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Step-by-Step Guide to Car Insurance Renewal in the Philippines

Venus Zoleta

Venus Zoleta

Last updated October 25, 2021

Need to renew your car insurance? This is the best time to review your policy and make necessary changes to it, so you can save money on car insurance.

Unlike when you bought your first policy, you now have a better idea of what you really need for insuring your vehicle. So take it as an opportunity to choose the most suitable car insurance policy for you. Here's a complete guide on how to renew car insurance in the Philippines.

When Should I Renew my Car Insurance Policy?

Most car insurance policies last for a year, which means yours will likely renew 12 months from when your policy started. For example, if your policy's effectivity date is June 1, 2020, its car insurance renewal due date would fall on June 1, 2021.

If you can't remember your insurance plan's effectivity date, look for it on the copy of your policy. You may also call your insurance provider or broker to ask when your policy is up for renewal.

How to Renew Car Insurance in the Philippines

Should I keep my existing policy or shop for a new one? Is it time to change my car insurance provider? How can I be sure that my renewed policy better fits my needs this time?

You'll get the right answers to these questions, as long as you take these steps before and while renewing your car insurance policy. Here's your guide to the car insurance renewal process.

1. Review Your Policy

Go through your car insurance policy—there might be details that are actually deal breakers for you. Also, take the time to ask your insurer or agent about any changes to the terms and conditions of your policy that will affect your coverage and claims in the future.

2. Assess Your Car Insurance Coverage

Are you satisfied with your existing coverage? Do you think you have too much or too little of it?

You don't have to stick with the same coverage you chose last year. Now that your policy is up for renewal, you can improve your car insurance coverage by increasing or removing add-ons or riders based on your current needs.

For example, you might want to avail of roadside assistance to get relief during a car breakdown. Or you might feel that it's time to get an Acts of Nature coverage for your peace of mind every typhoon season.

These add-ons may result in a higher premium, but if you think they're worth it, then make sure to get such coverage when you renew your car insurance policy.

3. Decide on Your Deductible

how to renew car insurance in the philippines

Your car insurance renewal is also the perfect time to check your price and fee and to decide if you're going to change your deductible, which is the amount you pay out of pocket when you make a car insurance claim.

Either you choose a fixed deductible to reduce your participation fee or increase your deductible to lower your premium.

4. Review Your Car Insurance Provider

Evaluate your car insurance provider. Does it provide a hassle-free insurance policy renewal process? Are you happy with its pricing and overall service? You should ask these questions before you start asking how to renew car insurance in the Philippines.

Decide whether you want to continue your policy with this company or renew with another provider. Even if your current insurer is good, you might want to explore other options that offer your desired coverage at a lower cost.

If you choose to switch to a new insurance company, do it during your car insurance renewal. Changing your provider before renewal will lead to cancellation or penalty fees.

5. Get and Compare Car Insurance Quotes

Whether you plan to renew with your existing provider or a new one, it's extremely important to get three or more car insurance quotes and make a comparison to see which company provides the best deal on your desired coverage and the best chance to save on car insurance cost.

Where to renew car insurance, you ask? Below is a list of top car insurance companies and their features:

Car Insurance Company Maximum Total Sum Insured Casa Eligibility Accredited Repair Shops Overnight Accommodation Towing Services Vehicle Removal Crane Services
SGI Philippines

Get free car insurance quote - CTA


₱5 million 5 years 36 Up to ₱2,000 Up to ₱5,000 ₱10,000
Malayan Insurance

Get free car insurance quote - CTA

₱7.5 million 3 years 58 Up to ₱1,000 Up to ₱4,000 Up to ₱8,000
Mercantile Insurance

Get free car insurance quote - CTA

₱5 million 10 years 77 Up to ₱2,000 Up to ₱5,000 Up to ₱10,000
MAPFRE Insular

Get free car insurance quote - CTA

₱5 million 10 years 366 Up to ₱3,000 Up to ₱5,000 Up to ₱10,000
Stronghold Insurance

Get free car insurance quote - CTA

₱3 million 10 years 167 N/A N/A N/A
Prudential Guarantee

Get free car insurance quote - CTA

₱3 million 10 years N/A Up to ₱2,000 Up to ₱5,500 Up to ₱15,000

The car insurance comparison process has become easier and stress-free nowadays, thanks to websites like Moneymax that aggregate quotes from multiple providers in the Philippines and help users find cheap car insurance with the best value.

For example, if you're looking for the best car insurance for your Toyota model, you get quotes online and find ones with the right coverage that you can afford.

6. Choose the Best Car Insurance Policy and Provider

After reviewing your policy and provider, you should have a clear idea of which ones suit your needs best.

If you still can't decide, gather feedback from online reviews, as well as your family and friends. Their comments can help you pick the right car insurance.

7. Provide or Update Your Information

car insurance renewal process

Contact your chosen car insurance provider or broker to start your car insurance renewal process. You'll be asked to provide key details[1] such as your vehicle's year, make, model, and variant, its age, your location, and your claims history.

When renewing your policy with the same insurance company, don't forget to inform your insurer or broker about any changes in your contact details, address, and other important information.

Also, let the insurer know about any modification to your car's appearance or parts, and if you've changed your vehicle usage (like from personal to business use).

Related articles:

8. Pay for Your Car Insurance Renewal

Make the payment for your car insurance renewal. Your provider will let you know the options for paying for your first premium. Make sure to ask how and when you'll receive your car insurance policy.

9. Read the Fine Print

how to renew car insurance in the philippines

Once you get your policy document, review it and make sure all the details are correct. If you find any error, contact your insurer or broker to have it changed immediately.

Final Thoughts

Car insurance renewal is easy to forget if you haven't had the need to make a claim in the past year. If your policy is about to expire, be sure to renew it on time. It's risky to drive around with an expired policy—your car isn't covered when a road accident or natural disaster strikes. Timely renewal ensures you're protected from financial loss should the unexpected happen.

Compare and save on car insurance.

Source: [1] 10 Basic Things Every Car Owner Should Know (Cruz, Carmudi Philippines, 2017)

Venus leads the blog content strategy and optimization at Moneymax as the Head of Editorial Content. She has 15+ years of experience in content marketing, corporate communications, and public relations. Venus graduated cum laude with a Journalism degree from the University of the Philippines Diliman. Before joining Moneymax, Venus had written informative guides and articles, specializing in personal finance and digital marketing. She also invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. A hardcore Hallyu Tita, she enjoys bingeing K-dramas on Netflix while bonding with her rescued cats. Follow Venus on LinkedIn.