What is the Best Car Insurance in the Philippines?
Nowadays, getting insurance is a fairly huge matter to talk about; after all, who doesn’t want to be insured?
We all know that in order to protect and insure our vehicles, we always search for the best auto insurance company.
Many car owners believe that comprehensive insurance is an unneeded extra expense.
However, if unforeseen circumstances result in car damage, it really spares us from having to pay for repairs and replacements.
Having said that, be sure to read the entire article since we will provide a concise breakdown of a few of the finest auto insurance companies in the Philippines.
Top 10 best car insurance in the Philippines
In the Philippines, there are two types of car insurance: Third-Party Liability (TPL) and Comprehensive.
TPL insurance is required for vehicle registration but does not cover bodily harm or death.
While comprehensive insurance is all-encompassing and highly recommended.
It protects you and your passengers against road risks and hazards as well as your car.
In line with this, we’ve listed the top 10 best and most affordable car insurance companies in the Philippines for you to contact if you have any queries concerning car insurance.
Pioneer Insurance & Security Corporation
Pione Insurance and Surety Corporation was founded in 1954 and specializes in non-life, property, marine, and aviation insurance.
It has since extended its business approach to become the Pioneer Group.
Earlier in the decade, this insurance provider was one of the leading insurance businesses in terms of writing gross premiums and total assets.
Address: Various Locations
Contact: (02) 8812 7777
Charter Ping An Insurance Corporation
Non-life insurance (including auto insurance) and security products for houses and condos are offered by Charter Ping-An Insurance Corporation.
Since being purchased by AXA Philippines, it now has 22 branches around the country.
This business provides services in the areas of motor vehicle, fire, marine, casualty, personal injury, bonds, and even engineering insurance products.
Address: J394+CQQ, P. Tuazon Blvd, Cubao, Quezon City, 1109 Metro Manila
Contact: (02) 8921 6557
Standard Insurance Company Inc.
Image credit: Standard Insurance
Standard Insurance has been the nation’s top provider of general fire and standard auto insurance since it was founded in 1958.
Standard continues to be among the best auto insurance providers in the Philippines because of its cooperation with Zurich Insurance.
Standard provides services for property, cellular, auto, marine, general liability, and accident insurance as a non-life insurance provider.
Address: Various Locations
Contact: 28451111
Malayan Insurance Company, Inc.
Previously known as the China Insurance and Surety Company, Malayan as of right now, it functions as a division of the Yuchengco Group of Companies.
Through superior insurance protection and a straightforward claims process, it has established a reputation for quality and trust over the past 90 years.
Malayan has made it simpler for automobile owners to insure their precious vehicles by opening its own e-commerce website in 2013.
Address: Various Locations
Contact: (02) 8911 3827
Commonwealth Insurance Company
The Commonwealth Insurance Company was founded in 1935 by Don Andres Soriano, who was also the founder of the San Miguel Brewery.
It has been granted accreditation by all national universal, commercial, development, savings, and rural banks for more than seven decades.
Don Andres Soriano, who also grew the original San Miguel brewery into the present-day San Miguel Corporation, founded this auto insurance firm in the Philippines in 1953.
Address: Various Locations
Contact: (02) 8818 7626
FPG Insurance Co., Inc.
As one of the top insurance companies in the Philippines, FPG Insurance has set its claim.
Its FPG automobile insurance is a good illustration of how it specializes in insurance and risk management solutions that are particularly suited to the needs of the individual customer.
This business, a Zuellig Group affiliate, was established in 1958.
Address: Various Locations
Contact: (02) 8859 1200
BPI/MS Insurance Company
A partnership between the Bank of the Philippine Islands and Mitsui Sumitomo Insurance, one of the largest non-life insurance businesses in Japan, has resulted in the BPI/MS Insurance Corporation.
Based in the Philippines, the business specializes in underwriting for health and accident insurance.
Address: 6811 BPI Philam Life Makati Ayala Avenue Makati City 1209 Philippines
Contact: (632)88409000
MAPFRE Insular Insurance Corporation
The largest non-life insurance provider in Latin America is MAPFRE Insular Insurance Corporation.
In order to establish itself as a major insurance provider in the Philippines, MAPFRE, which was founded in 1934, first acquired Provident Insurance Corporation and then Insular Life.
Address: Various Locations
Contact: (632) 8876-4400
Sterling Insurance Company, Inc.
Image credit: Sterling Insurance Company, Inc.
One of the first insurance firms in the country, Sterling Insurance Company was established in 1960 as First Continental Assurance Company, Inc.
The Professional Investment Group (PIG) acquired the business in 2011, and it currently operates under the motto “We Go Further To Serve You Better.”
Address: 6/F Zeta II Annex Building, 191 Salcedo, Legazpi Village, Makati, 1229 Kalakhang Maynila
Contact: +63 8893 0925
Etiqa Philippines
A composite insurance provider, Etiqa is based in Kuala Lumpur, Malaysia, and has offices there as well as in Singapore, the Philippines, Cambodia, and Indonesia.
For more than 40 years, Etiqa has served the insurance needs of both individuals and businesses by providing a wide variety of life and non-life insurance products.
Address: 2nd & 3rd floor, Morning Star Center, 347 Sen. Gil J. Puyat Ave, Makati, 1209
Contact: (02) 8890 1758
Is car insurance mandatory in the Philippines?
Car insurance is mandatory in the Philippines; in fact, the government forces you to get Compulsory Third Party Liability (CTPL) for your vehicle.
CTPL, on the other hand, only covers specific parts of insurance.
It only covers the death or injury of a third person, not the vehicle itself.
Automobile insurance is often included in the purchase price of a new car.
However, it will still rely on the owner of the vehicle because most car owners, especially if the car is already old enough, usually get third party insurance because it is much cheaper than car insurances offered by auto manufacturers to their clients.
What are the types of car insurance in the Philippines?
You are aware that you need to get auto insurance, but do you know what the different forms of standard car insurance in the Philippines entail?
You may choose wisely by understanding the many types of insurance, such as:
Classic Car Insurance
Only vintage and classic automobile collectors are eligible for this kind of insurance.
If you do not yet have vehicle insurance, get it right away to stop worrying about road accidents.
Comprehensive Insurance
When an occurrence other than a collision damages your automobile, such as vandalism, an animal collision, or bad weather, comprehensive insurance can help.
A deduction, or entry fee, is needed to enroll in comprehensive residential auto insurance to make handling easier.
This cost is normally between 0.5 and 1% of the insured car’s entire market value.
Liability Coverage
Driving a car in the Philippines is legally needed to have liability insurance.
When you are legally accountable for an accident that you caused, this sort of insurance can assist cover the costs of the person’s medical bills and property damage.
Gap Insurance
In the case of a theft, gap insurance can assist borrowers in repaying a loan used to purchase an automobile.
In a few years, car costs will decrease dramatically as their value continues to decline.
The reimbursement from the vehicle insurance may not be sufficient to pay off the debt as a consequence.
Medical Payments Coverage
Medical Payments Coverage is often liable for covering these costs regardless of who is at blame for the accident’s high medical costs.
Collision Insurance
This insurance can pay for the car you wreck and assist with replacing or repairing a covered car.
Rental Reimbursement Insurance
You quickly understand how crucial it is to have auto insurance after an accident.
Rent reimbursement insurance is crucial since it aids in covering rent in the event that your automobile is rendered inoperable following a major accident.
Personal Injury Protection Insurance
Subject to policy restrictions, a personal injury insurance can pay up to 80% of insured accidental medical and other expenditures.
As a result, this insurance is crucial for drivers.
Towing And Labor Insurance
Towing insurance is crucial for covering the cost of towing and labor costs to fix your automobile in addition to car insurance and labor insurance.
Underinsured Motorist Insurance
When standard insurance is insufficient to cover an accident, underinsured motorist insurance is there to protect you.
In order to save money, many people opt for the bare minimum of liability insurance, however this might not be sufficient for your needs.
Why do I need car insurance?
In the Philippines, if you hit another car and don’t have car insurance, you’ll have to pay to fix your car as well as the other car’s repair expenses as compensation.
If you have comprehensive auto insurance, it will pay for any necessary repairs.
Be aware that you must get auto insurance if your vehicle is a loan and not entirely yours until the loan is paid off and the vehicle is legally yours.
The following are the most common reasons why you should have comprehensive car insurance:
- Covering the risk of car maintenance or repair.
- Covers the cost of medical treatment for you and your passengers.
- Assists you in getting your automobile repaired and provides you with a temporary vehicle while you wait.
- Include services like ambulances and roadside help.
- Provides assistance with legal concerns involving a third party.
- Extra benefits and bonuses.
The majority of car owners choose comprehensive car insurance since it covers all financial losses brought on by physical damage, injuries sustained in collisions, fire, theft, or other destructive events.
How do I claim car insurance in the Philippines?
The following information should be included when reporting any damage or loss to your auto insurance company.
You may move forward with making a car insurance claim once you have all the necessary details, records, and incident evidence.
- nature of vehicle damage or loss
- date and time of the incident
- your contact details
- policyholder’s name
- policy number
- nature of claim (i.e., own damage, theft, third-party bodily injury, etc.)
Contact your insurer’s claims services or customer service division by phone, email, or in person to submit a car claim.
You will be led through the procedure by a claims service representative who will explain how to file a claim.
A list of requirements, paperwork, and recommendations for authorized auto repair facilities will be sent to you.
The roadside assistance team can work with the claims services personnel to arrange for the towing of your vehicle.
You can also request a referral for legal advice.
What is the best car insurance in the Philippines?
In the Philippines, one of the main causes of fatalities is car accidents.
It not only shields you from expensive repair costs, but also releases you from debt.
Choosing the auto insurance option that best meets your demands and financial situation is an issue that, as we are aware, may cause you to feel reluctant.
With that, don’t forget to spend some time researching the best auto insurance providers in the nation.
When selecting the best auto insurance Philippines, ensure that the coverage and services they offer and give meet your needs and desires.
You may also inquire with their agents about discounts and other special services.
Read More:
What are the Cheapest Cars in the Philippines?
