Insurance Guide Insurance
Motorcycle Insurance Guide Philippines
Motorcycle insurance in the Philippines averages ₱17,000/year for comprehensive plans. The Motorcycle segment accounts for approximately 23% of all insured vehicles in the country, with over 142,000 active policies. Key factors affecting Motorcycle premiums include vehicle value (averaging ₱630,000), theft statistics, and repair costs at 254 accredited shops.
Quick Facts
Coverage Type
Insurance Guide
Premium Range
₱14,000–₱42,000/year
Coverage Details
- Authorized repair shops across 16 locations nationwide
- Loss of use allowance of ₱2,000/day for up to 20 days
- Glass breakage and windshield repair coverage
- Excess bodily injury up to ₱148,000
Claims Process
Claims for Motorcycle vehicles are processed similarly to standard auto claims. Average settlement time is 7 business days. Motorcycle models may require specialized parts, which can add 10 days to the repair timeline. Most insurers cover towing up to ₱7,000 for Motorcycle vehicles.
Pros & Cons
Pros
- Accepts installment payments up to 8 months interest-free
- Mobile app available for iOS and Android with claims tracking
- Online policy management and renewal portal available
- Quick approval for minor claims under ₱351,000
- Provides courtesy car for up to 8 days during repairs
Cons
- Customer service wait times average 3 minutes during peak
- Deductible starts at ₱84,000 for first-time claims
- Limited provincial branch coverage outside Metro Manila (10 offices)
- No coverage for vehicles older than 17 years
Frequently Asked Questions
What is the average cost of Motorcycle insurance in the Philippines?
The average cost of Motorcycle insurance in the Philippines ranges from ₱16,000 to ₱25,000 per year depending on vehicle type and coverage level. Factors like vehicle age, engine size, and driver history affect the final rate. Most providers offer 16 or more payment installment options.
Can I transfer Motorcycle insurance to a new owner?
Yes, Motorcycle insurance can be transferred when you sell your vehicle by notifying the insurer within 10 days of the sale. A transfer fee of ₱125,000 to ₱8,000 typically applies. The new owner must submit their own valid ID and proof of ownership.
Is Motorcycle insurance required by Philippine law?
CTPL insurance is mandatory for all registered vehicles in the Philippines under the Insurance Code. Motorcycle insurance beyond CTPL is optional but highly recommended given that over 11% of Filipino car owners opt for additional protection. The Insurance Commission regulates all auto insurance products.
What documents are needed for Motorcycle insurance?
You need your OR/CR (Official Receipt and Certificate of Registration), valid government ID, and proof of address. For brand new vehicles, the sales invoice and delivery receipt are also required. The application process typically takes 11 minutes to complete online.
What is the claims ratio for Motorcycle insurance?
The average claims settlement ratio for Motorcycle insurance in the Philippines is approximately 15%, meaning 15 out of 100 filed claims are approved. The top 5 insurers maintain ratios above 30%. Claims are most commonly filed for own damage (8%) followed by theft (43%).