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Beginner's Guide to Car Insurance | Moneymax

Owning a vehicle entails many responsibilities. At the onset, you need to accomplish basic requirements such as vehicle registration and car insurance coverage. The latter, however, tends to be more complex than the former. Other than determining the coverage your vehicle really needs, you also need to look for an insurance company that offers the best deals. If you think car insurance is a burden, think again. It’s the protection you, your vehicle, and your passenger needs. Learn everything about car insurance in the Philippines by reading—and sharing—this thorough guide.

Why is it Important to Have Car Insurance?

Accidents can happen to anyone, even to the most careful driver on the road. While car insurance cannot prevent accidents from happening, it can protect you and your vehicle when unfortunate incidents occur. Car insurance provides financial protection by covering car repairs and insuring you against damage, liabilities caused by collision, and car theft, among many others. Without car insurance, you will be financially responsible of all damages associated to your vehicle. This can be extremely costly and difficult to pay, especially if you aren’t financially prepared.

How Much is Car Insurance in the Philippines?

There is no fixed price for car insurance in the Philippines. Every car insurance coverage differs by price as they depend on the current state of your vehicle. Factors that may affect your policy rate are:
  • Model of your car
  • Make of your car
  • Your car's variant
  • Your car usage
Another important thing to note when determining the price of car insurance is Fair Market Value. FMV is a value computed according to the vehicle’s model and series. It is a fairly accurate reflection of the price that the insurance company will cover in case of vehicle damage or loss. Insurers also consider your car’s depreciation when providing a rate. Your car loses value every time you use it; it wears out just like any belonging thus affecting its overall worth. Most insurers apply a straight-line 10% annual depreciation to the value of cars. However, this calculation may vary on a case by case basis.

Different Types of Car Insurance

There are two types of car insurance in the Philippines: Compulsory Third Party Liability (CTPL) and Comprehensive Car Insurance or “Compre.” What are their main differences and which type do you need? Here’s a quick rundown.

Compulsory Third Party Liability

CTPL insurance is the most basic and least expensive car insurance in the Philippines. It is a government-mandated insurance policy, which covers both private and public vehicles. Before registering your vehicle with the Land Transportation Office (LTO), you need to secure a CTPL insurance first.

How Much Is CTPL insurance?

CTPL rates differ by length of coverage and type of vehicle. Below are the rates mandated by the Department of Finance's Insurance Commission. For one-year coverage: For three-year coverage:

What Does CTPL Insurance Cover?

CTPL insurance covers a policyholder from financial responsibilities brought by injuring or killing a person. It covers the expenses associated to property damage, bodily injury, permanent disablement, and/or death of the person involved in an accident. Remember that you can only claim a CTPL insurance coverage if the injury or death of the third party was due to the operation of your vehicle. For a more detailed list of CTPL insurance coverages, click here.

How Can I Get a CTPL Insurance?

Getting a CTPL insurance is easy. In fact, all you have to do is choose a non-life insurance provider and buy your policy from them. The Insurance Commission of the Department of Finance mandates CTPL insurance rates so you can ensure the same CTPL rate across all insurance companies. Upon purchase of a CTPL insurance, you will receive a policy with conditions together with a Confirmation of Cover or COC. Bring these documents to the LTO upon registration to prove that your vehicle has a third party insurance coverage.

Comprehensive Car Insurance

Comprehensive Car Insurance or “Compre” is much different compared to CTPL. Other than providing more coverage, the government does not require this type of car insurance. Getting a Comprehensive Car Insurance is a smart move, especially if you use your vehicle every day. It secures you, your car, as well as your passengers from risks you don’t have direct control of. Apart from road-related incidents, a Comprehensive Car Insurance can also protect you from natural disasters such as flood and earthquake.

Common Coverage of Comprehensive Car Insurance

Below are the common coverage that may be part of a comprehensive car insurance in the Philippines. Own Damage/Theft Own Damage/Theft is the most common coverage across car insurance companies in the Philippines. It covers car damage, car loss, and damage/loss of declared accessories and spare parts due to instances like car robbery, vandalism, and fire or external explosion. Property Damage or Voluntary Third Party Liability (VTPL) Voluntary Third Party Liability or VTPL mainly covers damages caused by your vehicle to third party properties. For example, if you get into an accident and damage someone else’s car, your insurance company will cover all property damages associated to that incident. Personal Accident Personal Accident or Auto PA usually comes as a free add-on upon purchase of a comprehensive car insurance. This kind of coverage provides financial aid to you and your passengers in the event of injury, disablement, or death caused by a vehicular accident. Acts of Nature Also known as Acts of God, Acts of Nature became extremely relevant after Typhoon Ondoy flooded Metro Manila and destroyed thousands of cars. Many insurance companies offer this coverage due to the extreme weather conditions in the country. Acts of Nature protects vehicles from natural disasters such as earthquake and flood, and even animal contact.

Coverage Add-Ons

A basic comprehensive car insurance serves the common needs of vehicle owners. However, there are instances that require a little more coverage for your car. Here are some add-ons to consider. Legal Assistance If you are involved in a legal case caused by a vehicular accident, this kind of insurance coverage can aid you financially by paying for hearings and/or legal consultations.  Legal assistance allows you to settle legal issues in a more cost-effective way. Roadside Assistance Do you wish to receive immediate assistance when your car breaks down on the road? If yes, consider adding this coverage to your policy. Roadside Assistance covers various vehicle services, including towing services, roadside repairs, and fuel deliveries. Loss of Use If you can’t use your car due to damage, Loss of Use will reimburse any transportation expenses incurred during your vehicle’s repair period. Some insurance companies also offer temporary transport services in events like this.

Things to Remember When Buying Comprehensive Car Insurance

  • Know the term and expiry of the policy. Take note of the term and expiry date of your policy to avoid additional costs from your insurance company.
  • Don’t skip the fine print. Before signing, read the documents provided to you. It’s important to know about the inclusions and exclusions as well as the clauses and terms that will help you during claims and renewal.
  • Compare providers. Don’t settle with a single insurance company; other companies can provide you a better and cheaper deal. Read about car insurance companies in the Philippines and let MoneyMax.ph help you compare.
When looking for a comprehensive car insurance, think about your vehicle, your lifestyle, and your budget. While more coverage means more security, it also means more expenses. Be smart and only get the policy you need.

How Do I Apply for Car Insurance?

If you have a CTPL, it means you’re already associated with a provider. However, remember that you can still purchase a comprehensive car insurance from a different company. When you already know which insurer to work with, prepare the following:
  • Original vehicle receipt
  • Certificate of Registration of your vehicle
  • Your driver’s license
  • Another valid government ID
Some providers may require extra copies of your original receipt and COR so prepare these, too. Once you’ve submitted the documents and have already paid your premiums, you will then receive your policy. You will receive a digital copy through e-mail as well as a hard copy, which may arrive at the address you provided. Always keep in touch with your provider for further questions regarding your insurance.

Car Insurance Providers in the Philippines

Below are some of the leading car insurers in the Philippines. AFP General Insurance AFP General Insurance is the primary non-life insurer provider of the Armed Forces of the Philippines. Established in 1979, AFPGEN has extended their services to private sectors providing motorcar, marine, and aviation insurance coverage. FPG Insurance Formerly known as Federal Phoenix Assurance Corporation, FPG Insurance provides a comprehensive range of general insurance products for businesses and individuals in the Asia Pacific region. The company is a subsidiary of the Zuellig Group of Companies. Oriental Assurance Corporation Apart from motorcar insurance, Oriental Assurance Corporation also provides general insurance products such as fire, marine, aviation, engineering, and electronic equipment solutions. The company promises unique insurance needs at a reasonable price. QBE Seaboard Insurance Despite being new in the industry, QBE Seaboard is one of the world’s top 20 general insurance companies. Headquartered in Sydney, Australia, the company provides insurance products to businesses and individuals worldwide. SGI Philippines SGI Philippines is one of the largest insurance companies in the Philippines. They aim to serve different sectors with quality insurance products such as motor, health, and marine. Their latest product—Micro Insurance—services the risk and protection needs of the masses at an affordable price. Standard Insurance Standard Insurance offers a wide range of property and general insurance products for individuals, small to medium enterprises, and local and global corporations. They are one of the leading motorcar insurance companies in the Philippines with more than 52 branches nationwide. Don't discount the importance of car insurance. It's the protection you, your passengers, and your vehicle needs. A small investment can go a long way, especially when faced with uncontrollable incidents. Compare providers and work with an insurer that can provide your needs even when on a budget.  

Car Insurance Market Philippines | Moneymax

Getting a car insurance can be confusing, especially for first-time vehicle owners. With more than 60 car insurance providers in the Philippines, finding the right insurer is definitely a test. However, never settle for less. Buying an “okay” car insurance can be a pain so be wise and understand your policy from start to end. To land a more beneficial insurance deal, take the time to understand the car insurance market. Here’s an in-depth guide to help you out.

Factors that Affect Comprehensive Car Insurance Rate

Not all insurance rates are equal. Unlike CTPL, comprehensive car insurance policies don’t have a fixed rate as they depend on many factors. Below, gain a better understanding of the car insurance market by determining the factors that affect a policy’s rate.

How Car Insurance Companies Earn

According to the World Health Organization, 1.25 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 car 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 did 40 or 50 years ago. This is why the industry keeps growing and why new insurance companies sprout almost every decade. To understand this better, here are three basic principles that make car insurance companies earn.

Premiums

When you buy an insurance policy, you are required to pay a fee called a premium. Car insurance companies put this premium to short- and long-term interest-earning investments to grow and secure their funds. Interest earnings represent a large source of the overall profits insurance companies generate.

Underwriting Income

Underwriting income derives from the difference between how much money insurers collect for policies and how much money insurers release when a client files a claim. For example, if a client pays P20,000 for a premium policy with a validity of one year but only submits P5,000 worth of claims, the insurance company automatically earns P15,000 from that client. However, if the insurance company pays more than P20,000 for the claim, then they suffer a loss.

Re-Insurance

Insurance companies also buy policies for themselves. When insurers have too many claims, they purchase policies from other providers to keep them in business. This strategy utilizes the concept of shared risk and limits of liability.

A Look Into the Car Insurance Market: Top Companies in the Philippines

AFP General Insurance

AFP General Insurance is the primary non-life insurer provider of the Armed Forces of the Philippines. Established in 1979, AFPGEN has extended their services to private sectors providing motorcar, marine, and aviation insurance coverage.

Charter Ping-An

Founded in 1960, Charter Ping-An Insurance Corporation prides itself on providing not just car insurance but non-life insurance and security products as well. Owned by AXA Philippines, the company has 22 branches nationwide.

FPG Insurance

Formerly known as Federal Phoenix Assurance Corporation, FPG Insurance provides a comprehensive range of general insurance products for businesses and individuals in the Asia Pacific region. The company is a subsidiary of the Zuellig Group of Companies.

MAPFRE Insular Insurance Corporation

Launched in 1934, MAPFRE is the largest non-life insurance company in Latin America. Primarily established as an automotive insurance provider, the company now offers Travel Insurance, OFW Insurance, Engineering Insurance, and Surety Insurance among many others.

Milestone Guaranty and Assurance

Milestone Guaranty and Assurance Corporation began their operations in 1962 when only few insurance companies were operating in the Philippines. Committed to providing top-notch non-life insurance policies, the company provides comprehensive plans, including Casualty Insurance, Engineering Insurance, Personal Accident Insurance, and Motor Insurance among many others.

Oriental Assurance Corporation

Apart from motorcar insurance, Oriental Assurance Corporation also provides general insurance products such as fire, marine, aviation, engineering, and electronic equipment solutions. The company promises unique insurance needs at a reasonable price.

Pioneer Insurance and Surety

Pioneer Insurance and Surety Corporation is one of the leading insurance companies when it comes to property, marine, motor, and aviation policies. Established in 1964, the company is in partner with Allianz AG of Germany, a financial services company that focuses in insurance and asset management.

QBE Seaboard Insurance

Despite being new in the industry, QBE Seaboard is one of the world’s top 20 general insurance companies. Headquartered in Sydney, Australia, the company provides insurance products to businesses and individuals worldwide.

SGI Philippines

SGI Philippines is one of the largest insurance companies in the Philippines. They aim to serve different sectors with quality insurance products such as motor, health, and marine. Their latest product—Micro Insurance—services the risk and protection needs of the masses at an affordable price.

Standard Insurance

Standard Insurance offers a wide range of property and general insurance products for individuals, small to medium enterprises, and local and global corporations. They are one of the leading motorcar insurance companies in the Philippines with more than 52 branches nationwide. For a more complete list of car insurance companies in the Philippines, click here.

Comprehensive Car Insurance Philippines | Moneymax

Getting a comprehensive car insurance can be challenging, especially for first-time vehicle owners. However, it doesn’t always have to be that way. By comparing insurers, you can get a policy that does not only suit your vehicle but your lifestyle and budget as well. Don’t let the process baffle you. Below is a quick guide to getting a comprehensive insurance policy.

1. Compare providers

At present, there are more than 60 car insurance providers in the country. Going through all of these companies may be worth it, but it’s still a waste of time. To find the best provider, it is advisable to take advantage of comparison platforms like MoneyMax.ph. Other than sorting your options more easily, this allows you to find the most cost-effective policy as well.

2. Choose add-ons

If you’re feeling generous, why not add more features to your policy? Apart from basic coverage, you can also purchase add-ons such as Road Assistance, Loss of Use, and Acts of Nature, among many others. This, of course, depends on your needs and budget. Ask your insurer about this and don’t forget to take note of additional benefits included in your basic policy.

3. Prepare requirements

After choosing an insurer, it’s time to prepare the paperwork. Here are the requirements you will need:
  • Original vehicle receipt
  • Your vehicle’s Certificate of Registration
  • Your driver’s license
  • Another government ID
Your provider may request additional copies of your original receipt and COR so prepare these, too.

4. Expect your policy

Once you’ve submitted the documents, the next step is to receive your policy. You will receive a digital copy through e-mail as well as a hard copy, which should arrive at the address you provided. Don’t forget to read the fine print and ask about any terms you find disagreeable with your insurer.

5. Pay your insurance

This may occur before or after receiving your policy. You can pay direct to your insurer, by credit card, or even online.

How to Save Money on Your Car Insurance Policy

Owning a car in the Philippines is not cheap. It can set you back more than PHP 100,000 each year in fuel, loan payments, car insurance, maintenance, and other expenses. To cut costs, some Filipinos choose not to get car insurance or just avail of the government-mandated Compulsory Third Party Liability or CPTL coverage. This could shave off an average of PHP 20,000 from your annual auto-related expenses. But is forgoing auto insurance really worth it? Opting out from insuring your car is risky and will cost you more in the long run. Road accidents can happen anytime, or your vehicle could be stolen. Without an insurance, nothing can protect you against the financial loss and other setbacks these unfortunate events could bring about. You can cut your car costs without losing the benefits of having your car insured. Here are 10 tips to help you save money on your car insurance and get the most out of your policy.

1. Buy a Car That is Cheaper to Insure

Comprehensive Car Insurance Philippines Your car’s make and model can affect how much insurance premium you will be paying. The more expensive a vehicle is, the higher its insurance cost. Luxury and high-performance vehicles have advanced and complex parts that may need to be imported from abroad. This makes them more expensive to replace than conventional parts. Premium car makes like Audi, BMW, Mercedes Benz, and Porsche are more expensive to insure because of their high repair costs and lower depreciation rates. In contrast, Honda, Nissan, and Toyota models come with cheaper insurance rates, as their components are available in the Philippines. If you want to save significantly on your car insurance premiums, opt for an economical vehicle. Regular sedans, hatchbacks, and small SUVs are the ideal choices for money-savvy car buyers.

2. Compare Car Insurance Quotes

Saving on your car insurance costs starts with getting quotes from different insurance providers in the Philippines. This will allow you to compare your options to find one with the best deal for the benefits you need. Car insurance rates vary from one insurance company to another. Thus, it is best to collect as many car insurance quotes as possible. Shop around and compare your options meticulously. This will help you determine which one can save you money while enjoying the benefits of a car insurance. Calling up each provider to ask for car insurance quotes is good. But doing so can eat up much of your time. Make the process a lot easier for you by taking advantage of online tools such as MoneyMax.ph that can help you compare car insurance quotes in just a few minutes. When you compare car insurance quotes, do not just look at the rates. Offering the lowest premium does not mean an insurance is the best option. You also have to check the coverages, exclusions, benefits, and the reputation of each insurance provider you are considering.

3. Ask About Discounts

Yes, your car insurance provider may be offering discounts and special rewards that you are not aware of. Check with the insurance company if you qualify for discounts. More often than not, insurers do not let their specific discounts known unless you inquire about them. Some providers allow comprehensive insurance policyholders to enjoy a no-claim bonus, which comes in the form of a 10% discount on their premium for each year that their coverage is not used. If you do not make a claim for several years, you may be eligible to avail of the no-claim bonus. Is your car equipped with safety and security features such as anti-theft devices, airbags, anti-lock brakes, and car alarm? Your insurance provider might also give you discounts because your vehicle poses a lower risk of car theft and personal injuries. There are also insurance companies that provide price reductions to people who have multiple policies with them. So if you are planning, for example, to insure not just your car but also your home with an insurance provider, it does not hurt to ask the company if they can give you a discount for that.

4. Remove Any Coverage You Do Not Need

Go over your car insurance policy and check every detail. You may not need some extra benefits that you can remove to lower your insurance costs. For example, if you are already a member of an auto club in the Philippines where you enjoy privileges such as roadside assistance, then it makes sense to eliminate this coverage from your car insurance. Do you have a second car at home? Another way to save money on car insurance is to forgo the car rental coverage—you will not need it anyway because you have an extra car to drive when your insured car is at the repair shop. You may also want to consider removing the personal accident coverage from your car insurance if you already have an existing accident insurance provided by your employer.

5. Raise Your Car Insurance Deductible

Did you know that increasing your deductible amount can reduce the car insurance premium you are paying? A deductible is an amount you shoulder when you claim an insurance before your insurer pays the rest of the auto repair costs. In the Philippines, there are standard deductibles under the Motor Car Tariff. For private vehicles, the standard deductible is 0.5% of the sum insured with a minimum of Php 2,000. For commercial vehicles, it is 1% of the sum insured with a minimum of Php 3,000. To earn a discount on your car insurance premium, you can opt to raise your standard deductible. But be careful not to raise it too much because it might put you in a messy financial situation when the time comes that you need to file an insurance claim.

6. Pay Your Premium in Full

You can further cut down on your car insurance costs if you pay your premiums in lump sum every year rather than pay in monthly installments. Your insurance provider might give you a discount if you make full annual premium payments because it will involve less frequent manual processing of your payments. Some insurance companies, on the other hand, charge extra fees to policyholders who choose to make monthly premium payments. Another advantage of paying your car insurance premium in full is that you can get that cost out of the way, so you can focus on your other important expenses.

7. Install Safety Features in Your Car

A money-savvy car owner is also a safety-conscious driver. This fact could not be any truer when it comes to reducing your car insurance costs. Many car insurance companies are willing to lower the premiums of drivers who can prove that their vehicles are safe and secure. There are several ways to reduce the risk of your ride getting stolen or figuring in an accident. For instance, equip your vehicle with safety features such as anti-theft and engine cut-off systems, anti-lock brakes, and a dashboard camera. A dash cam can also speed up insurance claims processing, as its video can provide insurers a proof of what happened during an accident. Also, make sure to have a secure garage for your car, as it can reduce the risk of carnapping. Just parking your car on the street will make it prone to getting stolen. When you apply for car insurance, make sure you indicate all your car’s safety features so that the provider will take them into consideration when computing your premium.

8. Practice Defensive Driving

Comprehensive Car Insurance Philippines Aside from adding safety equipment to your vehicle, being a responsible and defensive driver matters. It is not only for your own safety but also for cutting down on your car insurance costs. If you have a claim history within a year, your insurance provider might charge you higher premiums. So you must avoid bad driving practices such as overspeeding, tailgating, and using your mobile phone while driving. Aside from reducing the risk of a road accident, this will lessen your chance of claiming an insurance and will entitle you to a discount on your car insurance premium.

9. Avoid Coverage Gaps

As much as you can, avoid gaps or lapses in your car insurance coverage. This happens when you fail to keep your car insured for a certain period, such as when your policy gets canceled or you make late premium payments. A gap is also likely to happen when you have ended your policy and have taken quite a while to switch to another car insurance company. You do not want to have insurance coverage gaps because that will likely cause your premium to increase. Make sure you pay your premium on time to prevent these gaps and save money on your insurance. Also, when you get a new car insurance from a different provider, do not terminate your existing one until your new policy becomes active.

10. Ask For a New Quote When Renewing Insurance Policy

Over time, your vehicle will depreciate in value, which could lead to a lower insurance premium. Moreover, if you have not filed any claim because you have not been in an accident, this could also affect your car insurance rates. In those instances, you can expect to get lower quotes. Request your insurer to give you new car insurance quotes each time your policy is up for a renewal.

Car Insurance Claim Philippines | Moneymax

Learn how to properly prepare for a car insurance claim and what to do to ensure a smooth claims processing. You have been spending a lot of money to pay your car insurance premiums, so naturally, you will want to make a claim when your vehicle gets involved in an accident. Filing a car insurance claim in the Philippines ensures that you will receive assistance and compensation for the loss of your car or the damage it has sustained following an accident. This way, you can save money and have the peace of mind knowing that everything will be taken care of without causing you any financial burden. Dealing with situations like a car accident or stolen car is stressful as it is. You do not need the added stress of handling problems related to your insurance claim. So before anything unfortunate happens, you need to be familiar with your car insurance coverage and how to file a claim properly. Note that this article is meant to serve only to guide you through the process of making a car insurance claim. Car insurance providers in the Philippines have different requirements, procedures, and other things related to claims, so it is still best to contact your insurer for the specifics of your policy.

What to Do After the Incident

Car Insurance Claims When you figure in an accident, remember to stay calm and have the presence of mind to do the things that will help speed up the processing of your insurance claim. Here are the steps you must take after you have met an accident or a carnapping incident:

1. Report it to the police

The police will gather the needed details (such as the names and contact information of victims, drivers, and witnesses), investigate the incident, and note the damage to vehicle and property. Do not forget to request a police report, as this is one of the requirements when you file a car insurance claim. If there’s no police officer in the area, write down and sketch the details of the accident. Ask all the parties involved to sign the document and sketch.

2. Take pictures of the accident scene

Using your smartphone camera, take as many photos as possible of the entire scene (with the actual vehicle position), a close-up view of the damaged portion of your vehicle showing the plate number, and other vehicle involved in the collision. Below is a guide for when taking photos of the accident. Front: Taking Pictures of the Accident Scene on Car Insurance Claims | MoneyMax.ph Side: Taking Pictures of the Accident Scene on Car Insurance Claims | MoneyMax.ph Back: Taking Pictures of the Accident Scene on Car Insurance Claims | MoneyMax.ph Another important evidence is the video captured by the dash cam of the cars involved in the incident. Make sure to keep this as a proof of what actually happened.

3. Get all the important information

Exchange the following information with the other party:
  • Names, contact details, and address of the other party, the registered owner of the car, and witnesses
  • Model and plate number of the cars involved
  • Driver’s license number
  • Details of the car insurance policy of the other car
If the other party in the accident fled and you were unable to identify the other vehicle, talk to the witnesses to gather the information you need.

4. Undergo a medical examination

This step is important to secure a medical certificate, one of the insurance claim requirements, that indicates the extent of the injury sustained and the required treatment or medication.

Below are some important terms to remember when filing a claim:

Terms to Remember When Making a Car Insurance Claim

How to File a Car Insurance Claim

Contact Car Insurance Provider Once you have gathered all the needed information and documents after the incident, you can proceed with filing your claim. The first thing you have to do is to contact your car insurance provider immediately and report the damage or loss. Provide the following information:
  • Nature of vehicle damage/loss
  • Date and time of the incident
  • Your contact details
  • Policyholder’s name
  • Policy number
  • Nature of claim (i.e., own damage, theft, third-party bodily injury, etc.)
The insurance company will walk you through the next steps regarding your insurance claim. It will also provide you with instructions on what to do with your car, a list of accredited car repair shops, and the documents you need to submit.

What are the Basic Requirements for Filing a Claim?

When making a car insurance claim, the insurance provider will require you to present certain documents. These will aid in evaluating and processing your claim.
  • Police report - It must contain a detailed account of how your car was damaged (in case of own damage) and who is at fault (when the accident is somebody else’s fault).
  • Accomplished insurance claim form - You can either fill out an online form if the insurer’s website has it or go to the company’s office to complete the form in person.
  • Photos of the damaged or lost parts of your vehicle, as well as the full view of the car showing the plate number
  • Car repair estimate
  • Photocopy of driver’s license with official receipt (OR)
  • Photocopy of certificate of vehicle registration with MVRR number
  • Additional requirements:

Are There Additional Documents Required for Claim Processing?

Aside from the basic documents, you will also need to prepare other documents depending on the situation.

For auto passenger personal accident claim:

  • Valid ID (photocopy)
  • Birth certificate (photocopy)
  • Marriage certificate (if applicable)
  • Certificate of employment
  • Original copy of medical certificate and medical receipts with prescription
  • Certified true copy of death certificate
  • Certified true copy of funeral bills or receipts

For third-party bodily injury claim:

  • Valid ID (if the third party is of legal age)
  • Birth certificate (if the third party is a minor)
  • Original copy of Medical Certificate and medical receipts with prescription
  • Income tax return (in case of loss of income)

For third-party death claim:

  • Valid ID of heirs or claimants (photocopy)
  • Birth certificate (photocopy)
  • Marriage certificate (if applicable)
  • Certified true copy of death certificate
  • Certified true copy of funeral bills or receipts
  • Income tax return (in case of loss of income)

For third-party property damage claim:

  • Letter of claim from a third-party insurer or claimant
  • Police sketch plan of the accident scene
  • Original copy of Certification of No Claim issued by the third-party insurer (for vehicles)
  • Proof of ownership (for non-vehicle properties)

For lost or stolen vehicle claim:

  • Full set of keys of the lost car
  • Car insurance policy (original copy)
  • Alarm Sheet and Complaint Sheet from the Traffic Management Group or TMG (original copies)
  • Certificate of Non-Recovery from TMG (original copy)
  • Original copy of Cancellation of Chattel Mortgage (if applicable)
  • Letter of release from financial institution (if applicable)

What to Expect After Filing a Car Insurance Claim

When you have submitted all the requirements, the insurance provider will begin to inspect and evaluate the damaged car. How long the processing will take depends on the complexity of your claim. It can take as fast as 1 to 3 days. Some car insurance claims take weeks or months to process, so you may need to follow up with the insurer from time to time. If your claim is approved, the insurance company will issue a Letter of Authority (LOA), which means you can have your vehicle fixed by the insurer’s accredited dealership. The car repair shop will only begin the repair upon the release of the LOA.

Possible Reasons Your Claim May Get Rejected

Car Insurance Claims Rejection Not all auto insurance claims end up in an LOA release. A claim may get rejected if the type of vehicle damage is not covered by the policy. Failure to follow the terms and conditions of your car insurance may also lead to a claim rejection. Thus, you need to know the common factors that might disqualify you from making a car insurance claim:
  • Damage caused by a natural disaster if your policy does not have an Acts of Nature coverage
  • Damage caused by war, riots, or public disturbance
  • Causing injury or property damage intentionally (e.g., road rage)
  • Accepting settlement with the person at fault in an accident
  • Unlawful activities such as driving without a license (or with an expired license), drunk driving, and violating traffic rules (e.g., beating the red light)
  • Unpaid premiums
  • Policy named under a person who is not driving the car
  • The vehicle has damaged parts (e.g., broken headlights, worn-out brake pads, etc.) prior to the accident
Read carefully the terms and conditions of your car insurance policy so that you know what you are entitled to and when you can make a claim. Make sure also to regularly pay all your premiums to avoid getting your insurance claim denied.

What to Do if Your Claim is Denied

If the car insurance provider rejects your car insurance claim and you disagree with the reasons given to you, you can file a dispute with the company and request for a review. If you are still unhappy with the insurer’s decision after your claim dispute has been reviewed, you may seek help from the Insurance Commission that supervises insurance companies in the Philippines. This government agency assists in the settlement of any claim issue between an insurance provider and a policyholder. You may contact the Insurance Commission via email (publicassistance@insurance.gov.ph) or visit one of its offices in Manila, Cebu, or Davao. Now that you know the things you need to do and prepare after an incident, you can be sure that your car insurance claim process will be a smooth experience. You will also need not worry much about your car repair expenses once you get compensated for the damage incurred from an accident.
Comprehensive car insurance offers a higher level of protection for your vehicle as compared to the government-required Compulsory Third Party Liability (CTPL) insurance. This type of car insurance allows you to choose and customize your insurance coverage, in which you can include add-ons such as Bodily Injury Liability, Property Damage, Acts of Nature, and Roadside Assistance. CTPL, on the other hand, is an insurance type required by the Land Transportation Office (LTO) for all vehicle owners in the Philippines. It covers liabilities incurred by the insured to third party victims.
Yes, but only if you have Personal Accident coverage in your comprehensive car insurance policy. Consider this car insurance add-on if you often travel with your relatives and friends.
Yes, but it doesn't always have to be a printed copy. You can simply save a copy of your car insurance policy on your phone. Having an e-policy gives you quicker access to your car insurance information and is also eco-friendly, which means you get to save trees. 😉
In case of a vehicular accident, you can file a claim with your insurance provider for repairs or other forms of indemnification. Before doing so, make sure that you have all the requirements needed for a car insurance claim process. Some of these are: fully-paid car insurance policy, police report, photocopy of your driver's license, and photos of the accident scene. Moneymax can also help you file a claim. Just visit our claims portal
Yes, but only Compulsory Third Party Liability or CTPL insurance. The LTO (Land Transportation Office) does not allow the registration or renewal of a vehicle without having CTPL first. Know how this works here.
There is no fixed price for comprehensive car insurance in the Philippines. Comprehensive car insurance differs by price as it depends on many factors, including the age of your vehicle plus car insurance add-ons you may want to include.
Participation fee is the amount you pay out-of-pocket before the insurance company pays toward a car insurance claim. As a policyholder, you “participate” in your car insurance cost. Generally, participation fees in the Philippines cover the deductible fee, depreciation fee, or both. These costs are deducted from the proceeds of your claim. Know more about participation fee in this article.
Definitely! When purchasing a comprehensive car insurance policy, you can include a variety of coverages on your premium, including Roadside Assistance, Acts of Nature (Acts of God), Loss of Use, and even Pet Injury. Feel free to ask your insurance agent about this.
When purchasing comprehensive car insurance, consider the following car insurance add-ons: Roadside Assistance for when your car breaks down due to electrical or mechanical issues, Acts of Nature to cover your vehicle from natural calamities, and RSCC or Riots, Strikes, and Civil Commotion coverage for events that may damage your vehicle.
There are many ways to lower the cost of car insurance such as increasing your deductible fee and choosing a vehicle that costs less to insure. However, the best way to get cheap car insurance is by comparing your options. Get car insurance quotes from as many companies as possible so you can get the best car insurance coverage at the cheapest price.

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