Comprehensive Car Insurance Coverage: Should I Get One?

Updated: August 24, 2023

Is it worth it to buy comprehensive car insurance? The straightforward answer is YES.

In the Philippines, all vehicle owners are required by law to have Compulsory Third Party Liability (CTPL) Insurance. This covers injuries caused by the driver to other people.

Unfortunately, it does not cover the costs to repair the damage to your car, which can be rather costly if you experience a major vehicular accident.

The annual premium for typical vehicular insurance in the Philippines would be P15,000. Meanwhile, a car owner’s expenses can easily go as high as P60,000 for accident repairs.

This is how I convinced myself to avail of one. Personally, I tell myself that one major accident within the next 4 years would more than makeup for the insurance costs.

But honestly, there’s really no price you can put on your peace of mind; in knowing that no road mishap can suddenly cripple your finances.


Coverage Goes Beyond Accident Damage

A comprehensive car insurance can be customized according to your exposure to risks. Non-life insurance providers can insure your vehicle against a variety of untoward incidents.

If you live or work in a flood-prone area, then you can add coverage for “Acts of God” or “Acts of Nature.” If you use your car every day, then it’s wise to add Personal Accident coverage as well.

Some companies can also add reimbursement for medical expenses from accident injuries both for you and/or other parties. And, of course, there are also add-ons for theft, fire and riot-related damage, and even roadside assistance.

List of Car Insurance Companies in the Philippines

If you want to get the cheapest car insurance with the best coverage, then ask and compare proposals or quotes from at least 3 companies.

At first, it’s important to invest the time to do research on the best car insurance available to you so that it’ll just be a simple matter of renewing the policy for the succeeding years.

Moreover, aside from the price, quality customer service should also have a major weight in your decision.

Fortunately, there are now several websites that offer quick comparisons among different car insurance packages of various providers. This can make your research easier and faster.

Nevertheless, here’s a list of known Philippine car insurance companies. I’ll try to update the list as often as possible. If I missed any, then please provide the company name in the comments section.

  • BPI MS Car Insurance
  • Charter Ping An Car Insurance
  • Direct Link
  • Federal Phoenix Car Insurance
  • Fortune General
  • Liberty Car Insurance
  • Malayan Insurance
  • Mapfre Car Insurance
  • QBE Seaboard
  • Paramount Life and General Insurance Corporation
  • Pioneer Car Insurance
  • Prudential Car Insurance
  • Standard Car Insurance
  • Travelers Insurance & Surety Corporation

Final Tips

When buying a car, choose the cheapest one that can provide for your transportation needs. That’s because your vehicle’s make and model affect the price of your insurance premiums. The more expensive your car is, the more you’ll pay.

Be careful when driving. This is not just for your own safety but for your driving record. If you don’t have a claims history, then you can be entitled to discounts and lower rates.

Installing or availing vehicle models with safety features can likewise help in lowering your premiums. For example, having an anti-theft device can give you discounts if you get theft coverage.

Lastly, don’t just insure your car, but have life insurance as well. A wrecked car can be replaced, but your life can’t be.

What to do next: Click here to start your financial journey with IMG Wealth Academy


  1. Kindly Include the Travellers Insurance & Surety Corporation. Its a company with excellent performance when it comes to claims. thank you.

  2. It is very necessary to take car insurance. If you take first party car insurance then it will come will all insurance policy covered in that. In third party insurance they will just cover injuries to you and not for car damage. Thank you for sharing your thought on insurance and giving detail information.

  3. I asked my car insurance if they offer discount or lower rates for drivers that don’t have claims history. Their answer to me is “No”. Maybe, this discount does not apply to every car insurance provider?

  4. “When buying a car, choose the cheapest one that can provide for your transportation needs.”

    why?? since expensive cars provide more safety features unlike of low end cars.

  5. I would have to agree that it’s worth buying a comprehensive car insurance. Despite driving carefully on the road as well as staying attentive there are some cases when things get out of our control. Such a situation can be affected by weather conditions, road conditions, and other possible reasons.

    With this, car owners should have preventive measures like insurance to avoid paying a lot of money due to damages at one time. I find this really important which is why I make sure to buy one. Insurances like CTPL would be a huge help. Good thing I heard that there’s a website that provides CTPL insurance which we can get easily at an affordable price at (

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