Own damage car insurance covers the damages on your car while you are on the road. This is sometimes referred to as “collision insurance” or “own damage and theft.” There are two areas that this coverage includes: damage to your own car through an accident, and insurance against theft.

While collision damage insurance covers damages to your car, it is good to remember that NOT all cases will be covered. Your policy will contain exceptions such as damages to the car when parked. Other things that will not be covered may also include: items inside the car, and the damages caused by natural disasters. Own damage car insurance also protects you from: car napping, vandalism, theft of parts, damages while driving, fire or external explosion, and damage to your car while in transit.

It is wise to check your own damage car insurance policy before making a claim.

How much does own damage and theft coverage protect me?

Just how much the company will pay in case of an own damage and theft coverage claim in your comprehensive car insurance plan, depends on your car’s model, make and whether or not you are still paying for mortgage or car loan.

One thing is for sure, the standard coverage benefit is equal to the fair market value of your car. Let’s assume a base case. Say you have a 2016 Ford Ecosport, a trend 1.5L gas-powered model, running on automatic transmission. Let’s also assume that you are still paying for the car loan. The car is currently worth P840,000 (fair market value).

If you buy your comprehensive car insurance for your newly-bought car, then you have up to P840,000 in claims. Remember that the FMV of cars depreciates by 10% every year, but you may still ask to increase the coverage, depending on your needs.

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Insurance claims: How do I make an own damage claim?

Theft and own damage claims are subject to a deductible fee which can be a percentage of the coverage or a flat amount, including depreciation. A third-party adjuster will inspect the damage and determine the actual cost of damage.

What are the requirements for an own damage claim?

1. Here are the basic requirements needed to process an own damage claim:

2. Copy of your own damage insurance policy and OR of premium payment

3. Police report

4. Photocopy of driver's license (of third party), including receipt

5. Copy of your driver's license, including receipt

6. Vehicle registration certificate and OR

7. Photo of damaged part with the car's license plate

8. Photo of whole car with license plate

9. Notarized affidavit from insurance company (include a written declaration of the sequence of events)

10. Repair estimate

11. Certificate of No Claim (from the other party's insurer)

How to make a claim for collision damage insurance

1. Report the incident as soon as possible. Once the police arrives, they will take note of everything that happened.

2. Take photos of the incident.

3. Secure the damaged property.

4. Contact your insurance provider. Ask for assistance from the company. Note: Never sign anything that says you are liable for what happened before consulting with your insurance provider.

5. Wait for the inspection and the assessment of costs.

6. Wait for the Letter of Authority (LOA) before taking your car to the repair shop.

7. Pay the deductible to start the repairs.

How to make a claim for lost or stolen vehicle

1. Report the stolen or lost vehicle to the nearest station.

2. Secure these additional requirements for a lost or stolen vehicle: complaint sheet from the Traffic Management Group (TMG), Nationwide Formal Alarm Sheet from TMG (original), Certificate of Non-Recovery (Original), ignition keys, letter of release from financial institution

3. Submit all documents to the insurance company.

4. Pay the deductible, if applicable

5. Depending on the circumstance, you will receive a replacement or reimbursement.

Compare own damage car insurance online: Why choose GoBear Philippines?

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With many car insurance providers in the Philippines offering lost vehicle and collision damage insurance, how do you find the right one? GoBear Philippines offers a simple, unbiased and free way for you to easily compare own damage car insurance products, rates, and coverage online, so you can make the smart decision. Discover ways on how GoBear can help you save time and money with your own damage insurance by checking out our FAQ page.