Car Insurance

Importance of Car and Motorcycle Insurance in Metro Manila

Want to know why car and motorcycle insurance is important in metro manila? Read this guide and find out!

Just how important is it to own a car or motorcycle insurance in Metro Manila? Far more important than you’d think. Here are a couple of reasons why that’s so:

High vehicular accident rates

Did you know that personal vehicles accounted for 41.01% of total road accidents in Metro Manila? Motorcycles accounted for 20.16%, while buses and jeepneys accounted for 2.58% and 2.04%. In fact, according to the Philippine Statistics Authority, there was a 4.2% increase in fatal road accidents in 2021 despite the year’s quarterly quarantine protocols. The United Nations Economic and Social Commission for Asia and the Pacific stated in a 2022 report that “The number of persons involved in accidents for the year 2016-2020 showed an average of 545 persons per day are involved in accidents…” They later added that the number reduced to 345 civilians during the pandemic years.

Any motorist in Metro Manila knows that this dilemma is difficult to fix. Even though the previous quarantine months provided the Dept. of Transportation and Metropolitan Manila Development Authority some leeway into solving the crisis, it would take more than a few years to fix.

High repair costs

Repair cost varies between cars. Some vehicles may be repair-shop friendly; others require specially trained maintenance specialists and exclusive car parts. Whatever the case, owning one can eat through your savings if you add unexpected expenses on top of annual maintenance. Curb some of the fees with a trustworthy insurance company in the Philippines.

Threat of vandalism

Though usually more common in shady neighborhoods, vandalism is still a cause for concern and is considered property damage. Minor issues like spray paint jobs aren’t too difficult to fix, but you will need some financial protection for broken windows, tire robbery, or dents caused by malicious individuals.

Loss of use and other reasons

Some car insurance companies in the Philippines offer “Loss of Use” as a valid reason for receiving financial aid. Sometimes cars break down or get damaged beyond use. The insured can receive decent financial assistance while their vehicles stay in the shop for days or weeks. Besides this, vehicle insurance also covers accidents caused by “Acts of God” (weather, natural disasters) and civil commotion. There is even an optional valuable accessories protection should it be needed by the insured.

Though vehicle insurance is mandatory for all car owners and motorists, insurance coverage varies between insurance companies. Take the time to do some research, and you’ll find one that suits your budget and needs.