Car Insurance Philippines: Where To Buy The Best Car Insurance Policy
Looking for the best car insurance policy? Here is the complete list of car insurance companies in the Philippines…
More cover should be provided by car insurance above the required Compulsory Third Party Liability or CTPL. This is where car insurance providers step in. You need to take note of all options to secure the best coverage for your car. Part of that lies in getting acquainted with all the Philippine car insurance companies. Here’s a handy list for you to start.
List of Car Insurance Companies in the Philippines
- Alpha Insurance and Surety Company, Inc.
- Bethel General Insurance and Surety Corporation
- Charter Ping An Insurance Corporation
- Cibeles Insurance Corporation
- Commonwealth Insurance Company
- Corporate Guarantee and Insurance Company
- Country Bankers Insurance Corporation
- Empire Insurance Company
- FPG Insurance, Inc.
- Fortune General Insurance Corporation
- Intra-Strata Assurance Corporation
- Malayan Insurance Company
- MAPFRE Insular Insurance Corporation
- Mercantile Insurance Corporation
- Milestone Guaranty and Assurance Corp.
- New India Assurance
- Oriental Assurance Corporation
- Pacific Union Insurance Company
- Paramount Life and General Insurance Corporation
- Perla Insurance
- Philippine British Assurance Company
- Pioneer Insurance and Surety Corporation
- PNB General Insurers Co., Inc.
- Prudential Guarantee and Assurance, Inc.
- QBE Seaboard Insurance
- SGI Philippines
- Standard Insurance Company Inc.
- Sterling Insurance Company, Inc.
- Stronghold Insurance Company, Inc.
- UCPB General Insurance Company, Inc.
- Western Guaranty Corporation
How Car Insurance Companies Earn
Each year, approximately 1.35 million people across the globe die due to traffic related death, says the World Health Organization. If they all report their accident, can auto insurance firms still gain millions or even billions of cash? Yes. Despite millions of claims, car insurance companies still make a profit which ultimately contributes to the growth of the industry.
The ideas that make car insurance providers profitable are operating the same as 40 or 50 years ago. Therefore the sector continues to expand, and nearly every ten years, new insurance companies expand. Three fundamental concepts that make car insurers gain are presented here to fully understand this.
Premiums
You must pay a sum called a premium while buying an insurance policy. Car insurance companies are growing and protecting their assets with this premium of short and long-term interest bearing investments. Interest income is a significant source of insurance companies producing net revenues.
Underwriting Income
The underwriting profits resulting from the disparity between the amount of money that insurance companies receive for insurance and the amount of money published by insurers when a customer claims. For instance, if a customer pays 20,000 PHP for a one-year premium policy but only claims 5,000 PHP, the insurance provider automatically receives PHP 15,000 from the customer. But if the insurance provider pays over 20,000 PHP for the claim, it suffers a loss.
Re-Insurance
Insurance companies also purchase insurance on their own. If insurance companies have so many claims, they buy insurance from other companies in order to maintain them. This approach uses the principle of shared risk and liability limits.
Complete List of Car Insurance Companies in the Philippines
MAPFRE Insular
Features:
- Alternative Transport
- Overnight Accommodation Amount – P 3,000
- Towing Amount – P 5,000
- Vehicle Removal Crane Services Amount – P 10,000
- 10 Years of casa eligibility
- 366 accredited repair shops
- P 5,000,000 Maximum total insured
New India Assurance
Features:
- Overnight Accommodation Amount – P 1,500
- Towing Amount – P 4,000
- Vehicle Removal Crane Services Amount – P 10,000
- 10 Years of casa eligibility
- 30 accredited repair shops
- P 3,500,000 Maximum total insured
SGI Philippines
Features:
- Overnight Accommodation Amount – P 2,000
- Towing Amount – P 5,000
- Vehicle Removal Crane Services Amount – P 10,000
- 5 Years of casa eligibility
- 36 accredited repair shops
- P 5,000,000 Maximum total insured
Stronghold Insurance
Features:
- Alternative Transport
- 10 Years of casa eligibility
- P 3,000,000 Maximum total insured
The Mercantile Insurance Corporation
Features:
- Overnight Accommodation Amount – P 2,000
- Towing Amount – P 5,000
- Vehicle Removal Crane Services Amount – P 10,000
- 10 Years of casa eligibility
- 77 accredited repair shops
- P 5,000,000 Maximum total insured
Alpha Insurance and Surety Company, Inc.
Established in 1957, Alpha Insurance dedicated their efforts to lead and sustain excellence in providing comprehensive non-life insurance services. One of their accolades is a Global Brand Award for being the Most Outstanding Insurance & Surety Company back in 2014.
Features:
- 252 employees and more than 200 agents and intermediaries
- 24/7 auto assistance program thru EA Philippines
- Additional coverage for their CTPL package
Bethel General Insurance and Surety Corporation
Bethel General Insurance and Surety Corporation is a local non-life insurance specialist established in 1961. The former BF General Insurance Company prides themselves on their practices, particularly in the areas of underwriting and claims management.
Features:
- 11 branches nationwide and more incoming
- Affordable and flexible insurance packages
- Supported by reputable global reinsurers
Charter Ping An Insurance Corporation
Established in 1960, Charter Ping-An Insurance Corporation prides itself on providing non-life insurance and security products for homes and condos. They have since been acquired by AXA Philippines and currently, they maintain 22 branches nationwide
Features:
- Free Auto Passenger Accident insurance for up to five persons
- Provides 24/7 emergency roadside assistance
- Apply for a claim easily with their website and app
Cibeles Insurance Corporation
Since 1965, Cibeles Insurance Corporation’s three decades worth of experience providing prompt and efficient claims services has gained them partnerships with highly rated reinsurers based in Switzerland, Germany, China, Japan, South Korea, and India.
Features:
- Peril coverage for volcanic eruptions and earthquakes
- Extensive coverage for riots, strikes, civil commotion
- Accreditation with all major Philippine banks
Commonwealth Insurance Company
Don Andres Soriano, the founder of the San Miguel Brewery, established the Commonwealth Insurance Company in 1935. For over seven decades, they have acquired accreditation from all universal, commercial, development, savings, and rural banks in the country.
Features:
- Accepts old cars up to 10 years old
- Offers special coverage for commercial vehicles
- Personal accident to the driver is covered for PHP 10,000
Corporate Guarantee and Insurance Company
Corporate Guarantee and Insurance was incorporated in 1997, making them one of the younger car insurance companies on this list. However, their 22 years of service isn’t something to scoff at as they serve the public with their declarative slogan “We Value Our Commitment.”
Features:
- Among the top 25 insurance providers in the country
- ISO 9001:2008 certification for Quality Management System
- Covers one unnamed passenger from an insured vehicle
Country Bankers Insurance Corporation
With their tagline “Kapag Sigurado, Hindi Kabado,” Country Bankers Insurance Corporation traces their origins to a group of rural bankers. Since 1960, they were the leading non-life insurance provider for rural communities, eventually expanding towards larger locales.
Features:
- Offers coverage for authorized drivers and passengers
- Offers emergency towing and roadside assistance
- Distribution networks operating in most key-cities, provincial capitals
Empire Insurance Company
Established in 1949, Empire Insurance is a non-life insurance company specializing in fire and engineering, casualty, and marine insurance. They pride themselves for their track record of financial prudence and profitability, setting a standard for other insurers.
Features:
- Provides 24/7 emergency roadside assistance
- Extended coverage on damages from natural disasters
- Offers coverage for unnamed passengers
FPG Insurance, Inc.
Created in 1958 by the Zuellig Group of Companies, FPG Insurance has staked their hold as one of the country’s premier insurance providers. They specialize in providing insurance policies and risk management solutions tailored specifically to individual customers, their FPG car insurance being a prime example.
Features:
- Provides 24/7 emergency roadside assistance
- Easily get insurance on their website
- Over 200 accredited repair shops nationwide
Fortune General Insurance Corporation
Fortune General Insurance was established on June 13, 1955, as the Mutual Security Insurance Corporation. Upon their acquisition by the ALC Group of Companies, they rebranded into their modern incarnation, providing insurance for cars, property, and marine cargo.
Features:
- Offers coverage for commercial vehicles
- Offers coverage for Grab and other ride-sharing vehicles
- Provides assistance for roadside emergencies
Intra-Strata Assurance Corporation
Intra-Strata Assurance counts themselves as one of the oldest companies in the country, having been established in 1959 as the Overseas Insurance Company. They changed their name in 1987 under the leadership of prominent businessman Antolin M. Oreta Jr.
Features:
- Offers coverage for commercial vehicles
- Offers coverage for motorcycles and scooters
- Excellent track record in their trustworthiness and efficiency
Malayan Insurance Company
Enrique T. Yuchengco started the Malayan Insurance Company in 1930. For 90 years, they built a reputation of trust and quality through excellent insurance protection and hassle-free claims process. By launching their own e-commerce website in 2013, they made it easier for car owners to insure their prized vehicles.
Features:
- Offers transportation reimbursement coverage
- Over 160 accredited repair shops nationwide
- One of the pioneers of online transactions
MAPFRE Insular Insurance Corporation
Established in 1934, MAPFRE Insular Insurance Corporation is the largest non-life insurance company in Latin America. MAPFRE eventually absorbed Provident Insurance Corporation and later Insular Life, establishing their foothold in the Philippines as a leading insurance provider with their premium MAPFRE car insurance.
Features:
- Provides assistance for roadside emergencies
- PHP 5,000,000 maximum total insured
- Over 300 accredited repair shops nationwide
Mercantile Insurance Corporation
Mercantile Insurance Corporation came to the insurance scene in 1962, eventually expanding their branches in Cebu, Davao, Cagayan De Oro, and Dagupan. They strive to get more people insured with Mercantile car insurance as they partner with established brands in the country.
Features:
- Free auto passenger accident insurance coverage for up to five persons
- Accepts old cars up to 10 years old
- Over 70 accredited repair shops nationwide
Milestone Guaranty and Assurance Corp.
Milestone Guaranty and Assurance Corp. started operations in 1962, existing at a time when only few car insurance companies were operating. Today under their current form, they remain committed to providing clients with top-notch non-life insurance policies.
Features:
- Strategic branches across key cities and provinces
- Offers coverage for motorcycles and scooters
- Offers coverage for commercial vehicles
New India Assurance
New India Assurance is the first fully Indian-owned insurance company in India. They began their operations in the Philippines in 1930, establishing themselves as pioneers in non-life insurance. They now have a strong presence in key cities and provinces nationwide, making New India Assurance car insurance more accessible to Filipinos.
Features:
- PHP 3,500,000 maximum total insured
- Over 30 accredited repair shops nationwide
- 10 years of casa eligibility
Oriental Assurance Corporation
Oriental Assurance Corporation was established in 1962 as a response to a devastating fire. Don Gonzalo H. Cotoco believed so much in insurance that he devoted his life to it. Today, Oriental car insurance has distinguished themselves as a major player in the Philippine insurance market.
Features:
- Free auto passenger accident insurance for up to five persons
- Free roadside assistance coverage for qualified vehicles
- Over 70 accredited repair shops nationwide
Pacific Union Insurance Company
Upon their founding in 1945, the Pacific Union Insurance Company has been widely recognized as a pioneer, having been granted Certificate of Authority No.1 in 1945. The first bond they ever issued was for former President Jose P. Laurel Sr.
Features:
- Provides assistance for roadside emergencies
- Accepts old cars up to 10 years old
- Offers coverage for commercial vehicles
Paramount Life and General Insurance Corporation
Paramount Life traces their roots back in 1950. They became known for their practice of quick claims settlement, allowing them to establish a strong market presence in a short amount of time. Since then, they have become the leading insurance provider for OFWs.
Features:
- Coverage can be applied for private and commercial cars
- Coverage extension for natural disaster damages
- No fault-indemnity coverage not exceeding PHP 15,000
Perla Insurance
In over 50 years of service as an insurance provider, Perla Insurance prides themselves as a company built to provide faster claims with 18 offices in major cities nationwide. They are also the preferred provider accepted by most banks and financing companies.
Features:
- Competitive car insurance premium rates
- Strategic branches across key cities and provinces
- Additional coverage for their CTPL package
Philippine British Assurance Company
Established in the 1960s, the Philippine British Assurance Company is one of the earliest car insurance companies to provide non-life insurance policies in the country. They have since made a name for themselves for their affordable rates and fast claims.
Features:
- Offers coverage for commercial vehicles
- Provides assistance for roadside emergencies
- Includes hospital admission arrangement
Pioneer Insurance and Surety Corporation
Pioneer Insurance and Surety Corporation was established in 1954, specializing in non-life insurance policies including Pioneer car insurance, as well as property, marine, and aviation insurance. Since then, they have expanded their business model, forming the Pioneer Group.
Features:
- Offers coverage for all types of private vehicles
- Coverage extension for natural disaster damages
- Offers pet injury coverage up to PHP 15,000
PNB General Insurers Co., Inc.
The Philippine National Bank entered the insurance market in 1991 when they acquired Charter Insurance Co., Inc. in 1991. Since then, PNB became a prominent non-life insurance provider, specializing in car insurance, personal accident insurance, and casualty insurance.
Features:
- Competitive car insurance premium rates
- Automate premiums to your PNB bank account
- Fast and efficient claims experience
Prudential Guarantee and Assurance, Inc.
Veteran insurance broker Robert Coyiuto built Prudential Guarantee and Assurance, Inc. from the ground up in the early 80s. Today, Prudential Guarantee has become one of the largest non-life insurance companies in the Philippines.
Features:
- Over 30 offices operating in key cities
- Transport assistance and other value-added services
- Free vehicle retrieval, towing, and breakdown service
QBE Seaboard Insurance
Founded in 1886, QBE Seaboard in their current form has over 127 years of experience, making QBE car insurance a household name in the country. They started their operations in the Philippines in 2013 and have been a leading non-insurance provider since.
Features:
- Free auto passenger accident insurance for up to five persons
- Provides assistance for roadside emergencies
- Over 200 accredited repair shops nationwide
SGI Philippines
SGI Philippines General Insurance Co. Inc.[7] came about in 1964 and since then, they forged a reputation as one of the top insurance providers in the country. Aside from car insurance, SGI Philippines offers car insurance, as well as fire, engineering, and marine insurance.
Features:
- PHP 5,000,000 maximum total insured
- Over 30 accredited repair shops worldwide
- Offers coverage for motorcycles and scooters
Standard Insurance Company Inc.
Since their creation in 1958, Standard Insurance has been the leading company when it comes to general fire and standard car insurance in the country. Under their partnership with Zurich Insurance, they remain one of the highest-rated car insurance companies in the Philippines.
Features:
- PHP 5,000,000 maximum total insured
- Over 200 accredited repair shops nationwide
- 5 years of casa eligibility
Sterling Insurance Company, Inc.
Established in 1960 as First Continental Assurance Company, Inc., they eventually changed their name to Sterling Insurance Company in 2011 after being taken over by the Professional Investment Group, complete with a new mission: “”We Go Further To Serve You Better.”
Features:
- Strategic branches across key cities and provinces
- Affordable premiums with flexible payment terms
- Over 50 years of experience in the insurance market
Stronghold Insurance Company, Inc.
Stronghold Insurance Company, Inc., a wholly owned Filipino insurance company, had their humble beginnings when they were incorporated in 1960. Stronghold Insurance have been licensed to offer all types of policies such as Stronghold car insurance, as well as fire, marine, and suretyship insurance.
Features:
- PHP 3,000,000 maximum total insured
- Over 120 accredited repair shops nationwide
- 5 years of casa eligibility
UCPB General Insurance Company, Inc.
UCPB General Insurance Company, Inc. is the non-life insurance arm of the United Coconut Planters Life Assurance Corporation established in 1963. Since then, they have become one of the country’s major players among car insurance companies.
Features:
- Provides kaLAKBAY 24/7 emergency roadside assistance
- Gawa Agad program allows accredited shops to directly repair
- Coverage extension for natural disaster damages
Western Guaranty Corporation
Established in 1964 with only eight employees and 10 agents, Western Guaranty Corporation has grown to become one of the largest non-life insurance providers in the Philippines. Their policies include fire, car, casualty insurance, as well as microinsurance and bonds.
Features:
- Coverage extension for natural disaster damages
- Offers coverage for motorcycles and scooters
- Offers coverage for commercial vehicles
Final Thoughts
One of the leading causes of death in the Philippines is road accidents. That’s why it is very crucial to get a car insurance policy. It saves you not only from high maintenance costs but also releases you from financial problems in case of an accident.
Car insurance providers offer different premiums and product packages. Choosing the one that suits your needs and budget best is your challenge. Don’t forget to take a while and compare the Philippines’ top car insurance companies.