Can a Dash Cam Reduce Car Insurance Costs in the Philippines?

Published: November 28, 2017 | Updated: June 2, 2021 | Posted by: Moneymax | Car Insurance


Dash Cam in the Philippines | MoneyMax.ph
Roads are seeing more action lately. They’ve become almost a disaster show featuring exhibits like road rage, accidents, and roadkills—which are not fun to watch but are sometimes necessary to review for insurance purposes. When unfortunate events arise, witnesses aren’t always around to corroborate your claims. That’s why, sometimes, perpetrators get away, leaving you with a pay price to pay.

This is where dash cams come in. As the name suggests, a dash cam is a device you put on your car’s dashboard to take a visual recording of the road ahead. Most dash cams are designed to begin recording the minute you start your engine and then stop right when you turn it off. However, there are also more advanced dash cams that can record videos even when your engine is off. That way, you can keep tabs on what’s happening around your vehicle every minute of the day.

Since a dash cam can capture the frame-by-frame turnout of events leading into an unfortunate outcome, you can use it to strengthen your insurance claims in the face of a fender-bender, a minor bump, or a major accident. You can use it as solid evidence to clear you of suspicions and to catch the real perpetrators, if there are any.

Why Insurers Advocate for Dash Cams

Instagram photo by @ndautomart

Instagram photo by @ndautomart

Many insurance companies are starting to acknowledge the usefulness of dash cams. These devices, which can replicate the driver’s view of the road, are becoming indispensable because they offer the chance for insurers to revisit an accident and get a better idea of what really happened. With dash cam footages, it’s easier for insurers to make an informed decision and fend off questionable insurance claims.

Dash cams can help streamline the insurance process for filing your claim; that’s why insurance companies are advocating for all vehicles to have these handy devices. In fact, to take their advocacy to the next level, some companies are now offering insurance discounts to car owners with dash cams. Let’s look at one particular player in the local scene.

FGen Insurance: Pioneering Dash Cam Discounts in the Philippines

Instagram photo by @deakinitis

Instagram photo by @deakinitis

Fortune General (FGen) Insurance, one of the Philippines’ most trusted insurers, is offering a 10% discount on insurance premium[1] for car owners that have operational dash cams in place. Michael Rellosa, the company’s president, said, “FGen was among the firsts to offer a discount for motorists with dash cams, but we need to do more for the benefit of our customers. We are continuing to lead the insurance industry in the promotion of technology which benefits customers and insurers.”

FGen also recently signed up James Deakin, a TV host and motoring journalist, to champion the cause of mandating the installation of dash cams on all vehicles. As Rellosa said, “This is our way of promoting road safety and supporting the advocacy of our new endorser, Mr. James Deakin. A dash cam tells us that a car owner is safety-conscious. The dash cam also allows us to process claims faster since it will provide us with proof of what happened.”

As for Deakin, he said, “Integrity is the most important trait people look for in my profession, and this is the same thing I look for in an insurance company. I trusted FGen because of its integrity and the integrity of its owners. It is a company that I can trust.”

Indeed, with this latest promotion added to its portfolio, FGen has solidified its role as a pioneer in the Philippines’ investment scene. The company is strengthening its brand image by continually evolving to remain relevant to the times.

After announcing Deakin’s endorsement of the dash cam discount, FGen Insurance allegedly received a flood of inquiries from its website traffic, showing how beneficial it can be to Filipino vehicle owners.

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Read more: #AskJames: More Car Insurance Questions Answered

Other Countries That Offer Dash Cam Discounts

Instagram photo by @shannapow_e82_135i

Instagram photo by @shannapow_e82_135i

Dash cams are popular in other countries, although there aren’t many insurance companies that offer discounts for installing one in your car. You’d think countries like Australia, Canada, and the United States would be the flag bearers of this advocacy, but these countries are actually yet to join the revolution.

As Anthony Scott from Watkins Taylor Stone in Sydney, Australia said, “Insurance companies are slow to respond to emerging trends, their systems being so complicated it costs significant amounts to add in allowances for new items such as a field for car dash camera discounts.”

At present, United Kingdom is the region with the most number of companies offering discounts to car owners with dash cams. Several big-name insurers like Swiftcover and Sure Thing offer 12.5% discount and 20% discount[2], respectively, for car owners with a Nextbase dash cam installed. According to these car insurance providers, a dash cam can help motorists keep their No Claims Discount based on video evidence, as well as get back any excess payments.

Other UK insurers that offer discounts are Adrian Flux, AXA Insurance, and RAC.

Read more: The Importance of Having Acts of God Insurance Coverage

Final Thoughts

Judging by the rate things are going, dash cams will eventually become a key component in the future of  motor vehicle insurance. Roads are becoming busier and streets are getting more congested by the day. The most challenging roads, like the notorious EDSA spanning some cities in Metro Manila, can put the skills of even the most patient driver to the test. This is why we see the “exhibits” we mentioned earlier—take demanding roads on one hand and impatient drivers on the other, and you’ll have the perfect recipe for disaster.

Traffic congestion[3] and road accidents aren’t going away anytime soon. To cap it off, insurance fraudsters are more widespread now than ever. They’re upping their game and looking for more ingenious ways to swindle money from insurance companies. That’s why dash cams are becoming more like a necessity for everyone than an option for a few. If you haven’t got one in your vehicle yet, there is no better time than now to hop into the bandwagon and join the dash cam revolution.

Get a Free Car Insurance Quote!

Looking for car insurance? Below is a list of top companies and their features. Compare your options and get a free car insurance quote from Moneymax!

Car Insurance CompanyFeatures
MAPFRE Insular

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  • 10 years of casa eligibility
  • 366 accredited repair shops
  • PHP 5,000,000 maximum total sum insured
  • Overnight accommodation - Yes, up to PHP 3,000
  • Towing - Yes, up to PHP 5,000
  • Vehicle removal crane services - Yes, up to PHP 10,000
Malayan Insurance

Get Free Quote
  • 3 years of casa eligibility
  • 58 casa repair shops
  • PHP 7,500,000 maximum total sum insured
  • Overnight accommodation - Yes, up to PHP 1,000
  • Towing - Yes, up to PHP 4,000
  • Vehicle removal crane services - Yes, up to PHP 8,000
New India Assurance

Get Free Quote
  • 10 years of casa eligibility
  • 30 accredited repair shops
  • PHP 3,500,000 maximum total sum insured
  • Overnight accommodation - Yes, up to PHP 1,500
  • Towing - Yes, up to PHP 4,000
  • Vehicle removal crane services - Yes, up to PHP 10,000
Prudential Guarantee

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  • 10 years of casa eligibility
  • PHP 3,000,000 maximum total sum insured
  • Overnight accommodation - Yes, up to PHP 2,000
  • Towing - Yes, up to PHP 5,500
  • Vehicle removal crane services - Yes, up to PHP 15,000
SGI Philippines

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  • 5 years of casa eligibility
  • 36 accredited repair shops
  • PHP 5,000,000 maximum total sum insured
  • Overnight accommodation - Yes, up to PHP 2,000
  • Towing amount - Yes, up to PHP 5,000
  • Vehicle removal crane services - PHP 10,000
Stronghold Insurance

Get Free Quote
  • 10 years of casa eligibility
  • 167 accredited repair shops
  • PHP 3,000,000 maximum total sum insured
The Mercantile Insurance Corporation

Get Free Quote
  • 10 years of casa eligibility
  • 77 accredited repair shops
  • PHP 5,000,000 maximum total sum insured
  • Overnight accommodation - Yes, up to PHP 2,000
  • Towing - Yes, up to PHP 5,000
  • Vehicle removal crane services - Yes, up to PHP 10,000

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