If you’re a car owner, you know how important it is to have the right protection on the road. Finding the best car insurance companies Philippines can be overwhelming with so many options available.
But worry not because we’re here to break it down for you in simple terms. From understanding the types of coverage to comparing quotes and top providers, we’ve got you covered.
Table of Contents
Top Car Insurance Companies Philippines
Commonwealth Insurance Company
In 1935, Andres Soriano created the Commonwealth Insurance. The CIC has been around for a long time, making it among the oldest insurance companies.
During its long history of more than eight decades, the CIC has gained approval from all kinds of banks, including big ones, small ones, and those that help communities grow.
Coverage:
- Natural disasters
- Physical harm
- Car theft
- Damage to your own vehicle
- Accidental injury
- Harm to others’ property
Country Bankers Insurance Company
CBIC is the go-to option for non-life insurance in the countryside. They expanded to cover even more places beyond rural areas as time passed. Their motto, “When you’re sure, you’re not worried,” shows how much they care about making their customers feel safe and relaxed.
Coverage:
They offer a wide range of insurance options, including comprehensive coverage, CTPL (Compulsory Third-Party Liability), extra protection for bodily injuries, emergency towing, and many other benefits.
Mercantile Insurance Company
Introduced in 1962, Mercantile Insurance entered the insurance arena and extended its reach to Davao, Dagupan, and Cagayan De Oro. It’s dedicated to increasing the number of individuals covered by Mercantile auto insurance.
Over 6 years, Mercantile achieved remarkable progress in net premiums, rising from ₱400 million(2014) to a whopping ₱2 billion by 2020. This accomplishment positions it as a highly prospective provider in the country.
Insurance protection for vehicles: Cars, motorcycles, scooters, mobiles, trailers, and more
Complete coverage includes damage to your vehicle, theft, extra bodily injury protection, natural disasters, and more.
Fortune General Insurance Corp
On the 13th of June in 1955, Mutual Security company was founded, which we now recognize as Fortune General Insurance. Today, it offers insurance coverage for travel, marine cargo, property, and cars.
Insurance options:
- CTPL (Compulsory Third-Party Liability)
- Comprehensive Coverage:
- Protection against your vehicle’s damage and theft
- Personal accident coverage for auto passengers
Intrastrata Assurance Corporation
Being founded as an Overseas Insurance in 1959, the firm takes pride in its position among the nation’s most enduring and prominent insurance providers. A notable businessman, Oreta Jr., guided the company to a new identity in 1987 when it adopted the name Intrastrata Assurance.
Coverage:
- Available for private cars, public utility vehicles, commercial vehicles, etc.
- Options include CTPL (Compulsory Third-Party Liability) and CPLL for PUVs
- Additional voluntary coverage is available
- Proven history of reliability and speed in service
Sterling Insurance Company
1960, it all began as the First Continental Assurance, Inc. However, in 2011, when the Professional Investment Group took charge, it transformed into Sterling Insurance. Along with this change came a fresh mission: “We push the boundaries to provide you with superior service.”
- Complete Coverage: Includes protection against fire damage, vandalism, incidents involving falling objects, etc.
- Third-Party Insurance: Covers liabilities towards others.
- Safeguards against natural events.
Charter Ping An Insurance
This insurance firm is a branch of the AXA Life Insurance Corporation. It offers non-life insurance services, covering a wide range of products, such as fire, personal accident, engineering, motor car, marine, bonds, and casualty insurance.
Coverage:
- Mandatory Third-Party Injury Responsibility (MTPI)
- Natural occurrences
- Accidental Injury for Unnamed Passengers (AIUP)
- Malicious Damage and Flipping
- Surpassing bodily harm
- Destruction of possessions
- Unintentional clash
- Blaze and burst
- Stealing
Bethel General Insurance and Surety Corporation
Founded in 1961, Bethel General Insurance and Surety Corporation, also known as Bethel Gen, is a dedicated local expert in non-life insurance. It stands out for its exceptional approach to underwriting and handling insurance claims.
Features:
- Cost-effective and adaptable insurance plans
- Protection: compulsory third-party liability (CTPL), excess liability, no-fault indemnity, coverage for loss or damage, and unnamed passenger and driver personal accident
- Backed by well-respected international reinsurance companies
Factors To Think About When Selecting A Car Insurance Company
Coverage
Policy coverage pertains to the monetary sum your insurance provider will offer for accidents or incidents outlined in your policy. A greater range translates to a higher monthly premium.
When making a policy decision, it’s crucial to guarantee sufficient coverage to safeguard your financial interests in the event of an accident.
Third-Party Liability
Regardless of how cautious we are while driving, accidents can occur where we inadvertently cause harm to others or their belongings. Spare yourself additional stress by ensuring you’re protected against such occurrences.
Customer Service
When you encounter damage/theft or an accident in your vehicle, you must have confidence in your insurer’s support throughout the claims procedure. An effective customer service unit should be accessible around the clock to address inquiries and resolve issues.
Price
Keep in mind that the least expensive policy may not offer the best overall value. It’s crucial to compare policies with similar levels to ensure an accurate comparison. Failing to do so could result in higher costs in the event of an accident or when filing a claim later on.
FAQs
What’s The Price Of Full Coverage Car Insurance?
Typically, comprehensive insurance costs for cars valued from ₱750,000 to ₱2 million falls within the range of ₱15,000 to ₱50,000 annually.
Is Car Insurance Essential In The Philippines?
In the Philippines, it’s a legal requirement for all vehicles licensed for highway use to be covered by CTPL insurance.
Can I Use Services From Two Auto Insurance Companies At Once?
Having two car insurance policies for a single vehicle is within the bounds of the law.
Conclusion
In conclusion, choosing the right car insurance companies Philippines is a decision that shouldn’t be taken lightly. Your car is more than just a mode of transportation; it’s an investment that deserves protection.
Remember, the best choice depends on your unique circumstances, driving habits, and budget. Thanks for reading!
See also: Driving School Philippines Review And Information
