Moneymax Car Insurance Review: How Much I Pay for Car Insurance

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I got my first car four years ago during my 30th birthday.

How time flies… I can still vividly remember that one fine morning when I received a call from the car sales agent, greeting me a happy birthday and telling me the good news that my car application was approved.

READ: How I Manifested My Dream Car on My Birthday

It was a dream come true.

Given my circumstances that time, I never really thought having a car was possible even if it was just a small and inexpensive car – a Suzuki Celerio 2016 model.

But the moment I got firm with my decision to have a car on my 30th birthday, it seemed like the universe conspired to help me achieve it.

With man this is impossible, but with God all things are possible. – Matthew 19:26

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Owning a car comes with responsibility

Buying your first car is definitely one of the most exciting experiences around.

While the process may seem cut and dry, the financial reality of buying and owning a car is an expensive one and requires much more thought before you commit to this new major responsibility.

My husband even asked me several times before I purchased the car,

“Sigurado ka bang gusto mo talaga ng bagong car? Magastos yan.”

He’s right.

Aside from weekly trips to the gas station and regularly scheduled maintenance, we also need to renew the car registration and car insurance every year.

And speaking of car insurance renewal, I just spoke with a representative from Moneymax and she sent me a new quotation for my car insurance this year.

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What is Moneymax and Why I Got My Car Insurance From Them

Moneymax is an online comparison platform for financial products such as car insurance, credit cards, and loans. They help us compare and choose products that best suit our needs.

I have been a loyal Moneymax customer since 2017.

I like Moneymax because they offer the cheapest car insurance options with their trusted insurance providers.

The process of getting and renewing a car insurance through Moneymax is also very simple and straightforward.

They will send you a quotation with a comparison of three insurance providers. Once you have made your choice, they will send you the final quotation with the list of requirements and payment options.

You can pay in full or in installments.

I also like it that they are now accepting payments through online bank transfer. It’s fast and convenient. I don’t need to go to the bank to deposit my payment or send post-dated checques through a courier.

My Car Insurance Costs 

I got my car through a 5-year auto loan with RCBC.

It came with a free 1-year car insurance so I only started paying for the insurance on the second year.

Here’s how much I paid for my car insurance over the last four years.

YEAR FAIR MARKET VALUE TOTAL PREMIUM INSURANCE PROVIDER
2016 FREE Malayan Insurance (c/o RCBC)
2017 456,300.00 11,464.86 Oriental Assurance Corporation
2018 410,670.00 9,286.51 Oriental Assurance Corporation
2019 369,603.00 8,293.01 The Mercantile Insurance Co. Inc.
2020 332,642.70 7,671.20 The Mercantile Insurance Co. Inc.

A car is a depreciating asset, meaning its value is constantly dropping.

As the value of the car depreciates, the cost of insurance also decreases.

WATCH: How to Pay Moneymax Car Insurance via BDO Online Banking

Do we really need a car insurance? 

Having car insurance is essential because it covers your expenses in the event of vehicle damage or injuries to other drivers, passengers or pedestrians.

We’ve had our car for four years now and we are grateful to God that we haven’t been involved in a situation that would require us to use our car insurance.

Praise God for guidance and protection. 

Click here to read: Types of Car Insurance and Why We Need It

WATCH: Cheapest Car Insurance in the Philippines

Conclusion

The best thing about having a car is the freedom it gives you. You can go wherever you want. Just pick a destination, hop in the car, and you’re off.

But like I said earlier, owning a car comes with big financial responsibility and that includes paying for a car insurance.

If you have a car and you are planning to get a car insurance, send me an email at janice@thepinayinvestor.com, and I’ll refer you to my trusted car insurance agent from Moneymax.

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1 Response

  1. May 22, 2020

    […] READ: My Car Insurance Costs with Moneymax […]

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