Auto insurance can vary widely in different markets and different countries. In many ways, the Philippines has it rather simply.
Costs and Coverage aren’t the same all over
In some countries it is the car that is insured, but in others it is the driver or even the household. That is why car enthusiasts who pore over magazines from around the world will see advertisements for things that will lower your insurance rates. Because in most other markets we are familiar with, such as the US, it is the driver that is insured. So new drivers may cost more to be insured, or sometimes even cannot be covered. As you get older anymore mature, your premiums could go down. More mature drivers with families present less risk statistically. If you get a speeding ticket, the insurance company will say that they have reason to increase what you pay, or maybe even deny coverage completely.
There are some things you can do
Some of these programs make real sense regardless of the market you are in. If you are a safe driver you are rewarded by lesser costs of insurance. If you take special driving courses, in particular defensive driving courses, your costs can go down. While those may not apply necessarily in our market, some insurance companies have tried to incorporate some modern technologies that can help monitor driving and therefore possibly allow some savings.
What else do insurance companies look at
Insurance in many countries is complicated and complex. It can look at the area in which you live or work, and it can take into account many things you might not expect. When motorcycle crashes and deaths became an increasing occurrence the US, for example, car users became upset because they felt that they were paying for the risk-taking motorcyclists who paid so little by comparison. Motorcyclists though had their own issues, and certain cottage industries such as highly skilled motorcycle accident attorneys developed that would focus specifically on that niche. Which means that car insurance may need to go up to compensate for more lawsuits.
Does your insurance travel?
One thing to realize particularly when traveling is that the type of insurance market you come from affects your coverage while renting a car. You may have a credit card that says you are covered for car rentals, for example, but that may be because they are assuming you will also have coverage from your regular insurance. As such you may not be as covered as you think. Many car renters decline the additional riders that the car rental companies try to push because their own comprehensive “homeowner” or similar plans may actually cover things. Not the case for all markets, so be vary wary.
This type of system that fluctuates is based on science and mathematics. While we don’t see it in some markets for cars, we may see it in fields like health care. If your health care provider (insurer?) sees you have a claim that will probably the excuse to increase rates, just like in the car system. So each type of insurance or financial support system can have different rules even within one market.