Best Car Insurance Company In The Philippines and Types Of Car Insurance

Comprehensive insurance is the type of insurance that many car owners choose because it can help drivers cover a lot of fees and expenses with good services. However, there are many other forms of insurance that everyone in the Philippines could purchase. In your point of view, which is the best car insurance company in the Philippines for you?

Best Car Insurance Company In The Philippines

Malayan Insurance Company, Inc.

Malayan was formerly known as China Insurance and Surety Company. It was established in Manila city in 1930 and currently operates as a subsidiary of Yuchengco Group.

Malayan offers the following insurance services:

• Liability to a third party Coverage
• Coverage for loss of use
• Own damage
• Coverage for personal injuries
• Security from Acts of God
• Safety for standard car accessories
• Coverage of strikes, demonstrations, and civil unrest

Malayan Insurance Company, Inc.’s comprehensive car insurance premiums began at Php 23,000 per year.

Charter Ping An Insurance Corporation

Ping An offers non-life insurance services for a wide range of aspects such as personal accident, casualty, fire, marine, motor vehicle, bond, and even engineering insurance products. Ping An is now known as a subsidiary of AXA Life insurance Corporation with the services they provide as follows:

• Natural disasters
• CTPL (Compulsory Third-Party Liability) is an acronym for Compulsory Third-Party Liability.
• UPPA or Unnamed Passenger Personal Accident
• Excessive bodily harm
• Malicious injury
• Harm to property
• Theft, explosion, and fire
• Unintentional accident

It’s worth noting that some of these are only available as options. A Charter Ping An auto insurance policy costs Php 15,600+ per year in premiums.

BPI/MS Insurance Company

BPI/MS Insurance Group specializes in underwriting health and accident insurance. In fact, it is a joint venture between Mitsui Sumitomo Insurance (one of Japan’s largest non-life insurance companies) and the Philippine Islands Bank. They offer the following services:

• VTPL-BI stands for Voluntary Third-Party Liability-Bodily Injury.
• Compulsory Third-Party Liability, or CTPL, is a type of insurance that is required by law.
• Carnapping.
• Unintentional collision.
• Free roadside assistance.
• Lightning, fire, self-ignition, explosion, and malicious damage.

Bear in mind that several above services are available as options only.

Fpg Insurance Co., Inc. (Federal Phoenix): Affordable Car Insurance Philippines

The next company on the list was Fpg Insurance Co., Inc. (Federal Phoenix) a subsidiary of Zuellig Group specializes in providing the following insurance services:

• Carnapping
• Own damage
• VTPL-BI stands for Voluntary Third-Party Liability-Bodily Injury.
• Compulsory Third-Party Liability (CTPL) a type of insurance that is required by law.
• Benefits for both passengers and drivers in the event of an accident.
• Natural occurrences.
• Actual in-patient and out-patient medical costs incurred as a result of an accident.
• Coverage for burial costs.
• The policy covers additional coverage for surgical treatment as a result of an injury.

The cost of car insurance premiums with the FPG Insurance Co., Inc. starts at Php 15,000+ per year.

Commonwealth Insurance Company (CIC)

Commonwealth Insurance Company (CIC) started operations in 1953 under Don Andres Soriano who expanded the San Miguel brewery to San Miguel Corporation, Philippines. This insurance company specializes in providing the following insurance services:

• Carnapping
• Natural disasters
• Kidnapping Injuries to the body
• Damage caused by oneself
• Property Loss
• Third-Party Liability in Personal Accidents

The Commonwealth’s premium car insurance plans start at Php 16,300+ per year.

Standard Insurance Company Inc

Operating as a non-life insurance company, Standard Insurance Company Inc. offers property, cellphone, motor car, marine, general liability, and accident insurance services, covering the following:

• Carnapping
• Coverage for Loss of Use.
• Natural disasters
• TPPD stands for third-party property damage.
• EBI stands for Excess Bodily Injury.
• VTPL Voluntary Third-Party Liability.
• CTPL Compulsory Third-Party Liability.
• Add-on coverage such as Free Personal Accident insurance for the named insured, Free PA Rider or Personal Accident insurance Rider, and/or Roadside Assistance Program or RAP.

Currently, the cost of car insurance premiums under Standard Insurance Company Inc. starts at Php 17,800+ per year.

Pioneer Insurance & Surety Corporation

Pioneer Insurance was established in 1954. It was one of the leading insurance companies in the last decade in terms of the total premiums and the total assets the carrier has. The insurance services are listed below, but be aware that some services are only available as options:

• The harm caused by theft
• CTPL (Compulsory Third-Party Liability) is an acronym for Compulsory Third-Party Liability.
• Death/Bodily Disability Excess Third-Party Liability
• Property Damage – Excess Third-Party Liability
• Acts of Nature Coverage, also known as AON, is a form of passenger accident insurance.
• Personal Effects
• Loss of Use

SGI Philippines

Established in 1964, SGI Philippines General Insurance Co., Inc. is growing and gaining a reputation. Currently, it is one of the leading insurance providers in the Philippines, and the company specializes in providing marine, engineering, fire, and car insurance.

• Casa eligibility for five years.
• Thirty-six repair shops have been approved.
• The maximum gross number insured is PHP 5,000,000.
• Vehicle removal crane services PHP 10,000
• Overnight accommodation PHP 2,000
• Towing amount PHP 5,000

Cheapest Car Insurance Philippines: Stronghold Insurance

Stronghold Insurance Company, Inc. is a company established in 1960. It’s a wholly-owned Filipino insurance company specializing in providing all kinds of fire insurance, marine insurance, Stronghold car insurance, and suretyship insurance. Recently, Stronghold is one of the lowest car insurance Philippines.

• For the past ten years, it has been qualified for a Casa.
• One hundred sixty-seven repair shops have been approved.
• The maximum gross number insured is PHP 3,000,000.

Prudential Guarantee

Since the early 1980s, experienced insurance broker Robert Coyiuto has successfully established Prudential Guarantee and Assurance, Inc. These days, Prudential has become one of the most thriving non-life insurance companies in the Philippines.

• Overnight accommodation PHP 2,000
• Towing charge PHP 5,000
• Vehicle removal crane services PHP 10,000
• The complete amount insured is capped at PHP 5,000,000.
• Casa eligibility for ten years.
• There are 77 repair shops that have been granted accreditation.

6 Popular Types Of Car Insurance

In the Philippines, there are five different types of car and motor insurance. Take a look at the following:

Comprehensive Coverage

This comprehensive insurance covers a range of losses or damages not caused by the crash. This type of insurance could protect your car from third parties like: damage, theft, vandalism, weather or natural disaster.

Collision Coverage

This type of insurance will ensure the cost of assisting your vehicle in a collision with another car. For instance, when you’re driving, a taxi from another lane comes too close and collides with your vehicle mirror, and makes it break. Collision Coverage type of insurance will be in charge of this kind of incident.

Liability Insurance

Liability Insurance will pay all medical and car repair bills to parties inconvenient in a car crash.

Personal Injury Protection

When driving, no matter how careful you are, sometimes problems still happen. When you are injured from these unfortunate circumstances, Personal Injury Protection will help you pay your medical bills and even assist with other non-medical damages such as salary and expense deductions rehabilitation after injury.

Medical Coverage

It is similar to Personal Injury Protection, yet it mainly focuses on helping with the medical expenses caused by car injuries, whether caused by a third party or a contract owner.

Acts Of God Coverage

The type of insurance called “AOG” or “Acts of Nature” seems rather strange. It got its name because it covers damages caused by natural disasters (earthquakes, floods, hurricanes, explosives exposure, animals, falling objects, tsunamis, etc.)

Our Final Thoughts Of Applying For Car Insurance In The Philippines

To apply for auto insurance, the first thing you need to do is research the Best Car Insurance Company In The Philippines and consider which one best suits your budget and demands.

After this step, contact the insurance company to discuss how long it will take to process your claim or how it will cost to pay your insurance. Communicate frankly and clearly for them to advise and provide you with the best service.