Buying car insurance is a lot like buying a fire extinguisher: you pray that you’ll never need it, but you feel better knowing it’s there anyway. However, many car owners are concerned about car insurance cost and whether they can afford it or not. You might be wondering: “Why does car insurance cost so much?” While you may think of the cost of car insurance as an added expense, it’s worth knowing that the annual premiums are there for a reason. Here’s what you should know about car insurance costs in the Philippines. For more finance tips, visit Moneymax.