Comprehensive Car Insurance Coverage: Should I Get One?

Posted by under Personal Finance . Updated: August 31, 2016

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 the 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 on your car, which can be rather costly if you experience a major vehicular accident.

The annual premium for a 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 convince myself to avail of one. Personally, I tell myself that one major accident within the next 4 years would more than make up for the insurance costs.

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

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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 everyday, 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’s also add-ons for theft, fire and riot-related damage, and even roadside assistance.

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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 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
  • PNB GEN
  • Prudential Car Insurance
  • Standard Car Insurance
  • Travellers Insurance & Surety Corporation
  • UCPB GEN

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 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.

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6 Responses to “Comprehensive Car Insurance Coverage: Should I Get One?”


  1. I totally agree with this Sir Fitz. Thanks for the info.

  2. ynah love says:

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

  3. Mark David says:

    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.

  4. Fitz says:

    @ynah – added, thanks! 😀

  5. Elbert Sy says:

    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?

  6. Chinkoy Tun says:

    “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.

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