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How to Choose the Best Insurance for Expatriates

September 15th, 2014 · No Comments

For an expatriate to drive around Manila or anywhere in the Philippines he needs to apply for a license. There are licenses which are issued for a short term only. The Land transportation office issues the licenses for both foreigners and local citizens.
Owning a vehicle may entail being exposed to thefts, accidents and other mishaps. Car insurance is a good way to ensure that the risks shall be covered by the company in case they happen. The owner of the car should first pay the policy before he can avail of it in the future.

Expatriates can also choose any car insurance company they like just like the locals. It is best to apply for coverage that is worth seven hundred fifty thousand pesos at least and with a twenty thousand liability that should be compulsory. The insurance for any damage and physical injuries should amount to three hundred sixty five thousand pesos. The liability coming from a third party is important. Another thing that is essential is having the insurance in case of collisions and this should be comprehensive. There are many local insurance companies that can serve this. They may also offer the service of processing the papers when you claim and assists in case of any accident.

A comprehensive kind of insurance is valuable because it can cover any damage to the vehicle which is caused by any reason other than just a common collision. The local insurance company can do this by tying up with another company from the United States for example to insure the person in the Philippines. If you plan to be insured by a U.S. company then make sure that they can offer the comprehensive insurance that is valid in the Philippines.

Typically the expat should pay his insurance for ten years and the insurance depreciates for each claim after that. The claim is denied when there is a mechanical breakdown and any malicious behavior by the insurance owner. There is also insurance for transporting goods of an expatriate by sea and this is called the Marine transport insurance. The typical requirements for vehicles in the Philippines are the following:
 
1. The latest registration of the vehicle

2. The registration of the imported vehicle

3. The original invoice

4. A certificate of paying taxes

5. A letter confirming the certificate of payment which comes from the main office of the Land Transportation Office of the Philippines.

6. Clearance from the Police

7. The inspection of a representative of the vehicle

Tags: Expats

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