i'm trying to design a controller for my system, this is the Bode plot, please guide me which compensator is best suited for such a system, and what would be safe Gain & Phase margins ?

 

You must have a specification you are required to meet.
Without that, we are all in the dark.

 

How exactly are you going to construct such a "compensator", and what exactly is it going to do? With a mechanical suspension you can't just slap a piece of electronics on it an expect to solve the problem.