Published: February 18, 2021 | Updated: February 24, 2021 | Posted by: Venus Zoleta | Car Insurance
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.
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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).
Owning this five-seater hatchback fits nearly every budget, thanks to its low car insurance cost at around PHP 7,000 and impressive fuel efficiency at 29.14 km/L. Best of all, the Suzuki Celerio is sold at an affordable price of around PHP 500,000.
The lowest-priced Chevy model also happens to be one of the American carmaker’s cheapest cars to insure. The Chevrolet Spark is a five-seater hatchback with a 5-speed manual transmission and an engine that produces 73/99hp at 6200 rpm and 94/128Nm at 4400rpm.
If practicality is what you’re after, then look no further than this Mitsubishi subcompact sedan. Mitsubishi Mirage G4 is one of the cheapest sedans to insure from the Japanese car manufacturer. It won’t cost you more than PHP 10,000 per year to insure your Mirage G4, as long as you shop around for good car insurance coverage and compare quotes.
Kia Picanto is one of the lowest-priced and most fuel efficient hatchbacks in the Philippines. But did you know that you can also save a great deal of money when insuring the Picanto? Car insurance prices for the Kia Picanto start at around only PHP 10,000. That’s just around PHP 853 per month!
Those who want to own a Honda Civic but find it too pricey could opt for its lower-priced, no-frills, and more fuel-efficient brother—the Honda City. This five-seater subcompact sedan is also one of the cheapest sedans to insure. Keeping the car insurance cost low is its wide array of safety features such as dual airbags, anti-lock braking system, ISOFIX child seat anchors, and three-point seatbelts for all occupants.
As the smallest crossover in the world, the JAC S1 bridges the gap between hatchbacks and SUVs. Priced at just around PHP 600,000, this cute mini SUV from Chinese automaker JAC Motors is one of the cars that are cheap for insurance as well, with a monthly premium of approximately PHP 918.
Another Suzuki model that’s one of the cheapest cars to insure in the Philippines is the APV. This eight-seater compact multi-purpose vehicle is ideal if you need a family hauler with an affordable price tag (at under PHP 600,000) and car insurance premium (around PHP 921 monthly).
Read more: 8 Car Insurance Add-ons You Need to Consider
Car buyers have several good reasons to consider Suzuki Dzire. First, its GL 1.2 MT variant is the lowest-priced sedan in the Philippines at around PHP 600,000. Its fuel consumption of 28.40 km/L makes it one of the top five fuel efficient cars in the country.
The Dzire is relatively safe to drive, too. The sedan’s body structure absorbs impact when the car hits a pedestrian, minimizing head and leg injuries. Also noteworthy is Suzuki’s Total Effective Control Technology that absorb impact during a car collision, reducing damage to the car and injuries to its occupants.
These innovative safety features make Suzuki Dzire one of the cheapest cars to insure in the Philippines.
Honda’s smallest and most affordable model is also one of the cheapest cars to insure in the Philippines. These features make Honda Brio suitable for the mass market, especially for buyers who just need a simple city car that’s affordable to obtain and maintain.
Toyota is popular for having the most affordable, practical, and reliable cars. Topping the list of the cheapest cars to insure in the Japanese carmaker’s lineup is the beloved hatchback Wigo.
With this four-wheeled buddy, you can keep your car ownership costs low. First of all, you can buy one for as low as PHP 568,000 (for the E 1.0L M/T variant). Insuring a 2020 Toyota Wigo will cost you at least PHP 11,000 per year. When it comes to fuel consumption, it can travel an average of 25 km per liter consumed.
Nissan’s cheapest model (priced at under PHP 700,000) is also the one with the cheapest car insurance price. For less than PHP 13,000 per year, you can get this sedan insured.
The Almera’s safety features—such as the engine immobilizer, smart braking technologies, and anti-lock braking system—help keep its car insurance cost low.
Like its hatchback sibling, the five-seater Honda Brio Amaze sedan is both affordable to own and insure. Sold under PHP 700,000, the E 1.3L MT variant can be insured for as low as almost PHP 13,000 every year.
Another JAC model on the list of the cars that are cheap for insurance is the J4, an entry-level subcompact sedan. Even with its affordable car insurance cost and selling price, the JAC J4 doesn’t scrimp on features. Its 1.5-liter engine generates a whopping 111 horsepower and 146 Nm of torque. The European exterior styling, on the other hand, exudes elegance and class.
The Vios is among Toyota’s perennial top-sellers. While its appeal comes from the model’s affordable price tag and bang-for-the-buck features, not many probably know that the Toyota Vios is also among the cheapest sedans to insure in the Philippines.
Contributing to the low car insurance cost for the Vios is its range of safety features. The 2018 year model even earned a five-star rating in the New Car Assessment Program for Southeast Asia (ASEAN NCAP) Crash Test.
Suzuki’s entry-level compact MPV is one of the cheapest cars to insure in the Philippines. Like other Suzuki models, the Ertiga’s body is equipped with the Total Effective Control Technology that effectively absorbs impact during a car accident. The seven-seater vehicle indeed makes for a perfect hauler for the Filipino family.
Volkswagen is synonymous with luxury. But it offers a model that makes owning a Volkwagen a lot easier. The Volkswagen Santana, geared towards the mass market, is not only the most affordable model from the German brand but also the one with the cheapest car insurance cost at only around PHP 13,000 every year.
The car insurance prices listed here are based on the lowest-priced premiums for 2020 models. Your actual car insurance cost could be higher or lower depending on the unit’s year model and whether your car is brand-new or second-hand, among other factors.
Regardless of the car you buy, you can still save money on car insurance premiums when you shop around for options here at Moneymax. Simply click on the table below to start searching for car insurance coverage for your vehicle at the best prices.
Looking for car insurance? Below is our partner companies and their features. Compare your options and get a free quote from Moneymax!
|Car Insurance Company||Features|
|New India Assurance|
|The Mercantile Insurance Corporation|
Source:  Five Stars for Suzuki Swift from JNCAP in Japan (Global Suzuki)
Venus is the Head of Content at Moneymax, with over 15 years of combined experience in digital marketing, corporate communications, PR, and journalism. She invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. Outside of work, she’s crazy about cats and Korean dramas. Follow Venus on LinkedIn.