Tag Archives: philippines

Cheap Car Insurance Tips For Lower Quotes

tips for filipinos for cheap car insurance quotes

Ever wonder how you can lower you car insurance payments without removing useful features from your policy? Here we explore some common tips to help you get the best quotes from car insurance companies.

Driving is a privilege and it feels great to get behind the wheel of your own car and have so much freedom to go where ever you want. The downside of cars is the cost. The car itself, the gas and car insurance can be a heavy burden on your wallet. Here are some tips from Money Monster on how to get cheap auto insurance in the Philippines.

Trim down your coverage for cheaper premiums

When you’re looking for cheap car insurance quotes one of the easiest ways to lower your premiums is to decrease the level of coverage you have. Fully comprehensive car insurance offers the most coverage but is also the most expensive. It’s great having lots of free perks such as 24/7 road side assistance and complete protection for your car against accidents, fire and theft or getting a free rental car if your main vehicle is in a repair shop. But remember, each extra piece of cover will add pesos to your total premium each month. To help lower your monthly payments try losing some of the items in your policy. You can consider removing cover against minor damages and injuries, If you don’t need free medical care, remove that from your policy. If you don’t need an allowance for transport when your car is in for a check up, remove that too. The more you remove from your car insurance policy, the cheaper your monthly premiums will be but think carefully before doing so as you might regret it if you actually get into an accident.

No claims discounts on your car insurance

Insurers really love drivers who never crash as this makes you a much less risky policy holder in their eyes. Many Insurance companies will reward you for each year you don’t make any claims, known as a no-claims discount (NCD), they doing this by giving you up to 10% discount on your premiums each year. It really does pay to drive safely, after 3 years of making no-claims, you could be enjoying up to 50% discount on your insurance quote. This can add up to big savings each year!

Insurance policy excess payments

Choosing a higher excess payment level could really help you find cheaper car insurance. Excess payments are what you will pay the insurer if you get into a car accident. For example if you crash and the damages to your vehicle are 100,000 pesos and your excess is 20,000 pesos, this means you will pay the insurance company 20,000 pesos and they will pay the remaining balance to have your car repaired.  On the other hand if you get into a minor fender bender and the damages to your vehicle are just 15,000 pesos this means you will pay the full amount as it is below your excess payment of 20,000. If you rarely get into accidents and you’re a good driver then setting a higher excess payment level will help lower your car insurance quote, meaning you pay smaller premiums each month.

With the above points in mind, using our money monster car insurance comparison tool will help you find and compare the cheapest car policy quotes available for you.

How to be smart with your credit card in the Philippines

credit card tips

Used correctly credit cards can get you discounts, rewards and be a genuine asset to your monthly finances. Used irresponsibly however and they can become a heavy financial burden. Here are 5 useful tips for Filipinos to make credit cards work in your favour.

1) Use your credit card for most purchases.

This one only applies to people who pay their balance in full each month. Using your credit card more frequently means you can build up reward points faster and enjoy perks such as free movie passes, airmiles for free flights, or receive gift and cash certificates that you can use in grocery stores or retail outlets. That’s free money you wouldn’t have if you made your purchases using cash.

2) Choose a credit card that gives you what you want.

Credit cards in the Philippines have different types of rewards, it’s a good idea to choose one that will be beneficial for your lifestyle, here’s some examples.

 If you love shopping – choose a credit card that offers you the most cashback or rewards points and look for cards that offer rebates at your favourite shops.

If you spend a lot of money on fuel – a card that offers the biggest fuel rebates might be best for you. Eastwest bank and Security bank both have credit cards with a massive 7% fuel rebate.

If you love to travel – the HSBC premier mastercard is the market leader at offering airmiles and travel perks with 1 airmile rewarded every time you spend only 25 pesos. Look for banks that offer the smallest spend for the most airmiles while maintaining other perks such as free travel insurance and free access to airport lounges.

3)  Keep an eye on your payment due date

This is where things can get financially ugly for some people. Your card issuer will send a paper or online statement every month showing you the total amount due and the payment due date. If you don’t make any payment on or before this date you could be charged a large penalty fee so make sure you always settle at least the ‘minimum amount due’ every month. Preferably you should always pay off the full total balance so that you will have zero interest charges.

4) Don’t withdraw cash on your credit card

Although sometimes it might be tempting, a cash advance, which is withdrawing cash from your credit card account should be avoided at all cost because it’s a very expensive form of borrowing. Credit card companies intended the cash advance service to be used for emergencies but some people   The moment you withdraw cash your card issuer hits you with a fee of about 500 pesos or 2-4% depending on which one is higher. What some Filipinos don’t realize is that you’re also charged interest from the day you withdraw the cash to the day you settle, so there’s no interest free period. Lastly you should check what you cash advance limit as this is usually different from your credit limit, for example if your credit limit is 100,000 pesos, you may only be allowed to withdraw 30% (or 30,000 pesos) in cash. If you withdraw more than this amount you could be charged an over limit fee.

5) Always check your credit card billing statement each month

Honest mistakes do happen, the pump attendant might have mistakenly charged your credit card twice or perhaps the checkout lady entered the wrong amount, it’s best to keep your day to day receipts and compare them to your credit card statement each month to make sure there’s no errors and that statement due amount is correct.