So, you are looking for car insurance options for your car? Very well, we have got you covered with our list of top ten car insurance providers in the Philippines. The providers are not mentioned in any specific order and there are many more equally good providers in the market, so keep looking, and settle when you find your perfect match - which is in budget and offers you the required coverage. Just make sure you have valid and existing Certificates of Authority.
In case it is your first car, we’d like to bring your attention to the mandatory side of car insurance in the country. Yes, car insurance in the Philippines is not just a practical necessity but a legal requirement. Let us elaborate here -
- Legal requirement because without it you won’t be able to register your car at the LTO; which again is a requirement to legally run your vehicle on public roads.
- Practical necessity because with so much traffic and floods around, it is crucial to have financial coverage.
- In addition to being legally required and offering financial coverage, car insurance offers immense peace of mind to the car owner, coz he/she know that they have help with accident recovery, legal fees, and even personal injuries.
Car insurance in the Philippines
Before you go out there to explore the car insurance market in the Philippines, it is advisable to first procure basic knowledge on the subject. For instance, you should know what car insurance is, why it is important, and what the different car insurance policies are available. We have covered all this and much more on car insurance in the Philippines in our previous articles, which we recommend you read.
In case you aren’t much of a reader, here are some key points -
- Car insurance is a legal agreement between the car owner and the insurance company. The latter offers financial protection to the former in case of an accident or unfortunate event involving the car, like theft, fire, etc, against a monthly premium.
- Usually, a car insurance policy lasts for a year and then requires renewal if the policyholder wants to continue to enjoy the policy benefits.
- In the Philippines, car insurance is usually segregated into two categories - CTPL (compulsory third-party liability) insurance and comprehensive insurance.
- CTPL insurance is the minimum requirement that everyone needs to fulfil. It is a prerequisite for car registration and covers third-party injuries/death.
- Comprehensive insurance is highly recommended, as it covers your car, fire, theft, and third parties.
- Car insurance companies also offer add-on coverages like Acts of Nature and Personal Accident Coverage, to name a few. They provide specific coverage which applicants can pick as per their specific requirements.
Photo by FreepikTop car insurance companies
Let’s now dive into the top providers based on service, cost, and reliability. Note that the companies are not mentioned in any specific order or priority sequence.
AXA Philippines: It is known for offering flexible packages and digital tools to its clients. This one has a strong international reputation, offers a fast online quote, and has a quick claim process. You will get flexible car insurance packages along with free 24/7 emergency services and VIP services if you are a member. As for the premium, some might feel it is a bit high, but its easy claim via Emma makes every penny worth it. Note that the Acts of Nature coverage is optional.
Malayan Insurance: Easily one of the oldest and most well-known names in the insurance market, Malayan has a reputation that is hard to challenge. It offers a wide range of coverage but only for vehicles up to 8 years old. It has over 160 accredited auto repair shops across the country, which is a pretty big count and its 24/7 roadside assistance service, CAMILLE, is a pretty efficient tool.
Prudential Guarantee and Assurance, Inc.: Tagged as one of the country’s biggest non-life insurance companies, Prudential Guarantee offers generous, comprehensive coverage to its customers. Some of its key benefits include 24/7 roadside assistance, alternative transport facilities, free vehicle retrieval services, overnight accommodation, emergency services, and hospital assistance. It is mostly preferred by clients with high-end cars and has high premiums compared to others.
Standard Insurance: One of the leading names in the business, Standard Insurance, under its partnership with Zurich Insurance, offers ‘Car Protect’ to Filipino car owners. This product is designed for private-use vehicles and offers coverage like third-party property damage, own damage, theft, acts of nature, and third-party liability. Beyond this core coverage, it also offers value-added services like free roadside assistance.
BPI MS Insurance: Born as a joint venture between Bank of the Philippine Islands (BPI) and Mitsui Sumitomo Insurance Company, BPI has gained a lot of attention in recent years because of its great digital presence. In terms of coverage, it offers both CTPL and comprehensive coverage, and that too at affordable prices.
FPG Insurance: Another popular name in the Philippines car insurance arena is the FPG. With its ‘MyAuto Mate’ product it offers insurance solutions tailored to the specific needs of clients. The plan offers free roadside assistance along with own damage, acts of nature, theft, ARCC, auto personal accident, and other coverages. Further, it offers one-year and three-year coverage options and has an easy online claim process.
Cocogen Insurance: With several insurance-related awards to its name, Cocogen has created a reputation for itself in the Philippines car insurance arena. It offers coverage like CPLT, loss or damage, unnamed driver and passenger personal accident, and voluntary third-party liability. While Acts of God is offered as an add-on coverage, it offers value-added services via its Trip Sagip 24/7 emergency roadside assistance and Gawa Agad program.
Pioneer Insurance: Pioneer offers comprehensive motor insurance with coverage extending to comprehensive insurance, CTPL, excess voluntary third party liability, own damage, acts of nature, accident Insurance for passengers, personal accident coverage, and roadside assistance service. As for its claim process, it is swift.
Mercantile Insurance: It doesn’t matter if you own a car, a motorcycle, trailers, or any other vehicle for that matter; Mercantile has got it all covered with its comprehensive coverage and add-on services. The former includes own damage, excess bodily injury, theft, acts of nature, etc. Clients can also benefit from several value-added services like teleconsultation, auto assistance, ambulance, fire, police assistance, and roadside assistance.
OONA Insular Insurance: This one is the country’s oldest and one of the top-ranking non-life insurance providers in terms of net premiums, assets, and earned premiums.
Here you’ll find insurance solutions for both private and commercial vehicles. It offers a wide range of coverage options (based on the needs), along with services like security glass etching and roadside emergency services.
Photo from ShoryFactors that make a car insurance policy worth considering
While choosing or comparing car insurance policies, make sure to consider the following parameters -
- Customer support - It is to your benefit that the policy you choose offers 24/7 support along with helpful staff. Make sure the provider is responsive to your issues.
- Customisation - A good and reputable insurance provider usually lets you pick extras like free towing, acts of nature, and roadside assistance.
- Claim process - Go for an insurance provider with a simple and quick claim process. Remember, speed matters in case of an accident or emergency.
- IC-accredited - It is important to ensure that the car insurance company you pick is accredited by the Insurance Commission.
Bottom line
Selecting a car insurance provider is as challenging as deciding which car to buy. And like the auto market that is loaded with brands and models, the auto insurance arena has several players offering policies claiming to provide the best protection plan for your beloved car. Options, that too, so many, is the root cause of confusion, and therefore, we have created a list of top car insurance providers (in no specific order). However, we’d recommend you to go beyond these names, doing your bit of research, comparing the options, and then choosing a car insurance provider that best fits your requirements. The end goal is to find a policy that is in budget and offers the utmost protection.
Choose wisely and stay protected.
FAQs
Q.1) What is the minimum car insurance requirement in the Philippines?
Ans: Every car owner in the country is legally mandated to get CTPL insurance. It is also required for LTO car registration.
Q.2) Is it possible to get car insurance online?
Ans: Many car insurance companies in the country offer online services where clients can purchase policies and file claims.
Q.3) Which body regulates car insurance companies in the Philippines?
Ans: Not just car insurance, but insurance in general in the country is governed by the Insurance Commission. Its work area includes licensing of companies, setting guidelines, monitoring the financial health of the providers, etc.
Q.4) While choosing a car insurance company, what should an applicant consider?
Ans: You must consider looking at the company’s IC-accreditation, claim process, and customer service.
Q.5) Is it possible to switch car insurance policies mid-term?
Ans: Yes, an applicant can switch insurance providers as well, even before the policy ends. However, he/she might get charged for the act (cancellation fee).
