you, your loved ones, and your vehicle. You may not prevent an accident from happing, but you can protect yourself if or when it happens. Keep on reading to know more about the importance of car insurance and how you can choose the right one for your needs. Table of ContentsThe Importance of Car Insurance: Why Should I Have One?1. Car insurance is required by law2. It protects you from theft3. Covers damages caused by disasters4. No up-front expenses5. Easy claims process6. Saves you money in the long runHow Do I Choose the Right Car Insurance?Determine your needsCompare and ask aroundEvaluate car insurance benefits and featuresConsider a customized policyChoose an insurance provider that offers flexible payment optionsFinal Thoughts The Importance of Car Insurance: Why Should I Have One? 1. Car insurance is required by law Every registered vehicle in the Philippines must get at least a basic Compulsory Third Party Liability (CTPL) car insurance. This policy protects you from any possible liabilities to a third party—any person other than a passenger, a family member, or a household member of the vehicle’s owner. CTPL is also one of the requirements before you can  register your car to the Land Transportation Office[1]. 2. It protects you from theft The importance of vehicle insurance shouldn’t be ignored, especially when hundreds of cars are stolen yearly[2]. We’ve all heard horror stories of people stealing someone else’s…

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Prudential Guarantee Strengthens Auto Insurance Program Through Partnership with Moneymax

MANILA, PHILIPPINES – SEPTEMBER 2020. Prudential Guarantee and Assurance, Inc. (PGAI), one of the country’s leading non-life insurance companies, partners with Moneymax to make its auto insurance program more accessible to a wider audience. Both companies aim to help Filipinos financially protect their vehicles without leaving the comfort of their homes. This is also part of PGAI’s effort to increase the use of digital processes and expansion of their car insurance services. Table of ContentsPrudential Guarantee x Moneymax: A Milestone for Both CompaniesClient Convenience and Safety, Always a Top PriorityAbout Moneymax Prudential Guarantee x Moneymax: A Milestone for Both Companies PGAI, with 41 offices operating nationwide, is the Philippines’ number one non-life insurance company in terms of Net Premiums Written based on the Insurance Commission’s 2017 to 2019 ranking. PGAI offers a complete suite of insurance products such as car insurance, property insurance, and travel insurance. The insurance provider is also an affiliate of PGA Cars, which exclusively distributes luxury auto brands like Audi, Porsche, Lamborghini, and Bentley. This partnership represents a milestone for both companies: this is PGAI’s first partnership with an online aggregator, while for Moneymax, PGAI becomes its largest insurance partner to date. Indeed, Moneymax is excited to extend the reach of PGAI’s comprehensive car insurance services to its website audience of more than half a million users per month. Greg Aguilar, Moneymax’s Head of Business Development shares, “We are excited to announce our new partnership with Prudential Guarantee. The partnership will allow Moneymax, as a registered broker, to offer PGAI’s car insurance products on its online…

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How to File a Car Insurance Claim: Complete Guide for Policyholders

Add car insurance to the list of things you need but you hope you’ll never use. Alas, just like power generators, fire extinguishers, and basic first aid kits, you will eventually arrive at a situation where you’ll need help filing a car insurance claim. In 2018 alone, Metro Manila had at least 100,000 recorded accidents[1] that were either fatal or injured people. Dealing with situations like a car accident or car theft is stressful as it is. You do not need the added stress of handling all the added expenses related to your car. That’s why you bought an insurance policy in the first place. Filing a car insurance claim in the Philippines ensures that you will receive assistance and compensation for the loss or damage your car will sustain in an accident. As a responsible car owner, you should know the entire process of filing a claim and the steps you need to take in the aftermath of a road accident. After all, you paid good money to protect your car from unforeseen events. You don’t want to waste that investment now, do you? Note that this article is only meant to give you a general idea about the car insurance claim process. Car insurance providers in the Philippines have different requirements, procedures, and other things related to claims, so it’s still best to consult your insurer for specific concerns with your insurance claim. Table of ContentsWhat Should I Do After a Car Accident?1. Get a police report2. Take pictures of the aftermath3. Get all the important information4. Undergo a…

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Beginner’s Guide to Comprehensive Car Insurance in the Philippines

Owning a car entails many responsibilities. Before you can even drive it, you need to accomplish basic requirements such as vehicle registration and car insurance coverage. While registering your car is a more straightforward task, getting a comprehensive car insurance in the Philippines can get more complex. It requires you to do some research on car insurance, determine the coverage your vehicle needs, and choose an insurance company that offers the best deals. But don’t let the process discourage your from insuring your car. Learn everything about comprehensive car insurance in the Philippines through this beginner-friendly guide. Table of ContentsCTPL Insurance vs. Comprehensive Car InsuranceWhat is Compulsory Third Party Liability (CTPL)?How Much is CTPL Insurance?What Does CTPL Insurance Cover?How Do I Get CTPL Insurance?What is Comprehensive Car Insurance?Why Do I Need a Comprehensive Car Insurance in the Philippines?How Much is Comprehensive Car Insurance?Where to Get a Free Car Insurance QuotationWhat Does a Comprehensive Car Insurance Cover?What Else Can a Comprehensive Car Insurance Cover?How to Get Comprehensive Car Insurance in the PhilippinesThings to Remember When Buying Comprehensive Car InsuranceBasic Car Insurance Terms You Need to KnowFinal Thoughts CTPL Insurance vs. Comprehensive Car Insurance Let’s start with the basics. There are two types of car insurance: Compulsory Third Party Liability (CTPL) and Comprehensive Car Insurance (Compre). It’s important to establish right off the bat that both types are equally essential. While it’s true that you only need to buy one, we highly recommend you to get both insurance policies to better protect you and your car. Let’s break down the difference between the…

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Car Insurance Companies: Where to Buy a Policy in the Philippines

Car insurance should offer more protection beyond the coverage of the mandatory CTPL. That’s where car insurance companies come in. In order to get the right coverage for your vehicle, you have to take note of all the options you have. And part of that is familiarizing yourself with all the car insurance companies in the Philippines. Here is a helpful list to get you started. Table of ContentsHow Auto Insurance Companies Earn1. Premiums2. Underwriting Income3. Re-InsuranceComplete List of Car Insurance Companies in the PhilippinesAlpha Insurance and Surety Company, Inc.Bethel General Insurance and Surety CorporationCharter Ping An Insurance CorporationCibeles Insurance CorporationCommonwealth Insurance CompanyCorporate Guarantee and Insurance CompanyCountry Bankers Insurance CorporationEmpire Insurance CompanyFPG Insurance, Inc.Fortune General Insurance CorporationIntra-Strata Assurance CorporationMalayan Insurance CompanyMAPFRE Insular Insurance CorporationMercantile Insurance CorporationMilestone Guaranty and Assurance Corp.New India AssuranceOriental Assurance CorporationPacific Union Insurance CompanyParamount Life and General Insurance CorporationPerla InsurancePhilippine British Assurance CompanyPioneer Insurance and Surety CorporationPNB General Insurers Co., Inc.Prudential Guarantee and Assurance, Inc.QBE Seaboard InsuranceSGI PhilippinesStandard Insurance Company Inc.Sterling Insurance Company, Inc.Stronghold Insurance Company, Inc.UCPB General Insurance Company, Inc.Western Guaranty CorporationFinal Thoughts How Auto Insurance Companies Earn According to the World Health Organization[1], 1.35 million people around the world die every year because of road crashes. If all of these people file a claim for their accident—amounting to millions or even billions of cash—will auto insurance companies still earn? The answer is yes. Despite millions of claims, car insurance companies still take home a profit ultimately contributing to industry growth. The concepts that keep car insurance companies profitable work the same way today as they…

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Basic Types of Car Insurance Coverage Explained

So you’re walking back to your car after a long day at work and you find a big scratch on the side of your car door. You’re pretty sure someone vandalized your car while you were away. Nightmare situations like this really make you consider the types of car insurance coverage you should be having. It’s natural to get pissed off when your prized vehicle gets damaged in any way. If you’re like most drivers, you would immediately ask whether your vehicle insurance will cover the damage or not. Having your car stolen, or worse, getting involved in a motorist accident that puts lives in danger are other events where car insurance can be really useful. To know whether you’re protected financially by your insurance company, you need to know about the different types of car insurance coverage in the Philippines. This can help you decide on what coverage to get when you apply for car insurance or have it renewed. Table of ContentsTypes of Car Insurance Coverage in the PhilippinesLiability CoverageComprehensive CoverageCollision CoveragePersonal Injury CoverageFinal ThoughtsGet a Free Car Insurance Quote! Types of Car Insurance Coverage in the Philippines Liability Coverage Liability coverage is one of the most basic types of vehicle insurance coverage in most countries. In fact, most countries require car owners to have liability insurance coverage before they can drive their vehicles. It covers the cost of the damaged property or the medical bills of people injured in the accident up to a certain amount as specified in your policy. Should you be involved in a covered car…

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Got a New Car? Here’s What You Should Before Hitting the Road

The existing public transportation system in the Philippines left us with no choice but to wake up early and fight through long MRT lines and bumper-to-bumper traffic. According to a 2016 survey, three in 10 Filipinos dread commuting[1] and buying a new car seems to be the most sensible solution to our traffic woes. After months of saving and obsessively researching for the best car in the market, you’ve finally bitten the bullet and got a car. Now what? It isn’t as easy as driving off with your ride. We listed down on what you should do after buying a new car to help you have a smooth start. Table of ContentsTo-do Lists After Buying a New Car1. Register Your Vehicle2. Get Car Insurance3. Photocopy Your Documents4. Read the Owner’s Manual5. Test Your Car’s Features6. Take Care of Maintenance7. Keep Track of Oil Change and Maintenance Schedule8. Make Necessary Repairs9. Add Personal Touches10. Understand Your Driving Capabilities11. Break It InFinal Thoughts To-do Lists After Buying a New Car 1. Register Your Vehicle You can’t drive your vehicle on open streets until it’s registered. If you buy a car from a dealer, they may provide you with at least a temporary registration for the car. Registrations for brand new cars are typically handled by the dealer. However, in the off chance that you must do the registration process on your own, you would need the following basic requirements: Original sales invoice Appropriate insurance certificate of cover TIN ID Original certificate of stock reported (CSR) Original PNP-HPG MV clearance certificate You must…

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Steps to Transfer Car Ownership in the Philippines

Is your second-hand vehicle already registered in your name? If not, you have to transfer car ownership immediately. Updating your vehicle’s ownership records with the Land Transportation Office (LTO) is among the first things to accomplish after purchasing a used unit. Generally, you can’t drive a car or motorcycle in the Philippines if it’s not under your name. Here’s everything you must know about how to transfer ownership of the vehicle in the Philippines. Table of ContentsHow to Transfer Car Ownership in the Philippines1. Get a Clearance from the PNP-HPG2. Prepare the LTO Requirements for Transfer of Ownership3. Apply for LTO Transfer of OwnershipTransfer of Ownership FAQs1. Who should apply for the change of ownership?2. How much does it cost to transfer car ownership in the Philippines?3. The original certificate of registration is lost/damaged. What should I do?4. Can I drive a motorcycle not registered in my name?5. What will happen if I don’t transfer car ownership?Final ThoughtsGet a Free Car Insurance Quote! How to Transfer Car Ownership in the Philippines 1. Get a Clearance from the PNP-HPG What is Motor Vehicle Clearance Certificate? A Motor Vehicle Clearance Certificate is an official document certifying that the vehicle is not in the list of wanted or stolen vehicles as of the issue date. The Philippine National Police – Highway Patrol Group (PNP-HPG) issues this certification. A PNP-HPG clearance is an important requirement for the transfer of ownership. It’s your proof to the authorities that the second-hand vehicle you’re using has neither been carnapped nor used in a crime. To confirm that,…

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Got Your Car Repossessed? Here’s What You Must Do

Uh-oh, the bank just hauled your car away. What now? Losing your car is painful as it is. The hard-earned money you’ve paid for the monthly installments is gone in an instant. Having no car suddenly can also jeopardize your work or business. It doesn’t help that the miserable state of public transportation in the Philippines doesn’t offer an alternative to car-less Pinoys. What happens next could be very stressful, but it’s the ugly consequence of failing to repay your car loan on time. Here’s what you need to know about car repossession in the Philippines and the steps you can take after going through the experience of having a repossessed car. Table of ContentsWhat is Car Repossession?Car Repossession Process in the PhilippinesWhat to Do When Your Car is RepossessedFind out why the car got repossessedGet your belongings backDecide if you can afford to recover your carDecide if you’ll keep or cancel your car insurance policyLet it goImprove your credit historyTips to Avoid Car RepossessionStay on top of your monthly paymentsTalk to your bankConsider refinancingSell your carFinal Thoughts What is Car Repossession? In the Philippines, car repossession means your bank takes your vehicle because of missed payments, typically called loan default. Authorities can seize your vehicle as soon as you fail to make your car payments as agreed in the contract. Should you default, your bank can charge you the following: Extrajudicial Foreclosure Under the Chattel Mortgage Law (Act No. 1508): if you voluntarily surrender your vehicle[1]. Judicial Foreclosure of the Chattel Mortgage: should you refuse to surrender your car….

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What Happens If I Stop Paying My Car Insurance?

At some point, you might be unable to pay your car insurance premium. Perhaps you ran short of cash due to a family emergency, or you can no longer afford the premium payments due to unemployment or any unforeseen event. Or you simply forgot because you’re too busy. Regardless of the reason you stop paying car insurance, it’s a costly mistake that can have serious and lasting consequences. You don’t want to be in such a situation. So it’s crucial to be fully aware of what can happen in case you miss a payment and what you can do to correct the situation. Table of ContentsWhat Happens If You Don’t Pay Car Insurance on TimeWhat Happens If You Stop Paying Car Insurance Altogether1. The Insurance Company Will Cancel Your Policy2. You’ll Lose Car Insurance Coverage3. Your Car Could be Repossessed4. Your Credit Score Could Drop5. Your New Premium Could IncreaseWhat to Do After Missing Your Car Insurance PaymentTalk to Your Car Insurance ProviderFind New Car Insurance CoverageChoose Your Payment Method WiselyFinal Thoughts What Happens If You Don’t Pay Car Insurance on Time Not all car insurance companies give a grace period to their clients. A grace period is a span of time after the due date during which a policy stays active even though the premium isn’t paid yet. But if your insurance provider provides a grace period, it won’t cancel your policy immediately because of a missed payment. Even if you make a late payment for your car insurance—as long as it’s within the grace period—your coverage won’t end….

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Best Websites to Buy Used Cars Online in the Philippines

Online shopping has redefined the used car purchase process. Gone are the days when shopping for second-hand cars meant spending a whole day hopping from one dealership to another and haggling a lower price. Nowadays, you can easily search where to buy second-hand cars online. Visit a buy-and-sell car website, type your desired make and model, and hit enter. Within seconds, you’ll get an extensive list of second-hand cars for sale. All you have to do is find the best deal for you and contact the seller to set up or negotiate the purchase. The best part of using buy-and-sell car websites? It doesn’t cost anything. You don’t even need to haggle—you can easily find cheap used car deals online. Visit these websites where you can buy used cars online in the Philippines. Table of ContentsWhere to Buy Second-Hand Cars Online1. Carmudi2. Tsikot3. AutoDeal4. Philkotse5. CarFinderPH6. PhilMotors7. Zigwheels PhilippinesFinal Thoughts Where to Buy Second-Hand Cars Online 1. Carmudi Carmudi[1] is one of the top places to know where to buy second-hand cars for sale in the Philippines. The website provides a host of useful services to enhance the buying experience for used cars online. The most noteworthy is its multi-point inspection service that eliminates the uncertainty about a used car’s real condition. Some of the used cars undergo full inspection—from the interior to under-chassis—before they’re put up for sale online. Buyers can download an in-depth vehicle inspection report for free, which shows the components that passed the quality and safety checks. The report also recommends parts for repair or replacement. This…

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10 Tips on How to Take Care of Your Car While in Quarantine

The government-imposed lockdown to control the Coronavirus spread has restricted the movement of not just people but also vehicles. While you’re stuck at home, your car is stuck as well in the garage for a long time. That’s the new normal for you and your ride. However, cars are designed to be driven regularly—not to sit idle for extended periods. The longer your vehicle stays put, the higher the risk of damage and expensive repair bills. Keep your vehicle in a good running condition during the COVID-19 quarantine period with these 10 car maintenance tips. Table of ContentsHow to Take Care of Your Car During Lockdown1. Clean and Sanitize Your Car2. Top Off the Fuel Tank3. Maintain Your Battery’s Good Condition4. Go for a Drive5. Change the Oil6. Keep the Tires Properly Inflated7. Remove the Wiper Blades8. Place Your Car in “Park” or “Reverse”9. Park in a Safe Spot10. Cover Your CarFinal Thoughts How to Take Care of Your Car During Lockdown 1. Clean and Sanitize Your Car Keep your car clean—even if you’re not using it as often—to prevent permanent damage to the paint job and to keep bad odor and molds from building up in the exterior. Car sanitation is also a must to get rid of viruses and other germs. Since most carwash shops are closed, you have no choice but to wash, wax, and disinfect your vehicle by yourself at least once a week. Do these DIY car maintenance tasks more often to protect your ride if it gets sprayed with harsh disinfectants at checkpoints. Related:…

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7 Reasons Why You Should Get Car Insurance Online

This article was published on May 25, 2016 and was updated on April 20, 2020. Did you know that you can buy car insurance online? Yes, paperless transactions do happen in the insurance industry, and you can take advantage of the benefits of going online. Once you’ve purchased car insurance over the internet, you might never want to go back to the traditional paper method. Here are the whys and hows of getting auto insurance online in the Philippines. Table of ContentsWhy Should I Purchase My Car Insurance Online?1. Save Time Searching and Comparing Quotes2. Purchase Car Insurance Conveniently3. Save on Costs4. Get Your Policy Faster5. Access Your Policy Anytime, Anywhere6. Renew Your Policy More Easily7. Save the EnvironmentHow to Process Your Car Insurance Online?What are the Requirements to Get Car Insurance Online?How to Get Car Insurance Quote Online?How to Pay for Your Car Insurance PolicyFinal Thoughts Why Should I Purchase My Car Insurance Online? 1. Save Time Searching and Comparing Quotes Convenience is the biggest advantage of shopping for car insurance online. In the past—before car insurance providers and brokers had gone online—car owners would spend hours calling different companies to request a car insurance quote. But in this digital age, the hours spent collecting and comparing quotes have been reduced to minutes with the help of car insurance comparison websites like Moneymax. Through a comparison site, you can compare quotes from a variety of insurers in one go and find the best car insurance at the lowest cost. Below is a list of car insurance companies where you…

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How to Get Car Insurance for Second Hand Vehicles

Second hand cars are cheaper to own than brand-new ones, which is why cash-strapped Filipinos typically opt for a used unit for their first car [1]. Did you buy a pre-owned car? Car insurance for second hand cars is not an option but rather a must. To insure a second hand vehicle, owners have two choices: either retain the old car insurance policy or buy a new policy. Here’s a walk-through of how to get car insurance for second hand cars in the Philippines. Table of ContentsHow to Transfer Car Insurance Policy for a Used CarHow to Get Car Insurance for Second Hand Cars1. Check If the Used Vehicle Can Still be Insured2. Decide on the Coverage You Need3. Get Car Insurance Quotes4. Submit the Requirements5. Receive Your PolicyFinal Thoughts How to Transfer Car Insurance Policy for a Used Car The easier way to insure a second-hand car is to keep its existing insurance policy intact. However, a policy doesn’t get transferred automatically with the change of vehicle ownership. The original owner has to get approval from the car insurance company to transfer the policy to the new owner. Do you prefer to retain the car insurance of your newly bought second-hand unit? As long as the original policyholder has not canceled the car insurance, you can have the policy transferred to your name right after finalizing the vehicle sale. The seller or original owner is the one who will coordinate with the insurance provider to request a transfer of car insurance policy. Once approved, the insurer will issue an…

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CTPL Insurance in the Philippines: A Quick Guide for Filipino Motorists

Owning a car entails a lot of financial responsibilities. Aside from the car itself, you’ll be paying for things like registration, maintenance, and insurance. Many Filipinos choose to forgo the latter, thinking that being careful is enough. Newsflash! It’s not, mainly because before you can even drive your car, you need to buy a particular type of insurance called TPL insurance. What is it and why is it necessary for owning a vehicle in the Philippines? Let’s answer that with this guide. Table of ContentsWhat is TPL Insurance?Is Compulsory Third Party Liability Insurance Mandatory?Why is TPL Insurance Mandatory?What is Third Party Liability?Not covered by TPLCovered by TPLWhat does TPL Insurance Cover?How and Where Can I Get TPL Insurance?How to Get CTPL Insurance Online?How Much is TPL Insurance?Vehicle TypeCTPL Insurance PriceHow Do I File a Claim for TPL Insurance?What are the Requirements for Filing a CTPL Claim?For third-party bodily injury claim:For third-party death claim:Final ThoughtsGet a Free Car Insurance Quote! What is TPL Insurance? TPL (or CTPL insurance for others) is a basic car insurance that every car owner in the Philippines should get before registering their vehicles to the Land Transportation Office (LTO). TPL means “third party liability,” but can sometimes be referred to as compulsory third party liability insurance. As the name implies, TPL covers you from liabilities you will receive in the event of an accident that injured or killed a third party. TPL insurance is a requirement for all types of vehicles, from private to commercial vehicles and even trucks and motorcycles. Is Compulsory Third Party Liability…

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The Benefits of Going Paperless with Moneymax

Table of ContentsWe’ve gone paperless! What does this mean?What does it mean for Moneymax clients?Sounds good. But what are the benefits? We’ve gone paperless!  We know that a lot of people still prefer the traditional way of doing business, which is to receive and sign documents on print. However, we believe that going paperless is beneficial not only for you, our dear client, but for the environment as well. What does this mean? This means that Moneymax will start issuing policy documents on soft copy. We have been doing this for quite a while but we wish to eliminate all kinds of printed insurance documents in the long run. What does it mean for Moneymax clients? Just a few things, really. All of our car insurance clients will automatically receive e-policies sent by their comparison advisors through email Remember that e-policies are as good as printed insurance documents. Your insurance provider will recognize your claim even if you don’t have a hard copy of your policy. Hard copies are by request only. Just inform your advisor if you really prefer to have one. Sounds good. But what are the benefits? A lot. It’s good not only for you but for the environment, too. Check out our infographic below. Do you have any questions? Confused on how paperless works? Feel free to send us a message on Facebook or email us at max@moneymax.ph. We’ll be happy to assist you.

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Car Sanitation Tips to Help Prevent Coronavirus Spread

Is your car free from the novel coronavirus? Much of what we hear about coronavirus prevention has to do with good personal hygiene, such as frequent and proper handwashing. But there’s hardly any info on how to disinfect car interior and keep it virus-free. During the outbreak, protect yourself and your passengers through good car sanitation practices—whether you drive for personal or ride-sharing purposes. More so if you own a fleet of vehicles for rental or any commercial use, especially if you live in an area with many confirmed cases of coronavirus disease 2019 (COVID-19). Table of ContentsHow Does Coronavirus Spread in a Car?DIY Car Sanitation Tips1. Use Soap and Water2. Don’t Use Harsh Chemicals3. Wash Surfaces Vigorously4. Clean Frequently Touched SurfacesProfessional Car Sanitation ServiceFinal Thoughts How Does Coronavirus Spread in a Car? Before we discuss how to disinfect car interior against viruses, it’s important to understand first how infections can possibly happen inside a car. Car interiors can contain and help spread viruses that cause infectious diseases like COVID-19. When an infected person coughs or exhales, small droplets from the nose or mouth land on surfaces in the car. Coronaviruses survive on surfaces for a few hours or up to several days, according to the World Health Organization (WHO)[1]. Other passengers can get infected when they touch surfaces with the virus, and then touch their eyes, nose, or mouth. The silver lining here, though, is that you can kill the virus on various surfaces in your car. Read More: Coronavirus Self Assessment Tool and Other Related Tips DIY Car Sanitation…

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How Much Does it Cost to Insure Your Mitsubishi Vehicle in the Philippines?

Got a Mitsubishi vehicle that you need to insure? If you’re wondering how much a Mitsubishi car insurance policy costs, the best way to start is to search and compare quotes for your particular model. But first, let’s set your expectations right. Car insurance cost in the Philippines—regardless of vehicle make and model—isn’t a fixed price. It varies depending on factors such as the add-ons you’ll get, how much your deductible is, and your vehicle’s model and variant. To help you get started, here’s a rundown of the cheapest annual premiums for Mitsubishi car insurance in the Philippines. Table of ContentsLowest Annual Car Insurance Cost per Mitsubishi ModelMitsubishi ModelAnnual PremiumCar TrimWhere to Get a Free Car Insurance QuoteMitsubishi Mirage Car Insurance PriceCheapest Annual Premium: PHP 12,397 (2019 Mitsubishi Mirage GLS 1.2L Gas M/T)Mitsubishi Mirage G4 Car Insurance PriceCheapest Annual Premium: PHP 14,298 (2019 Mitsubishi Mirage G4 GLS 1.2L Gas M/T)Mitsubishi Xpander Car Insurance PriceCheapest Annual Premium: PHP 19,032 (2019 Mitsubishi Xpander GLS 1.5L Gas A/T FWD)Mitsubishi Montero Sport Car Insurance PriceCheapest Annual Premium: PHP 27,617 (2019 Mitsubishi Montero Sport GLS 2.4L Diesel M/T)Mitsubishi Adventure Car Insurance PriceCheapest Annual Premium: PHP 16,107 (2019 Mitsubishi Adventure GLS Sport 2.5L Diesel M/T)Mitsubishi L300 Car Insurance PriceCheapest Annual Premium: PHP 12,547 (2019 Mitsubishi L300 Versa Van 2.5L Diesel M/T)Mitsubishi Lancer Car Insurance PriceCheapest Annual Premium: PHP 9,804 (2019 Mitsubishi Lancer GLX 1.6L Gas M/T)Mitsubishi Strada Car Insurance PriceCheapest Annual Premium: PHP 22,744 (2019 Mitsubishi Strada GL 2.5L Diesel M/T AWD)Final Thoughts Lowest Annual Car Insurance Cost per Mitsubishi Model Mitsubishi Model Annual Premium Car…

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How Much Does it Cost to Insure Your Toyota Vehicle in the Philippines?

Toyota car insurance costs, as with those of other Japanese cars like Honda and Nissan, come cheap in the Philippines. What drives car insurance prices down for Toyota models is their high safety ratings. They’re equipped with topnotch safety features, which is a factor that affects car insurance costs. Also, Toyota car parts are easy and affordable to replace or repair. This is also one of the reasons—apart from less expensive selling prices—why Toyota is the top-selling automotive brand in the Philippines. Toyota Motor Philippines sold a total of 161,385 units last year[1]. Out of the country’s 10 best-selling cars in 2019[2], seven are Toyota models: Vios, Hilux, Innova, Fortuner, Hiace, Wigo, Rush. If you’re trying to find a Toyota model that doesn’t cost much to insure, here are the Toyota car insurance prices that will help you decide the best vehicle to purchase this year. Note that the prices are estimates from actual vehicle insurance providers. The actual car insurance costs may still vary per Toyota model variant. Table of ContentsLowest Annual Car Insurance Cost per Toyota ModelToyota ModelCheapest Annual PremiumCar TrimWhere to Get a Free Car Insurance QuoteToyota Vios Insurance PriceCheapest Annual Premium: PHP 12,973 (2019 Toyota Vios J Base Model 1.3L Gas M/T)Toyota Hilux Insurance PriceCheapest Annual Premium: PHP 14,740 (2019 Toyota Hilux CabChassis 2.4L Diesel M/T)Toyota Innova Insurance PriceCheapest Annual Premium: PHP 14,713 (2019 Toyota Innova G 2.0L Gas M/T)Toyota Fortuner Insurance PriceCheapest Annual Premium: PHP 26,670 (2019 Toyota Fortuner G 2.4L Diesel M/T)Toyota Hiace Insurance PriceCheapest Annual Premium: PHP 24,379 (2019 Toyota Hiace Commuter 3.0L…

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Participation Fee in Car Insurance: What Is It and Why Is It Needed?

There are typical questions one may ask about their coverage or specifics on the policy they’ve acquired. Among these questions involve the participation fee in car insurance. “How much is my participation fee?” “Why do I have to pay a deductible for my car insurance?” Still have a vague idea of this car insurance cost? Here’s what you need to know about car insurance participation fees in the Philippines. Table of ContentsWhat is the Meaning of Participation Fee?Why Do Car Insurance Providers Charge a Participation Fee?Types of Participation FeeWhat is Deductible Fee in Car Insurance?What is Depreciation Fee in Car Insurance?How Much is Participation Fee in Car Insurance?How to Compute Participation FeeHow to Save Money on Car Insurance Participation Fee1. Consider a Fixed Deductible Fee2. Pursue Your Claim Against the Third Party If You Aren’t at Fault3. Use Surplus Parts for Repair4. Pay for the Repair Bill by YourselfFinal ThoughtsGet a Free Car Insurance Quote! What is the Meaning of Participation Fee? A participation fee is an amount you pay out-of-pocket to your car insurance provider every time you make a claim before the insurer shoulders the rest of the claim value. Participation fee payment is one of the requirements for most car insurance claims. As a policyholder, you’re required to “participate” in your car insurance cost. Essentially, this means you share in the expenses for repairing your damaged vehicle after an accident. Read more: Guide to Filing a Car Insurance Claim Why Do Car Insurance Providers Charge a Participation Fee? Car insurance companies require their clients to pay participation fees…

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