03/11/2025
FEW PRACTICAL CAR INSURANCE TIPS
🚗 1. KNOW THE 2 TYPES OF INSURANCE
a. Compulsory Third Party Liability (CTPL)
➡️Required by the LTO before vehicle registration.
➡️Covers injury or death of a third party (not you or your car).
➡️Usually costs ₱600–₱1000/year.
b. Comprehensive Insurance
➡️Optional but highly recommended.
➡️Covers damage to your car, theft, natural calamities (flood, typhoon), and third-party property damage.
➡️Premium usually ranges from 2–3% of your car’s market value per year.
💰 2. COMPARE BEFORE YOU BUY
➡️Get quotes from at least 3 car insurance providers
➡️Check coverage inclusions, not just the price.
➡️Some have free towing, 24/7 roadside assistance, or acts of nature coverage.
🧾 3. CHECK THE DEDUCTABLE
➡️The deductible is the amount you pay before the insurer covers the rest.
➡️Standard is around ₱2,000 or 0.5% of vehicle value, whichever is higher.
➡️A higher deductible means lower premium—but higher out-of-pocket cost in case of a claim.
