What Happens If I Stop Paying My Car Insurance?
- By Venus Zoleta
- March 2, 2021
At some point, you might be unable to pay your car insurance premium. Perhaps you ran short of cash due to a family emergency, unemployment, or any unforeseen event. So what happens if you stop paying car insurance? A lot of things that will affect your finances. 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. What Happens If You Stop Paying Car Insurance on Time Not all car insurance companies give grace periods 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. If your insurance provider grants you 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. A few days after your due date, your insurer may send you a reminder via mail or SMS to pay your premium until a certain date without your coverage lapsing. What Happens If You Stop Paying Car Insurance Altogether Paying late is one thing; stopping your car insurance payments altogether is a different story. If you still don’t pay the premium after your grace period ends, it will lead to a…
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Credit Card Limit: What is It and How Do Banks Determine It?
- By Venus Zoleta
- February 26, 2021
The credit card limit is one of the most important things to understand when you’re applying for a card. Your credit limit affects how much you can spend with your plastic card. Of course, you want to have the highest possible limit because that means increased purchasing power. But unfortunately, you’ll never know how much your credit limit will be until you’re approved for a credit card. The closest you can get to predicting your credit limit is finding out how banks arrive at this figure. This will give you an idea of whether you’ll get a high or low credit limit. While you’re finding the right credit card, get to know what a credit limit is and how it’s calculated. What is a Credit Card Limit? A credit card limit is the maximum balance you can have on your card at any given time. It includes your purchases, finance charges, service and penalty fees, balance transfers, and cash advances. Put simply, it’s the total amount you can spend using your card. The higher it is, the more you can charge to your credit card. If you own multiple credit cards, the bank may either set a credit limit for each card or a single limit across all your cards. How Do Credit Card Limits Work in the Philippines? Unlike loans with fixed amounts and terms, the credit limit on a card isn’t set over a span of time. This means you can keep on using your card as long as you pay your credit card bills regularly and stay…
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No Income Documents? 3 Credit Card Alternatives to Consider
- By Venus Zoleta
- February 25, 2021
“Do credit cards require proof of income? If you’re unemployed, can you still get a credit card? How do you get a credit card without income documents?” If you have the same burning questions, then we have the answer. In the Philippines, it’s really challenging to get a credit card without proof of income. Most freelancers, stay-at-home parents, fresh graduates, and college students can’t apply for a credit card without payslips and income documents. Business owners even need to submit DTI and SEC registration papers. But thankfully, there are ways to apply for a credit card even without payslips, COEs, and ITRs. Yes, you can still enjoy the perks of a credit card without the hassle of securing income documents. Just choose from great credit card alternatives such as secured credit cards, supplementary credit cards, and prepaid cards. You can also swipe and enjoy cashless transactions while earning rewards points as well. These credit card alternatives have the same functions and offer the same benefits that regular credit cards do. But they don’t require income documents, and banks don’t need to conduct background checks. So if you’re unemployed or self-employed with no fixed income or have zero/poor credit history, try these credit card alternatives. 3 Alternatives to Credit Card Without Proof of Income 1. Secured Credit Cards What is a Secured Credit Card? A secured credit card works just like a regular credit card. The only difference is that banks will require collateral in the form of a savings or time deposit account. How much you deposit into the…
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Cheapest Cars to Insure in the Philippines 2021
- By Venus Zoleta
- February 18, 2021
Affordability is a crucial factor that influences a car purchase decision. When buying a vehicle, one of the first things you’d like to know is how much it will cost to own a particular model. However, the cost of car ownership involves not just the unit’s selling price. There are other equally important costs that come with having a car—insurance is one of them. Fortunately, a lot of options are available in the market when it comes to the cheapest cars to insure in the Philippines. Most of them happen to be cars with the cheapest vehicle selling price, especially hatchbacks from Japanese automakers such as Suzuki, Mitsubishi, Honda, and Toyota. What model are you planning to buy? Is it inexpensive to insure? Check out the top cars that are cheap for insurance. Note: The car insurance prices below are based on 2020 vehicles. Annual insurance premiums are based on the Moneymax auto insurance comparison platform. Cheapest Cars to Insure in the Philippines in 2021 1. Hyundai Eon 💰 Cheapest annual car insurance premium: PHP 6,776 (2020 GL 0.8L Gas M/T) One of the most popular hatchbacks in the Philippines, the Hyundai Eon is very easy to afford by first-time drivers, with its affordable price of under PHP 600,000. If you’re considering to buy a Hyundai Eon for your first car, you’ll be glad to know that it’s also one of the cheapest cars to insure at around PHP 7,000 per year (approximately PHP 600 per month). 2. Suzuki Celerio 💰 Cheapest annual car insurance premium: PHP 7,113 (2020 1L…
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Autosweep RFID Guide: Hassle-Free, Quicker Travel for Motorists
- By Venus Zoleta
- February 17, 2021
Do you often use the expressways on your daily trips? You know how long queues can get—it can take you half an hour or longer to line up for toll fee payment. And when you get to the toll booth, you’ll have to look for change. But the Autosweep RFID system has changed it all. Since the Toll Interoperability Project of the Department of Transportation was implemented in December 2017, motorists who travel from the south can go straight to toll plazas in the north, and vice-versa. Cashless transactions and reduced time spent at the toll gates are the greatest appeal of the radio-frequency identification (RFID) technology. Apart from this, full use of both Autosweep and Easytrip RFIDs will soon be implemented in major expressways in the Philippines. With that said, it’s important that you get your Autosweep RFID as soon as possible. Here’s a quick guide for you:. Autosweep RFID Coverage Autosweep can be used in the following expressways: Metro Manila Skyway South Luzon Expressway (SLEX) NAIA Expressway (NAIAX) Star Tollway Muntinlupa–Cavite Expressway (MCX) Tarlac – Pangasinan – La Union Expressway (TPLEX) Autosweep and Easytrip: What’s the Difference? You might be confused between Autosweep and Easytrip. Both are RFID systems that provide contactless and cashless payments in major tollways in the Philippines. Autosweep is for tollways under the San Miguel Corporation (SMC) Infrastructure while Easytrip is for tollways managed by the Metro Pacific Tollways Corporation (MPTC). For a better comparison, see the table below: Read more: Easytrip Guide: Easy Ways to Get and Reload Easytrip RFID Autosweep RFID Application You…
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How Do I Get a Copy of My Credit Report Online?
- By Venus Zoleta
Your credit report gives you an idea of your financial health, much like how your annual physical exam results reveal important details about your physical health. Checking your credit report once a year is good for your financial wellness. It lets you know if you’re creditworthy enough to be approved for loans and credit cards. This way, you’ll never have to wonder whether you’ll get an approval or denial from the bank each time you borrow money. The steps on how to get credit report in Philippines is easier than you might think, especially now that the Credit Information Corporation (CIC) and its accredited credit bureau, CIBI Information Inc.[1], has launched the CIBIApp where you can register and create an account online, either through your desktop or mobile phone. With this, Filipino consumers no longer need to travel physically to the CIC main office in Makati City to get a credit report. This move is also in line with the CIC’s goal to ensure everyone’s safety amid the pandemic. How to Get Credit Report in the Philippines 1. Access the CIBIApp on Desktop or Mobile To request for a copy of your credit report, you first have to download the CIBIApp via the Google Play Store. This is for Android smartphone users only. For desktop users, you may access the app via your web browser at cibiapp.cibi.com.ph/#/login. 2. Create an Account with CIBIApp Register by entering your personal and contact information and by creating a username with password. You would also be asked to upload the following documents: One primary…
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Every LTO Fee for Car Registration, Driver’s License, and Violations
- By Venus Zoleta
- February 16, 2021
Each transaction with the Land Transportation Office (LTO) comes with a fee—whether it’s for vehicle registration, driver’s license application or renewal, or settling a traffic rule violation. Learning about every LTO fee is an inescapable reality every car owner in the Philippines must deal with. What’s worse than parting away with your money is getting shocked at the amount you’ll have to pay at the LTO office. Unpleasant surprises like that can be avoided if you know the exact fees that you’ll be charged beforehand. That, or bring extra cash to avoid the inconvenience of running to the nearest ATM. Before you head out to the LTO office, take note of these LTO fees to expect for each kind of transaction you’ll have with the government agency. LTO Car Registration Fees In August 2018, reports surfaced about the Department of Finance’s proposal to increase the Motor Vehicle User’s Charge (MVUC). This is the MVUC meaning and it is part of the LTO fees you pay when you register your vehicle. As of this writing, no executive order has been released yet by the Malacañang, so the present rates on the LTO website are the same. MUVC Rates for Car Registration Here are the MVUC rates for private cars in the Philippines based on vehicle type and gross weight. For starters, registering your motorcycle will cost you PHP 240 and PHP 300 if it has a sidecar. LTO charges a different set of MVUC rates for aged private cars (model year 2000 and older): Read more: Complete Guide to LTO Car Registration…
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16 Savings Accounts with No Maintaining Balance
- By Venus Zoleta
- February 15, 2021
The Philippines is still a largely unbanked country. Data from the latest Bangko Sentral ng Pilipinas financial inclusion survey[1] show that 77% or 52.8 million adults don’t put their money in a formal bank account. Out of those who are unbanked, 60% said they didn’t open an account due to lack of money. This is a common misconception about having a savings account in the Philippines. In fact, Filipinos have many affordable banking options at their disposal. There are bank account types that make saving easy through no or low maintaining balance and initial deposit. No need to worry about not having enough money and having your account closed. You just need to know where to look for savings accounts with no maintaining balance. Here are the banks with no maintaining balance in the Philippines. All accounts listed below are insured by the Philippine Deposit Insurance Corporation (PDIC). Savings Accounts with No Maintaining Balance 1. ING Savings Account ING Philippines makes saving more affordable and rewarding for Filipinos. It offers a savings account that has one of the highest interest rates in the country. More importantly, it doesn’t require a maintaining balance and initial deposit. Being a fully digital bank, ING enables banking transactions, including savings account opening, through its mobile app. Clients may even deposit a check via the ING app. 📌 ING Savings Account Features: Account type: Digital Initial deposit: None Interest rate: 2.50% per annum Interest-earning balance: None Read more: Online Banking in the Philippines: The Benefits of Going Cashless 2. GSave Account Run by CIMB Bank Philippines,…
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Citibank Credit Card Application: Easy 5-Step Guide
- By Venus Zoleta
- February 4, 2021
Citibank is known for its fast credit card approval and delivery time. It usually takes only one to two weeks to get a Citibank credit card application approved and a few days to receive your new card. In contrast, other banks make you wait for a month or longer to process your application, and another one to two weeks to deliver the card. Citibank also has one of the easiest credit card application systems in the Philippines. You can do a walk-in application at a Citibank branch or deal with a credit card agent. However, the simplest and most convenient way to submit a Citibank credit card application is online. Steps to a Citibank Credit Card Online Application 1. Ensure You’re Eligible for a Citi Credit Card You can apply for a Citi credit card if you meet these eligibility requirements: Age 21 or older Have an annual income of at least PHP 180,000 for existing cardholders or at least PHP 250,000 for first-time credit card applicants Have an active landline or mobile phone number A valid TIN or SSS/GSIS number is also required Take note that Citi will accept your Citibank credit card application even if you don’t have a deposit account with the bank. 2. Prepare the Citi Credit Card Requirements If you have a credit card with Citibank or another bank, you only need a valid government ID to push through with you Citibank credit card online application. If you don’t have a credit card yet, you need to submit a couple of documents. Citibank Credit Card…
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My Credit Card Application Was Denied. What Should I Do?
- By Venus Zoleta
- February 1, 2021
Received a declined credit card application? It’s natural to be disappointed and paranoid—what if you’re rejected again on your next credit card application? But you don’t have to wallow in despair. Just because you’re rejected for a credit card doesn’t mean you can’t be approved in the future. You can take steps to ensure that your next attempt at getting a credit card will be successful. Here’s what you can do on how to get approved for a credit card. What to Do When You Receive a Declined Credit Card Application in the Philippines 1. Check Your Credit Card Application Status After you’ve applied for a credit card, the bank will contact you after one to three weeks to inform you about its status. However, in some cases, banks take longer than usual to process a credit card application, leaving applicants uncertain about whether they’re approved or have a declined credit card application. If you aren’t sure if your credit card application is declined, you can check its status by calling the bank or making an online inquiry. Here’s how to check the credit card application status with some of the major issuers in the Philippines. 📌 How to Check BPI Credit Card Application Status You can check your BPI credit card application status in two ways: online and through the BPI 24-hour hotline: To check via the BPI online banking facility, follow these steps: Go to the BPI official website at www.bpi.com.ph Log in to your account. Click Other Services > Application Status Inquiry > Credit Card. Enter your…
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Filipino Financial Bloggers You Should Follow in 2021
- By Venus Zoleta
- January 29, 2021
One of the best ways to handle your finances better is to learn from the experts and follow the journey of those who are on their way to financial freedom. There’s no shortage of good financial blogs and you can learn a lot from top financial bloggers in the Philippines who offer their knowledge, experience, and advice for free. So who are the best financial bloggers that you should follow this year? We’ve handpicked the best personal finance blogs in the Philippines that are worth bookmarking, as well as vloggers and influencers in the personal finance niche. 1. Fitz Villafuerte of Ready To Be Rich One of the first and top financial bloggers in the Philippines, Fitz Villafuerte started his career as a civil engineer and left the corporate world to become a freelancer. Now a full-time entrepreneur and registered financial planner, he has been named as among the 12 most influential people in personal finance, along with the late Senator Edgardo Angara and former Bangko Sentral ng Pilipinas Governor Amado Tetangco. Fitz shares his tips on business, investments, and saving money on his blog, Ready To Be Rich[1]. It won the Best Business Blog at the Philippine Blog Awards in 2010. His personal finance blog enjoys high engagement from followers (mostly Filipino young urban professionals), as his older posts have garnered hoards of comments. Fitz usually replies to comments on his blog. It also has over 100,000 followers on Facebook. 2. Tyrone Solee of Millionaire Acts Blogger Tyrone Solee has an inspiring financial journey. Fresh out of college, he started saving…
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Want to Learn How to Use PayPal? Here’s a Quick Guide for You
- By Venus Zoleta
- January 26, 2021
In this technologically advanced era, it’s hard to imagine life without a PayPal account. Signing up on PayPal is your rite of passage to adulthood—it allows you to perform financial transactions over the internet, like shopping online, sending money, and receiving payments. While PayPal helps make online transactions a lot easier, faster, and safer, it can seem complicated and overwhelming for first-time users. This is why we’ve come up with this comprehensive guide on how to use PayPal in the Philippines. How to Create a PayPal Account It’s free to sign up on PayPal. No registration fee is involved. All you need to make a PayPal account in the Philippines are your computer or smartphone and an internet connection. Below are the steps to help you begin. 1. Choose Your PayPal Account Type PayPal offers two types of account with features catering to different needs: personal and business. Before you register with PayPal, it’s important to decide on the type of account to set up. PayPal Account for Personal Use A personal PayPal account is suitable for the following users: Individuals who shop and pay online People who send and/or receive money from family and friends Casual sellers or non-businesses that buy and sell online PayPal Account for Business Use You need a business account on PayPal if you’re running an online business registered under a company name. A business account allows your business to accept PayPal as a payment method, helping you attract more customers who prefer to pay for their purchases via PayPal. Freelancers receiving payments from their…
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Honda Car Insurance Prices for Top Models in the Philippines
- By Venus Zoleta
- January 20, 2021
Wondering how much it will cost you to insure a Honda car? You’ll be glad to know that Honda car insurance prices in the Philippines are budget-friendly, especially the entry-level hatchback and sedan models. Insuring a Honda model starts at only around PHP 10,000 per year. Here are the cheapest Honda car insurance prices for the most popular models from the Japanese car manufacturer. Lowest Honda Car Insurance Price for Top Models Get a Free Car Insurance Quote Below is our partner car insurance companies and their features. Compare your options and get a free car insurance quote for your Honda vehicle! Read more: Car Insurance Companies in the Philippines Honda City Car Insurance Price Cheapest Annual Premium: PHP 10,387 (2020 Honda City E 1.3L Gas M/T) If you’re looking for a Honda car that’s affordable to own, then go for this five-seater subcompact sedan. The City has the lowest Honda car insurance price in the Japanese automaker’s lineup, making it one of the cheapest cars to insure in the Philippines. It’s also among Honda’s most affordable cars. The Honda City is even a cheaper and more fuel-efficient alternative to the Honda Civic. No wonder the City is the best-selling Honda model to date. Honda Jazz Car Insurance Price Cheapest Annual Premium: PHP 11,553 (2020 Honda Jazz S 1.3L Gas M/T) For only around PHP 11,000 per year, you can get cheap Honda insurance for this sporty and stylish hatchback. The Honda Jazz seats five people with enough space for luggage. Under its hood is a powerful, Euro 4-compliant[1] 1.5-liter…
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What is a Credit Score and Why Should I Improve It?
- By Venus Zoleta
- January 19, 2021
Do you know what your credit score is? You may not realize it, but this number can make or break your finances. Let’s say you’re applying for a loan to start a business. You’re confident that you’d be approved because you met all the qualifications and submitted all the requirements. Your income documents also prove that you can repay the loan. Much to your surprise, the bank denied your application. What could be wrong, you wonder. Banks consider a variety of factors to decide whether to lend money to someone or not. Apart from the financial information submitted via a loan or credit card application, banks also use a borrower’s credit report and credit score to gauge his or her ability to pay back a debt. “Banks lend other people’s money to borrowers. Therefore, they’re accountable. People should understand that banks cannot just lend to anyone without any basis,” said Credit Information Corporation Board Member Suzanne Felix in an ANC interview[1]. Keeping track of your credit score in the Philippines is crucial to managing your personal finances. It’s important to understand what it is, how it works, and why you need to check yours. What is a Credit Score and How is It Computed? Your credit score is a three-digit number that represents your creditworthiness or ability to pay off a loan based on the information in your credit report. What is a Good Credit Score? A credit score in the Philippines ranges from 300 to 850, with 850 being the highest rating. The higher your credit score, the better….
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LTO Student Permit Application Guide for First-Time Drivers
- By Venus Zoleta
- January 12, 2021
Driving a car for the first time? You need to have a license to drive legally in the Philippines. But before you can qualify for a driver’s license, you have to apply first for a student license at the Land Transportation Office (LTO). Here’s a guide to help you with your student permit application. LTO Online Application for Student Permit Students may now apply for their LTO permit online via the LTO web portal. Below are the steps in doing so. Visit portal.lto.gov.ph and click enroll as an individual. This is the Land Transportation Management System (LTMS) public portal that you can access on desktop, mobile, and tablet. Create an LTO online appointment for student permit at your preferred LTO branch. Pay your fees online. Note that LTO fines, car registration and renewal, and motor vehicle inspection services can be paid here as well. Read more: How to Use the LTO Online Portal: A Guide for Motorists in the Philippines What is an LTO Student Permit? An LTO student permit, sometimes called student license, is an official document that authorizes the holder to drive a vehicle in the Philippines in the presence of someone with a professional or non-professional driver’s license. The student permit is valid for one year from the issue date, which is enough time to learn road traffic signs and rules, improve driving skills, and get ready for LTO driving exams (taken during a driver’s license application). This document cannot be revised, modified, or renewed. Read more: A Complete Guide to Driver’s License in the Philippines What’s…
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How to Get PWD ID: Benefits and Application Guide
- By Venus Zoleta
- January 11, 2021
Been putting off your PWD ID application? Get one as soon as you can. Whether your medical condition is visible or not, you’ll benefit a lot from having a PWD ID. It’s your proof of your entitlement as a PWD, so you can get discounts that can greatly help in easing your medical expenses and other types of purchases. What is PWD ID? The PWD ID is the standard identification card for persons with disability (PWDs) in the Philippines. It can be used to avail of PWD discounts and other benefits as mandated by the law. What is the validity of the PWD Card? This ID card is valid for three years and free of charge when issued for the first time. There’s a minimal fee for PWD ID renewal due to expiration, damage, or loss of card. Who can get a PWD ID? Any Filipino with a permanent disability can apply for a PWD ID. Republic Act 10754[1] defines persons with disability as those with “long-term physical, mental, intellectual, or sensory impairments” that interfere with their interactions in society. PWD List of Disabilities The Department of Health (DOH) considers the following types of disabilities as eligible for a PWD ID: Psychosocial disability – Includes bipolar disorder, depression, ADHD, schizophrenia, epilepsy, and other long-term and recurring mental or behavioral issues Disability resulting from a chronic illness – Includes orthopedic disability due to cancer, blindness due to diabetes, and other disabilities due to a chronic disease Learning disability – Includes processing problems that hinder learning math, reading, writing, and other basic skills…
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8 Credit Cards with Easy Application Requirements
- By Venus Zoleta
- January 6, 2021
What’s keeping many Filipinos from getting a credit card? One of the top three reasons for not having a credit card is the approval process. This finding is hardly surprising since most banks in the Philippines take a month or longer to process credit card applications. It can certainly be frustrating for someone to wait for approval. However, there are a few credit cards with easy application requirements and approval process. For example, secured credit cards and regular credit cards with low income requirement don’t require a deposit account with the bank. Some cards also don’t require proof of income for existing cardholders. If you’re looking for easy approval credit cards in the Philippines, here are your best options: Credit Cards With Easy Application Requirements 1. Citi Simplicity+ ✅ Monthly income requirement: With existing credit card: PHP 15,000 Without a credit card: PHP 20,833 ✅ Annual fee: No annual fee for life ✅ Interest rate: 2% 📝 Citi Simplicity+ application requirements: At least 21 years old Active landline or mobile number Valid SSS, GSIS, TIN, or UMID number With existing credit card: Government-issued ID Without a credit card: Government-issued ID, certificate of employment, payslip/income tax return, and bank statement of payroll account showing one-month salary Citi credit cards are known to be among the easiest credit card to get approved for in the Philippines. Moreover, Citibank doesn’t require applicants to have a deposit account with the bank. Through Citibank’s online credit card application and approval system, applicants know in just a matter of minutes if they’re qualified. It takes only five to seven…
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Moneymax 2020 Recap: Looking Back on the Events of 2020
- By Venus Zoleta
- December 30, 2020
Ah, 2020. What a roller-coaster ride it has been—a year chock-full of surprises, uncertainties, and challenges. With all the things that happened in 2020, people are already looking forward to what lies ahead next year. But before moving on to 2021, it’s still worth looking back on the year that was. Moneymax lists the 20 events of 2020—both in the Philippines and around the world—that made the biggest impact on the lives of Filipinos. Top 10 Events of 2020 Taal Volcano Eruption 2020 began with the devastating news about the eruption of Taal Volcano on January 12, its first major one in 43 years, which led to ashfall over Batangas, Cavite, Laguna, and surrounding areas. The blast affected more than 700,000 people and caused an estimated PHP 4.3 billion worth of damage to agriculture, infrastructure, tourism, and service sectors. Because of these, the Calabarzon region was placed under a state of calamity on February 21. Kobe Bryant’s Death The world grieved when NBA legend Kobe Bryant died, along with his daughter Gianna and seven others, in a helicopter crash in California on January 26. The tragic death of the retired Los Angeles Lakers player shocked millions of fans worldwide. Tributes to the beloved Black Mamba poured in. Among the most striking ones is a huge mural of Kobe and Gianna made by Filipino visual artists on a basketball court at Taguig Tenement. COVID-19 Pandemic No doubt about it, the coronavirus pandemic has been one of the most significant events of 2020. Globally, COVID-19 has infected over 80 million and has…
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Ipon Challenges to Help You Hit Your Financial Goals This 2021
- By Venus Zoleta
- December 29, 2020
Saving money is as easy as spending it—said no one ever. This is probably why Filipinos are trying different fun and creative ways to save, or even coming up with their own ipon challenges. When you take on a money saving challenge, you’ll hit two birds with one stone. First, you achieve your financial goal for the year—be it saving up for a trip abroad, destination wedding, down payment for a home or car purchase, or capital for starting a small business. Second, you develop financial discipline and the habit of saving. Seems like a tall order, huh? But guess what: if everybody else can do it, so can you! Looking to challenge yourself to consistently save a certain amount this year? Take a look at these ipon challenges and pick the one that suits you best. 7 Ipon Challenges to Start in 2021 52-Week Money Challenge How much you can save in a year: PHP 1,378 to PHP 137,800 The 52-week money challenge involves saving in increments weekly, starting from the first week of the year up to the last. This ipon challenge is popular among Filipinos for a good reason. The amount to save increases as the weeks go by, motivating you to meet your saving target by the end of the year. It’s also flexible—you can start small (for as low as one peso) or big depending on how much you can afford to save every week. The hardest part is saving money during the last few months of the year when the amounts get higher and the…
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How Much Does it Cost to Insure Your Toyota Vehicle in the Philippines?
- By Venus Zoleta
- December 28, 2020
Toyota remains the undisputed best-selling car brand in the Philippines, leading the automotive market with around 40% share of the sales in 2020[1]. This despite the overall decline in car sales due to the COVID-19 pandemic and the series of typhoons in the latter part of the year. Also, the Japanese carmaker has among the most talked-about vehicle models, at least in the Philippines. Out of the 10 most popular cars launched in the country in 2020[2], six are Toyota models: Fortuner, Rush, Hilux, Wigo, Corolla Cross, and Hiace. If you recently bought or are considering to get a Toyota, its affordable selling price is most likely the key factor in your purchase decision. And it makes a lot of sense—in these financially challenging times—to look for the cheapest Toyota car insurance price for your new ride. Keep reading to get an idea of how much it will cost you to get a Toyota car insurance policy. Is Toyota Expensive to Insure? Toyota motor insurance costs, as with those of other Japanese cars like Honda and Nissan, come cheap in the Philippines. What drives a Toyota car insurance price down is the vehicle brand’s high safety ratings. Toyotas are equipped with top-notch safety features, which is a factor that affects car insurance costs. Also, Toyota car parts are easy and affordable to replace or repair. Here’s a table showing the lowest Toyota car insurance price per model if you’re looking for the cheapest coverage for your vehicle. Note that the prices are estimates from actual vehicle insurance providers. The actual…
