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4 tips to getting the best car insurance provider in the Philippines

Photo from Pixabay

Getting a car insurance in the Philippines is imperative for every car owner. In fact it’s mandatory by law for vehicle owners to secure a CTPL insurance as a prerequisite to LTO motor vehicle registation. There’s no denying the benefits of having one though. Car insurance helps offset a huge amount of damages whenever an incident occurs. Depends on the coverage of your policy, you may get benefits for accident and death, get legal fee provisions, get repair coverage, and many more additional add-ons.

But where do you begin? Here are 4 tips you may find helpful in getting a car insurance policy in the Philippines.

1. Get a reputable provider

A good way to look for reputable providers is to really just ask around. There are tons of non-life insurance companies in the Philippines and some of the most popular ones are Asian Life, Malayan Insurance, FPG, and BPI/MS.

A reputable provider is one that has a good track record in handling applications and processing claims. This means whatever you apply for with them is delivered on time and with minimal hassles.

2. Compare with other providers

I found that the easiest way to shop and look around for insurance companies is to go online and request for a free quote. Sites like MoneyMax.ph and eCompareMo.com offer real-time car insurance quotes from different providers that would help you decide which one to get. It’s also a good way for you to get savings of up to ₱10,000 depending on your car model.
Getting a quote is easy. All you have to do is go to the website and fill out a form describing your car and current insurance company. You’ll be asked for your vehicle brand, the year, model, and series, as well as the region and city where your car is registered. And that’s it, in just seconds you’ll be greeted with a page filled with a list of insurance companies that could cater to your needs.

3. Learn how to process claims

Should you get into an unfortunate incident, it’s important for you to know how to go about processing an insurance claim. The easier, the better. Some insurance companies may appear more strict than others, but basically the official documents you would need to file a claim are as follows:

  1. Police Report or a Notarized Affidavit
  2. Driver’s License with Official Receipt (photocopies)
  3. Your vehicle’s LTO OR CR
  4. Photos/videos of the damage/s to the car with the LTO plates of the vehicle

Make sure to always have the number of your agent or insurance provider handy because they should know about any incident immediately.

4. Look for reviews and feedback

Aside from getting competitive quotes online, it also helps to look for reviews and feedback from actual customers. From the list of providers you got from your online search, try to narrow down your list based on price point and amount of coverage, then dig deeper into these companies by looking for customer feedback online. To help, join local car groups in Facebook or online forums.

It’s bad enough that you got into an accident, but to be faced with a lengthy claims process because of a lack of system adds more frustration to your situation. Get a can insurance provider that really cares about its clients and wouldn’t make it so hard for you to have your car repaired or checked.