Car Insurance Philippines

When you do get that New Car... be sure to get car insurance along with it! And I'm not talking about the mandatory Third Party Liability (TPL) that the LTO requires. You should get a Comprehensive Insurance Policy.

Well you do want to avoid risk right?
And for a reasonable premium you can claim damages in case of an accident.
After all none of us can tell the time and place an accident is likely to occur.
A comprehensive policy is specifically recommended because it includes coverage for Bodily Injury, Property Damage, Unnamed Passengers Personal Accident etc.
So you are not just protecting your car, but also the people in it.

For more details on nonlife insurance and car insurance in the Philippines, you can contact me or visit my main blog site.

Karen Mangilit

Filing a Claim

Hope all is well after the heavy rainfall.

For those who need to file a claim with MAPFRE-Insular

Check out our claim card! :)

Karen Mangilit

MAPFRE - Rafa Nadal Commercial

Rafa endorses MAPFRE =)

"Mapfre no hay mas que una"

What is Depreciation

Just a head's up on some of the terminologies in insurance.

Client's should know what their getting with their insurance packages right?
So I've added some short explanations on my site. =)

Depreciation: is the percentage of the cost of replaced parts which is shouldered by the insured.

Depreciation Schedule: (% of cost of brand new parts)
Age of Vehicle Private Car Commercial Vehicle
0-3 years Nil Nil
3-4 years 20% 25%
4-5 years 25% 30%
5-6 years 30% 35%
6-7 years 35% 40%
Over 7 years 40% 45%
Batteries, Tires,
Ball Joints, Tire
Rods & Shock
Absorbers for vehicles
over 3 years
45% 50%

Total Protector Package

This is similar to the Auto Comprehensive Package plus more! (isn't that great?!)

1. Cumpulsory Third Party Liability P100,000
2. Excess Third Party Liability - Bodily Injury (VTPL-BI) P200,000
3. Voluntary Third Party Liability - Property Damage (VTPL-PD) P200,000
4. Unnamed Passenger Personal Accident Insurance - P50,000/passenger (x 5passengers)
5. Loss or Damage - Based on Fair Market Value
6. Acts of Nature -Based on Fair Market Value
Indemnifies insured against loss of or damage to insured vehicle from natural calamities such
as typhoon, earthquake and flood.

Additional Benefits
1. Legal Assistance
2. Bail Bond
3. Road Assist
4. Security Glass Etching
5. Increased Towing Expenses
6. Psychological Test
7. Waiver of Deductible and Depreciation - No deductible and depreciation is charged to the insured when an identified third party is clearly liable and supported by:
a. Policy report, or
b. Incident Report Form signed by all parties
8. Personal Property Cover - Reimburses insured up to P2,000 for loss of or damage to personal property of the insured directly caused by an insured accident.

Road Assist

So here's a little more information on our Road Assist services:

Road Assist:
A comprehensive 24-hour vehicle and personal assistance benefit. The vehicle assistance is not limited to accidents but includes ANY mechanical and electrical breakdown as well.

Personal Assistance
1. Transportation of repatriation in case of accident with insured vehicle: P400,000.
2. Repatriation in case of death of Beneficiary caused by road accident involving insured vehicle: P400,000.
3. Dispatch of urgently needed medication to place where insured traveled with insured vehicle.
4. Relay of urgent messages relating to the above.
5. Hotel accommodation if the vehicle cannot be repaired the same day: P1,000/per night (max. of 2 nights)
6. Alternative transportation will be provided for the assured to his residence if the vehicle cannot be repaired within 48 hours, or to assured's original destination provided that it is not farther than his residence.

Vehicle Assistance (up to 3 non-accidental related incidents a year)
1. Towing removal of insured vehicle
a. Towing: P4,000.
b. Removal using crane: P8,000.
2. On site emergency repairs and assistance

Geographical Limits
Luzon: NCR, Bataan, Batangas, Benguet, Bulacan, Cavite, Laguna, Nueva Ecija, Olongapo City, Pampanga, Pangasinan, Rizal, Tarlac

Visayas: Iloilo, Negros Occidental, Cebu

Mindanao: Cagayan de Oro, Davao, Gen. Santos

Risks Subject to Underwriting Approval

List of vehicles that are subject to approval:

  • Vehicles over 8 years old
  • Vehicles with less than P250,000 Fair Market Value (FMV)
  • Imported vehicles and/or vehicles not appearing in the Premium Rate Schedule
  • Motorcycles
  • Aluminum Vans
  • School Buses
  • Tourist Buses
  • Vehicles used for the carriage or passengers or for hire or reward
  • Motortrade vehicles
  • School buses