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The Price of Car Insurance in the Philippines

"How much does car insurance cost?" This is the first question most people want to answer when looking at car insurance premiums. While a third-party liability (TPL) cover can be very cheap in the Philippines, comprehensive policies are slightly more expensive, thought absolutely worth the money. It will give you the peace of mind while driving. Let's look at how the price of a comprehensive cover comes about:

Fair market value

The fair market value (FMV) is a constant value computed according to model type and series of vehicles. The price of the premium is directly proportional to the FMV because this is a fairly accurate reflection of the price that will be shouldered by the insurance companies in case of total loss. This is constant for all companies. For many insurers, brokers and agents alike, the sources of the FMVs are either PIRA or IMSI - both independent bodies that publish such lists on a semi-annual basis.


The fair market value of a car isn't consistent throughout the years. This is because your car loses significantly in value when you are driving it. Age is also an important factor. Most industry players apply a straight-line 10% annual depreciation to the value of the car. However, this calculation may vary on a case by case basis.


Insurance companies also look at certain risk factors when they determine the price of the premium. If data is available, your accident and claims history will have a large impact on the price of your premium. In other countries, age plays another significant role in determining the premium of your car insurance.

Compare Car Insurance Rates

One way to determine the cost of your car insurance is to get quote from our Car Insurance Comparison Tool here. We provide rates for car insurance from different companies in the Philippines. Using a comparison tool saves you the time it would have taken to call every single company up and ask for a quotation.

Is car insurance worth the price you pay for it?

The short answer is "Yes". Even if you manage to get through the year without any damages on your car, there is always a possibility that something completely unforeseen happens to you and you need to avail of your insurance. If you ever find yourself in that situation, you will be very relieved to know that you are covered by your insurance policy.

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Testimonial person
Excellent ang service pagdating sa process of issuance ng car insurance at processing ng claims. I will definitely refer to my friends!
Jhayson Opimo, 31, Makati

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