If you have a motorcycle or a two-wheeler, you know how exhilarating the riding experience can be. On some days, it is the view, the fresh air, and on other days, it is the ease of getting out of the heavy traffic and parking the vehicle. Overall, there are a lot of benefits of owning a motorcycle in the Philippines. However, with so much fun and ease also comes the responsibility to ride safely and stay protected on the road.
To be a responsible rider, one needs to inculcate a few habits, including staying alert while riding, maintaining a safe distance from vehicles ahead, maintaining the vehicle well, obeying traffic rules and regulations, avoiding distractions, and being courteous. In addition to all this, another mark of a good and responsible rider is getting the motor vehicle duly registered and securing an appropriate driver’s license and insurance policy.
While the licensing and registration needs will be taken care of by the Land Transportation Office (LTO), you need to work on getting the right insurance for your vehicle, as it makes all the difference in case of an accident or an unforeseen event.
It is therefore vital for every motorcycle or two-wheeler owner to thoroughly understand the process of getting motor vehicle insurance. To help every Filipino rider, we have curated a guide to walk you through the necessary steps to secure the best coverage as per your needs.
Motorcycle Insurance in the Philippines
Before talking about the process of securing motorcycle insurance, it is essential to understand the basics. Motorcycle insurance is a legal requirement in the Philippines, plus it also serves as a safety net for the riders. With the roads becoming more and more congested with vehicles, having the right coverage will protect you against accidents, theft, and damage. While we have covered motorcycle insurance and its importance in detail, here is a quick overview to get you started.
What is motorcycle insurance? It is a type of policy designed to protect motorcycle owners against financial burden resulting from theft, accident, or damage to the vehicle. A typical policy includes coverage for the motorcycle, the rider, third-party, and sometimes for the co-passenger.
Why is motorcycle insurance essential? It is vital for several reasons, including,
- It is mandatory by law.
- It offers financial protection against medical expenses, repairs & replacements, etc.
- It offers the rider immense peace of mind, which allows them to commute with great confidence.
What about the country’s motorcycle insurance landscape? The Philippines has an evolving insurance landscape with numerous players operating and offering a diverse insurance range. From the basic CTPL insurance to comprehensive coverage, two-wheeler owners have a wide range of options to choose from.
What are the different types of motorcycle insurance policies available in the Philippines? To make an informed insurance decision, it is essential to understand the different types of motorcycle insurance available and their benefits. Listed below are various insurance plans catering to different needs and providing financial protection to the policyholder -
- Compulsory Third Party Liability (CTPL) - It is a mandatory insurance requirement in the Philippines for all vehicle owners. It offers them coverage against injury/death caused to a third party in an accident.
- Comprehensive Insurance - It is suitable for motorcycle owners looking for extensive protection for their vehicle. It offers coverage to the motorcycle against damage resulting from accident, collision, natural disaster, vandalism, theft, etc.
- Personal Accident Insurance - This particular coverage, if opted, offers the insured motorcycle’s rider and passenger coverage against injury/death resulting from an accident.
- Acts of Nature - It protects the motorcycle from unpredictable natural calamities like floods and storms.
Overall, there is a range of motorcycle insurance coverage offered by insurance companies in the Philippines, each one addressing specific needs and risks. You just need to understand these coverage options properly and choose the ones that best suit your circumstances.
What is the legal requirement for motorcycle insurance? By law, motorcycle owners in the Philippines are required to have at least Compulsory Third Party Liability (CTPL) insurance. Failure to comply with the minimum insurance requirements can result in penalties, including fines and the impounding of your motorcycle.
Photo from NeodriftTop motorcycle insurance providers in the Philippines
When it comes to motorcycle insurance in the Philippines, several providers stand out. They are known to offer a range of policies tailored to riders' needs and requirements. Some of the notable players in the market are -
- Oona Insurance Philippines
- Malayan Insurance (MotoOne Motorcycle Insurance)
- Metropolitan Insurance Company Inc.
- FPG Motor Insurance
- SGI Philippines General Insurance Company
- InsureShop (RideSure Motorcycle Insurance)
- AXA Philippines
- BPI MS Insurance
How to choose the right insurance policy
Wanna enjoy adequate coverage without overpaying? The key is to choose the right insurance provider offering the right policy. Here are a few tips to choose the right motorcycle insurer in the Philippines -
- Assess your insurance needs - The first step to get insurance is to assess your needs, for which you have to consider the following: frequency of riding, typical riding distance, and riding environment (heavy traffic or relaxed environment).
- Selecting appropriate coverage - When selecting coverage, consider the following factors: the motorcycle’s type, make, and model, your age, and riding experience. It is also essential to consider the insurance providers’ customer service and market stability.
- Reading the fine print - Make sure to read the fine print of potential insurance policies. Pay close attention to the exclusions and inclusions.
- Compare quotes - A critical step in choosing the right insurance policy is comparing quotes from different providers. It is crucial to look beyond the premium and consider factors like deductibles, coverage limits, etc.
Step-by-step guide to get motorcycle insurance
Step 1: Research and compare
The first step in getting motorcycle insurance is to research and compare different insurance providers. Look for companies that have a good reputation in the industry and compare quotes from multiple providers to get the best deal.
Step 2: Obtain quotations
Secure quotes from potential insurance providers. This can be done by contacting the providers directly or via online platforms like Zen Insure.
Step 3: Prepare documents
To be able to apply for motorcycle insurance, you need to prepare certain documents, including motorcycle registration papers, driver's license, etc.
Step 4: Complete the application process
It’s time to complete the insurance application process with the selected insurer. You would be required to duly accomplish the provided form, wherein you’ll be required to fill in your personal and motorcycle details.
Step 5: Sign the contract
The insurer will offer you a car insurance contract/agreement, which you are required to review thoroughly before signing.
Step 6: Make payment
The final step is to pay for your insurance policy. Most companies offer various payment modes, including online payment options like ATM banking, bank deposit, over-the-counter payment, credit card, online banking, GCash, credit card, mobile banking, and payment apps.
Step 7: Collect the policy
You will now receive your car insurance policy along with a Certificate of Cover (COC).
Photo from FreepikMotorcycle insurance in the Philippines - Mistakes to avoid
- Do not overpay for motorcycle insurance; avoid unnecessary coverage.
- Make it a point to read the insurance contract properly; this will save you from last-minute surprises.
- Remember, the cheapest insurance option isn’t always the right pick. It might cost you more in the long term.
- Never miss out on your insurance premium payments, as it can leave you uninsured.
Bottom line
If you wish to have a safe and secure riding experience in the Philippines, acquiring motorcycle insurance is essential. Above, we have assembled a comprehensive guide that will guide you through the process of obtaining motorcycle insurance. Read all the provided information thoroughly, and you’ll be able to secure the right coverage at the right price.
FAQs
Q1.) What is the minimum insurance requirement for motorcycles in the Philippines?
Ans. A motorcycle owner is required to get Compulsory Third Party Liability (CTPL) insurance that covers damages to third parties in the event of an accident.
Q2.) What is the difference between CTPL and comprehensive insurance?
Ans. CTPL is a basic insurance that covers damages to third parties, while comprehensive insurance provides broader coverage.
Q3.) What documents are required to get motorcycle insurance?
Ans. Typically, you will need to provide personal documents such as a valid ID, address proof, and motorcycle registration papers.
Q4.) Can I get motorcycle insurance if I have a modified motorcycle?
Ans. Yes, but you may need to declare the modifications to the insurance provider.
Q5.) Are there any discounts available for motorcycle insurance?
Ans. Yes, some insurance providers offer discounts for safe riding and multiple policies.
