1.What is GoBear?
GoBear is a metasearch engine — we help you compare and find the best deal for travel insurance, credit cards and personal loans. All the information you need, including interest rates, requirements, qualifications and even promos are all in this website. We are the first metasearch engine in Asia to offer this free service to Filipinos.
After filling up the form, GoBear will show you all applicable products based on your needs. You can compare up to 4 products side by side and apply directly on the website. We will redirect your information and queries straight to the bank. To remain unbiased, GoBear does not promote banks, process your application or give value judgment on the products.
Using the website means you have the power to choose what is best for you by comparing the products side by side.
2.What type of car insurance should I get?
By law you are required to take the basic plan. When your car is financed, the bank will require you to take a comprehensive plan that includes coverage for Acts of Nature. Another reason to look into a comprehensive plan is when you can’t bear the costs to repair your car after an accident or flood, or pay for a third party claims above ₱ 100,000.
3.What are the types of car insurance in the Philippines?
There are two types:
a. Basic plan: known as Compulsory Third Party Liability (CTPL) or Compulsory Motor Vehicle Liability Insurance (CMVLI)
This basic plan is required by law for all vehicles prior to registering with the Land Transportation Office or LTO. It covers up to ₱100,000 in claims for death or bodily injury of a third-party in the event of an accident caused by the insured vehicle.
b. Comprehensive Insurance
This type of insurance will provide extra benefits on top of the basic plan. There is a wide range of benefits available in the market that can be different per insurer. Some of the additional benefits are:
i. Own Damage and Theft
This benefit will cover damages to your own car due to theft, accidents, fire, or any malicious act
ii. Acts of Nature
If you live in an area that gets hit by a tropical storm often, this might be a benefit you may need. It covers your car for damages caused by nature like flood, earthquake, typhoon, hurricane and volcanic eruption.
iii. Strike, riot and civil commotion
This benefit covers the loss or damage to your car due to strikes, riot or commotion. This is an optional benefit, which comes at an additional premium.
iv. Extra third-party Liability
This benefit will top-up the third-party liability coverage of your basic plan. This optional benefit is beneficial when the third-party claim is higher than your basic insurance will pay. There are 2 different limits:
iv. 1. Bodily Injury (VTPL-BI): This benefit is an addition to the ₱100,000 under your basic plan. And covers claims for death and injury of a third party. For example, if the claim is ₱ 175,000, ₱100,000 is paid under your basic plan and the remaining ₱75,000 will be covered under this extra third-party bodily injury plan (VTPL-BI), of course up to the limit.
iv.2 Property Damage (VTPL-PD): This benefit will allow you to cover third party car damages or any other property damage as a result of an accident.
v. Personal accidents
This benefits will provide compensation when you or one of the passengers in your car die or sustain a specific injury after being in an accident. The amount is a percentage of the Sum Insured per injury.
vi. Roadside assistance
This benefit will assist you in case your vehicle breaks down, is stolen, or you face any other conditions that would inconvenience you while you are using your car. Some insurers include towing services while some have this as a separate benefit.
vii. Medical costs
Medical costs benefit covers the settlement of claims for bodily injuries, professional fees and hospital charges for services rendered to traffic accident victims.
4.What is a deductible?
This is the amount you will pay per claim before the insurance kicks in. There is a minimum deductible applicable and some insurers are able to increase your deductible and will give you a discount on the premium in return.
5.What is a “Third Party” in car insurance policies?
A person other than the driver and passenger, which means it may either be a pedestrian or bystander, that gets injured or dies due to an accident caused by the insured vehicle.
6.Why should I compare car insurance with GoBear?
GoBear is a free and easy-to-use website that allows you to see a side-by-side comparison of details like car insurance coverage inclusions and exclusions, requirements, claims handling, and even promos. You can compare benefits and low downs of different insurance policies from all insurance companies in the Philippines.
GoBear is not a broker or a seller, which means all amounts in Peso reflect actual costs from the company at the time of comparison (no commissions or extra charges). Compare online before applying to see how much you can actually save.
7.What does the car insurance company need to know about me?
1. Sales invoice of vehicle if brand new
2. If second hand
a. Official receipt from LTO
b. Certificate of registration from LTO
3. Pictures of all sides of the vehicle
4. Contact person
5. Phone number of the contact person
6. Email address of the contact person
8.How does the insurance company calculate the amount I pay?
In case of total loss, the amount to be paid by the insurance company shall be the estimated value (the Fair Market Value or Sum Insured) as stated in the policy. However, when it comes to replacement of parts, the insurance company will use a depreciation schedule. The amount of settlement will be the cost of brand new parts less the share of the Insured according to the depreciation schedule.
9.When should I consider reviewing my car insurance?
Ideally 1 – 2 months before your car insurance expires. This will give you enough time to renew your vehicle registration and run through an emissions test should you need one. It would also be useful to compare car insurance plans on GoBear to ensure that you have the right car insurance plan. Insurance companies often update their product offerings that may be of interest to you and you could benefit from some savings from these new products.
10.Can I buy insurance if my car has an existing damage?
Yes, but there will be a condition that existing damages are not covered.
11.Can I cancel my car insurance any time and get a refund of my premium?
Yes, you can. In the event you surrendered your policy for cancellation, the insurance company shall retain a premium in accordance with the Short Period Rate Scale for the time the policy has been in force.
12.Can I get a discount on my car insurance premium if I never had an accident before?
Unlike other countries, insurers in the Philippines do not take into account your claim history or where you live, when determining your premium. For example, the premiums in the Philippines are set by tariff and do not take into account any of these parameters.
13.Can I get 2 car insurance plans?
Yes, you can. However, the insurers will share the claim and you will never receive more money than the original claim.
14.What are the car insurance companies in the Philippines?
Almost all the non-life insurance companies in the Philippines provide car insurance. To know more about these companies and their plans, visit www.gobear.com/ph/car-insurance/company.
15.I am from the BPO industry. Can I apply for a loan?
Yes, you can. Just visit https://www.gobear.com/ph, fill out the form for personal loans and GoBear will show all the offers based on your needs. The next step is to click "Edit" and change the employment status to "BPO Employee." The page will automatically reload to show the loans applicable for you!
16.Will I get charged any additional fees by GoBear if I apply here?
No. GoBear is completely free.
We help you compare relevant insurance plans of insurers on our site to find the best deal. When you have found the right deal for you, we connect you to the particular insurer directly. And only when you click on an insurance plan do we get a small referral fee from the insurer, not from you.
Remember you do not buy the insurance from us and we do not process the application to ensure an unbiased service for you. We only compare! You always buy directly from the insurer, broker or agent.
17.Do you compare all insurance companies in the Philippines?
We work with most insurance companies. We do not play favourites with anyone.
18.How can I save money by using GoBear?
You can save money by being able to compare insurance plans and their fine print in a smart way on GoBear.
GoBear is a metasearch engine or a comparison site — we help you compare and find the best deal for personal loans, travel insurance and credit cards. All the information you need, including interest rates, requirements, qualifications and even promos are all in this website. We are the first metasearch engine in Asia to offer this free service to Filipinos.
19.Can I also compare GoBear on my mobile device?
Yes! GoBear was first and foremost designed for mobile, because on-the-go solutions fit perfectly into your busy life.
We are constantly innovating and try to ensure that you can compare insurance plans 365 days a year 24/7 on any of your devices. Just visit www.gobear.com/ph on your mobile phone browser.
Real-time data means that the insurance details are as updated and on-the-go as you are.
20.Can I save my quotes somewhere?
Yes, you can.
Simply create an account with us and enjoy added functions like being able to come back later and compare up to 4 pre-selected policies side by side.
You can find the sign up info at the top of the website or in the menu on the mobile device.
21.How can I make sure that I don’t only get the cheapest quote but also the best quote for my needs?
GoBear searches in a smart way which enables you to make better choices. You'll enjoy greater transparency when you filter by quotes, ratings or peer reviews. This feature ensures that you can find the best insurance deals to meet your needs.
22.Can I talk to a Customer Service Representative to help me with the comparison of my insurance?
To keep ourselves unbiased, we don't sell insurance, credit cards or loans ourselves. We are not an insurance broker or agent and we do not advise on insurance plans.
This means that we do not have agents on hand to discuss insurance policies and give you value judgments.
If you have any questions about a particular policy, please contact the insurer directly. After applying through GoBear, a representative of the bank or insurance company will get in touch with you so can ask pertinent questions about your purchase.
23.How updated is the data on your site?
Our website updates 24/7 with the latest insurance data. However, bear in mind that this is dependent on the input, which is given by the insurance companies and banks, information from their respective websites as well as brokers' time of informing.
24.How does GoBear compare credit cards?
Our goal is simple: to show you the most transparent and unbiased comparison that suits your needs, not anyone else’s. Here's how:
1. Search by reward types
Card rewards are what you are looking for and GoBear gets it! Start your search by selecting your preferred reward type: cashback or air miles.
2. Calculate annual rewards based on your spending needs
To help you find your best credit card, simply input your monthly spending amount with an option to break them down into categories like: dining, entertainment, fuel, groceries, online shopping, shopping, etc. For details of shopping categories, refer to 'what is the definition' of each spending category and 'what is included in your rewards calculation?'.
With your input plus our unique GoBear Rewards Converter, we will calculate your estimated annual earnings on cashback and air miles based on your monthly spending over a period of one year. We convert the different credit card reward points based on average cash values or actual air miles you can redeem. Please refer to 'Which airline miles do you use in your total air miles calculation?' for more details on air miles.
3. Compare reward earnings vs other benefits, features and fees
To give an all-rounded comparison, we also showcase a directory of other features, including benefits and fees of each credit card.
25.What is definition of each spending category and what is included in your rewards calculation?
Dining: weekend and weekday dining (if you get rewarded at different rates, the average applies)
Entertainment: ticketing for cinemas, bars or events (or either of them)
Fuel: includes card-specific rewards such miles or cashback accumulated from spending on fuel
Groceries: grocery spending at multiple outlets
Travel: 50% overseas spend and 50% travel-related spend such as flight or hotel
Online Shopping: all spending on online shopping
Shopping: all spending on retail shopping
General: all other spending (except cash advances)
To give a clear comparison, the followings is excluded:
- Nominal discounts for fuel
- Bank-wide discounts for fuel
- Bank deals with specific merchants
- Any ad-hoc promotions, unless they are quantifiable as an annual bonus related to a minimum spend in the first year.
26.How accurate are the total air miles or cashback calculations?
At GoBear we put in our best to ensure our calculations are accurate. Firstly, we constantly update our calculation engine and data collected from the credit card issuers. Secondly, your input on your monthly spending breakdown will further improve our calculation. Having said that, there are certain personal spending patterns, specific merchant deals or rewards that we do not include in our comparison because our goal is to give you an apple-to-apple comparison.
GoBear’s advice to you is to treat the total annual cashback and total air miles earned, as one of the considerations during your comparison process. Click on "More Details" to learn more about the limitations and benefits of each individual card.
27.There are other comparison sites, why should I use GoBear to compare credit cards?
We are transparent, unbiased, personalised and we have you covered.
GoBear credit card comparison results are based entirely on your personal spending pattern, based on your data input. There's no advertising, pre-ranking and highlights of the card listing. We don't tell you which card to pick, it's your choice.
We currently cover largest range of credit cards, view our sitemap to access the full list of the cards available.
28.What should I look out for when comparing between rewards, cashback or miles cards?
Firstly, you must understand what each card offers:
Rewards Cards: Reward cards earn you rewards that are specific to your card issuer (e.g. CitiDollars). These rewards are collected when you spend money on credit cards and can be exchanged for either vouchers, cash or air miles.
Cashback Cards:Cashback cards offer you a percentage of your total spending on this card. Depending on what you spend on, you could earn up to 5% cashback on your credit card.
Miles Cards: Miles cards earn you miles that are exchangeable for frequent flyer miles at selected airlines. Most Singaporean banks have deals with Krisflyer miles and Asia Miles.
When comparing these 3 card types, you should keep in mind that rewards cards may not instantly giving you “miles” or “cash” and sometimes a conversion rate applies when redeeming for these rewards. However, this gives you the option to choose your rewards or benefits at a later point of time.
Pure miles and cashback cards do not offer this flexibility but often offer better conversion rates. Cashback cards are loved by those who like instant “cash discount” from a bill.
29.How will I know if my insurance still meets my needs?
It is always a good time to reassess your current insurance plans. GoBear will help you to find the latest prices and best insurance deals available.
30.Why do I need to buy travel insurance?
A travel insurance may cover the high costs that can be incurred from any unforeseen circumstances such as luggage loss, cancellation of your trip, serious illness, accidents, etc. It provides you with peace of mind and pocket.
31.What are the different plans of travel insurance?
The most commonly used categories are:
Single trip: A short term policy that covers a specific trip, usually always commencing from and returning to the Philippines.
a. Individual Plan: It covers the policy holder or an individual person.
b. Family Plan: A policy insurance covering the policyholder and his immediate family i.e. his legitimate children and his legal spouse.
Annual Cover: A policy issued for a 1 year period covering trips commencing from and returning to the Philippines. This insurance will cover the insured person only. You can also choose between an individual plan and a family plan under an annual coverage.
a. Individual Plan: It covers the policy holder or an individual person.
b. Family Plan: A policy insurance covering the policyholder and his immediate family i.e. his legitimate children and his legal spouse.
32. What do I have to take into consideration before choosing a specific travel insurance plan?
For specific advise you should always liaise with an insurance company or broker (which we are not) but in general it's recommended to check certain needs and expectations you have before taking a decision such as:
1. Do you travel alone or with your family? How frequently do you travel?
2. Which country are you travelling to? Do they have access to good hospitals, medical facilities? Will you be travelling to more remote areas where there could be malaria, natural disasters, etc.?
3. Are you travelling for pleasure or business?
4. What sort of activities will you be undertaking? Skiing? Diving? Trekking?
5. What is your budget?
6. What are your expectations? Do you only require personal accident and medical expenses benefits, or do you also need coverage for repatriation, delayed departure, trip cancellation, loss of baggage or travel documents, etc.
33.Who can get a Personal Loan?
To qualify for a Personal Loan you need to be:
- A Filipino/Permanent Resident (PR) or Foreigner.
- Aged between 21–70.
Also, you will need to earn at least
- ₱10,000 per year if you are a Filipino or PR.
- ₱10,000 per year if you are a foreigner.
34.What can I use Personal Loan for?
A personal loan is an unsecured installment loan that you can use for pretty much whatever you want. You can use it to finance a medical emergency, a family holiday or even that new laptop you’ve been eyeing on. There are more specialised loan products available if you need to finance your home renovation or education.
35.What is Loan Tenure or Term of Loan?
The "Loan Tenure" or "Term of Loan" for personal loans can range from 1 to 5 years. Renovation loans are limited to five years and education loans can be up to 10 years. The length of the loan, or tenure, is an important determinant. The longer the tenure, the more interest you will pay.
36.What is the lowest personal loan interest rate?
Banks revise their personal loan rates from time to time. The lowest personal loan add-on rate is 13.2% (without collateral) and 9.48% (with collateral) per year. This is the flat interest rate – more importantly, is the effective interest rate, which shows the actual cost of borrowing.
Add-on is the flat rate, which is placed on top of the principal amount you borrowed.
37.Why does GoBear not include the Effective Interest Rate?
The Effective Interest rate is introduced by moneysense to provide a clearer overview of the cost of borrowing. However, banks have some liberty in definition of effective interest rate and include or exclude certain factors to lower these rates. It is mandated by law for banks to notify you on the Effective Interest Rate.
When comparing loans of the same tenure, it is easier to look at the total payment you will be making on a loan. At GoBear we include all costs associated with the loan and break it down for you in easy categories so you can see what you are paying at a glance.
38.How does GoBear break down the costs on loans?
When getting a loan, transparency about costs and repayments is often lacking. To provide you with a better overview, we have broken down all the costs that are associated with your loan:
Monthly payment: your monthly payment for the total duration of the loan (this includes interest payments and principal repayment.
Total Payment: Includes all interest paid, all principal repaid and loan servicing costs.
Interest Payments: All interest that you will pay during the duration of the loan
Servicing costs: All non-interest payments such as processing fee, servicing costs or annual fees.
The total payment includes all costs that you will pay when taking the loan plus the repayment of the loan.
39.Are there additional bank fees with personal loans?
Some banks charge a fixed processing fee. In addition, you can also incur 3% to 5% late payment fees or early repayment fees.
40.What documents are required for a personal loan application?
These are the most common documents required when applying for a personal loan. You can use the GoBear search to learn the necessary documents needed per loan offer. It differs for each bank.
1. Proof of Identification: Valid government IDs with a photo and signature
2. Proof of Income
a. Employee: latest BIR Form 2316 or W2 signed by employer's authorized representative, Certificate of Employment and Income or last full month payslip
b. Self-employed: latest ITR with BIR stamp, Latest two years Audited Financial Statements, SEC Registration or DTI Certificate, Business Permit or Mayor’s Permit, Latest six months bank statements, List of 3 suppliers and 3 customers with contact details & Latest GIS (if corporation)
3. Additional documents for Permanent Resident (PR): Employment Contract or Certificate of Employment, Letter from the Embassy (if Embassy Official) & Valid passport with Resident Visa or Work Permit and valid Visa or Special Investor's Resident Visa and Visas Philippine Economic Authority or Visa with Eo226 or ACR or ICR or ACR1.
4. Other documents: Latest utility billing statement with residence address & latest credit card billing statement
41.Are these prices accurate? Do they reflect the final price?
As dedicated as we are to provide the most accurate premium cost, GoBear calculates premiums on specific perimeters and does not take into account any pre-existing conditions that need to be mentioned.
These prices serve as an unbiased reference and gives a fair overview of the available insurance plans that best meets your profile and needs.
Also, prices are subject to change without notice. Please contact the respective insurer or advisor for information on the final price.
42.Having trouble signing in or retrieving your quotes?
If you're having trouble signing into your account, please let us know so that we can help. You can reset your password online.
If you are still unable to sign in then please send an email to firstname.lastname@example.org
43.New to GoBear?
You can search and compare travel insurance plans and credit cards even without signing up for an account. You can sign up later if you want to save your comparisons and preferences.
44.Why should I create an account?
If you create an account, there are some useful benefits.
1. You save time by only entering your details once
2. You can save and retrieve quotes
3. We keep your personal details safe
4. You can control your preferences
45.Where is the GoBear office?
Our office is located at the:
Ground Floor of Salamin Building
197 Salcedo Street, Legaspi Village
Email us at email@example.com
Call us at (+02) 805 8756
Our headquarters (aka The Bear Cave) is located in a renovated shophouse in China town.
90B Amoy Street
Call us at +65 3108 0309