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Is it worth the money to get car insurance?

I tried to read the policy but gave up just a lot of mumbo jumbo.

So here I am asking the forums know I will get some idea.

I asked the gf but all she knows is how to drive it and let me know when it needs fuel topped up.

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24 minutes ago, Onemore52 said:

Is it worth the money to get car insurance?

I knew one foreigner who got "real" full coverage car insurance, (I think Malay Insurance but it was a while back) and his wife got in 3 car accidents and they paid to fix his car each time.  So it can be worth it.  I never had it and I drove a dozen years there.  The LTO insurance was good enough for me, but I never had an accident either so maybe just lucky.

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We've got 'real car insurance' on the Innova (which was bought new 4 years ago) but we've not got it on the Wigo (which we bought second hand 3 years ago).

SWMBO had an accident in the Wigo a while back (it was damaged along the side by a truck creasing the front guard, both doors and the rear corner)... in Aussie it'd have been almost an economic write off but here labor is cheap and it was repaired by a family member (who repairs taxis for a company) for around 70,000 peso.

Considering the cost of insurance I'm still well ahead.

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as always, thanks Geoff, I guess my next step is to go into their office and see if I cannot a straight answer on what the cars are covered for.

Wish me luck old mate, I reckon I might need it.

 

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15 hours ago, Onemore52 said:

as always, thanks Geoff, I guess my next step is to go into their office and see if I cannot a straight answer on what the cars are covered for.

When you have the Q&A be sure to keep in mind that the culture almost does not allow a Filipino to say "No".   Makes getting accurate information a real challenge. 

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We have full coverage on all our vehicles with Fortune insurance and never had a problem making claims. The wife's Honda Civic has been hit twice when parked and both times they payed out around 80,000 to have it fixed at Honda. 

I have driven around 50,000km per year for the last 20 years  and never been involved in a accident, so in theory  i could have saved a fair bit of cash if i hadn't bothered with insurance. For me having insurance helps achieve peace of mind especially nowadays with so many high end cars on the road.

19 hours ago, GeoffH said:

 

SWMBO had an accident in the Wigo a while back (it was damaged along the side by a truck creasing the front guard, both doors and the rear corner)... in Aussie it'd have been almost an economic write off but here labor is cheap and it was repaired by a family member (who repairs taxis for a company) for around 70,000 peso.

Considering the cost of insurance I'm still well ahead.

Not sure how you are still ahead Geoff. Insurance on a second hand Wigo would be around 12 to 15k per year and if it involved in a accident it would be repaired at Toyota. 

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5 hours ago, Gas said:

Not sure how you are still ahead Geoff. Insurance on a second hand Wigo would be around 12 to 15k per year and if it involved in a accident it would be repaired at Toyota. 

We were quoted 18,000 per year for the Wigo 4 years ago... perhaps I should have said 'slightly ahead' :)

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23 hours ago, Mike J said:

When you have the Q&A be sure to keep in mind that the culture almost does not allow a Filipino to say "No".   Makes getting accurate information a real challenge. 

I am intending to ask what do I get on this cover? Keep it simple maybe?

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  • 2 weeks later...

I have comprehensive cover through Standard Insurance for my Hyundai Tucson. Having done a fair bit of research into insurance about 3 years ago when I bought it, they seemed to be better than the other companies I looked at. The issue I found was even with comprehensive cover the third party limits seemed relatively low. Probably okay for most claims. However if you hit and totaled an expensive car, of which there seem to be more of these days, and it was deemed your fault, it could leave you considerably short of their repair bill. Considering the difference in cost it might be better to stick with the basic TPL cover and self insure the rest. I had a truck scrape down the side of my car when it was parked and of course it didn’t stop. Caused damage to the two doors and front wing.  The repair at a local, highly recommended, repair shop, not a mainstream dealer, came to just 15,000php. The quality of the repair and repaint was excellent. “You pays your money and takes your choice”, as they say!

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Questions to ask:

- What's the deductible on collision and comprehensive.  Raising that to what you're comfortable with can make it is less costly.

- Does it cover liability?  Vehicle and personal injury. And if so.... how much $$ liability???  

 

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