Car Insurance Companies in the Philippines | Moneymax In order to get the justly coverage for your vehicle, you have to take note of all the options you have. And part of that is familiarizing yourself with all the car insurance companies in the Philippines. here is a helpful tilt plus tips to get you started .

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How Do Auto Insurance Companies Earn ?

According to the World Health Organization [ 1 ], 1.35 million people around the universe fail every year because of road crashes. If all of these people file a claim for their accident—amounting to millions or even billions of cash—will car insurance companies calm earn ? The suffice is yes. Despite millions of claims, companies hush take family a profit ultimately contributing to diligence growth. The concepts that keep car indemnity companies in the Philippines profitable work the same way today as they did 40 or 50 years ago. This is why the diligence keeps growing and why new insurances sprout about every ten. To understand this better, here are three basic principles that make insurance providers earn .

1. Premiums

When you buy an indemnity policy, you are required to pay a tip called a premium. insurance providers put this premium to short- and long-run interest-earning investments to grow and secure their funds. Interest earnings represent a large source of the overall profits insurance companies generate.

2. Underwriting Income

Underwriting income derives from the deviation between how much money insurers collect for policies and how a lot money insurers release when a client files a claim. For example, if a node pays PHP 20,000 for a agio policy with a robustness of one year but only submits PHP 5,000 worth of claims, the indemnity company automatically earns PHP 15,000 from that node. however, if the insurance supplier pays more than PHP 20,000 for the title, then they suffer a loss. Read more: I Got Into a Car accident : Where Should I File a Vehicle Claim ?

3. Re-Insurance

insurance providers besides buy policies for themselves. When insurers have excessively many claims, they purchase policies from other providers to keep them in business. This strategy utilizes the concept of shared gamble and limits of liability .

Who Regulates Car Insurance Companies in the Philippines?

The Insurance Commission is the one creditworthy for regulating the process of life and non-life indemnity companies. If you have any car policy title disputes, you can contact them at the pursue hotlines :

  • Email: publicassistance@insurance.gov.ph
  • Manila Trunkline: (632) 8523-8461 to 70 local 127/103
  • Manila Direct: (632) 8404-1758

Can I Have Two Auto Insurance Companies?

Yes, but it ’ s not advisable. You can always consult two or more policy providers but it ’ s best to pay for one policy. You ’ ll be at risk of violating the policies of one or both providers and you ’ ll end up with no auspices. If you feel like your current car indemnity policy is lacking, you can constantly choose to avail add-ons to your current coverage or change your cable car policy supplier. That ’ s a lot cheaper than paying a second premium from a different indemnity supplier .

Complete List of Car Insurance Companies in the Philippines

Alpha Insurance and Surety Company, Inc.

car insurance companies in the philippines - alpha insurance Established in 1957, Alpha Insurance [ 2 ] dedicated their efforts to lead and sustain excellence in providing comprehensive non-life indemnity 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

car insurance companies in the philippines - bethel general insurance Bethel General Insurance and Surety Corporation [ 3 ] is a local non-life policy specialist established in 1961. The early BF General Insurance Company prides themselves on their practices, particularly in the areas of cover 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

car insurance companies in the philippines - charter ping an Established in 1960, Charter Ping-An Insurance Corporation [ 4 ] prides themselves in providing non-life indemnity and security products for homes and condos. They have since been acquired by AXA Philippines and presently, they maintain 22 branches countrywide

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

car insurance companies in the philippines - cibeles insurance corporation Since 1965, Cibeles Insurance Corporation ’ s [ 5 ] three decades worth of experience providing prompt and effective 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

car insurance companies in the philippines - commonwealth insurance company Don Andres Soriano, founder of the San Miguel Brewery, established the Commonwealth Insurance Company [ 6 ] in 1935. For over seven decades, they have acquired accreditation from all universal, commercial, development, savings and rural banks in the nation .

Features:

  • Accepts old cars up to 10 years old
  • Offers special coverage for commercial vehicles
  • Personal accident to driver is covered for PHP 10,000

Corporate Guarantee and Insurance Company

car insurance companies in the philippines - corporate guarantee and insurance company bodied guarantee and Insurance was incorporated in 1997, making them one of the younger car insurance providers on this number. however, their 22 years of service international relations and security network ’ triiodothyronine something to scoff at as they serve the public with their indicative mood motto “ 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 insured vehicle

Country Bankers Insurance Corporation

car insurance companies in the philippines - 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, finally 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

car insurance companies in the philippines - empire insurance company Established in 1949, Empire Insurance is a non-life policy company specializing in arouse and technology, fatal accident, and marine insurance. They pride themselves for their track phonograph record of fiscal discretion and profitableness, 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.

car insurance companies in the philippines - fpg insurance Created in 1958 by the Zuellig Group of Companies, FPG Insurance has staked their bear as one of the nation ’ s premier insurance providers. They specialize in providing policy policies and risk management solutions tailored specifically to person customer, their FPG car insurance being a prime exercise .

Features:

  • Provides 24/7 emergency roadside assistance
  • Easily get insurance on their website
  • Over 200 accredited repair shops nationwide

Fortune General Insurance Corporation

car insurance companies in the philippines - 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 indemnity for cars, place, and nautical 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

car insurance companies in the philippines - intrastrata 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 identify in 1987 under the leadership of outstanding 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

car insurance companies in the philippines - malayan insurance company Enrique T. Yuchengco started the Malayan Insurance Company in 1930. For 90 years, they built a reputation of reliance and quality through excellent policy protection and hassle-free claims process. By launching their own e-commerce web site in 2013, they made it easier for car owners to insure their respect vehicles .

Features:

  • Offers transportation reimbursement coverage
  • Over 160 accredited repair shops nationwide
  • One of the pioneers of online transactions

Read more: Malayan, Philippine Leader in Non-Life Insurance, Partners With Online Broker Moneymax

MAPFRE Insular Insurance Corporation

car insurance companies in the philippines - mapfre insular Established in 1934, MAPFRE Insular Insurance Corporation is the largest non-life policy company in Latin America. MAPFRE finally absorbed Provident Insurance Corporation and belated Insular Life, establishing their beachhead in the Philippines as a leading insurance supplier with their bounty MAPFRE car policy .

Features:

  • Provides assistance for roadside emergencies
  • PHP 5,000,000 maximum total insured
  • Over 300 accredited repair shops nationwide

Mercantile Insurance Corporation

car insurance companies in the philippines - mercantile insurance Mercantile Insurance Corporation came to the insurance scenery in 1962, finally expanding their branches in Cebu, Davao, Cagayan De Oro, and Dagupan. They strive to get more people see with Mercantile car policy as they collaborator 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.

car insurance companies in the philippines - milestone guaranty and assurance Milestone Guaranty and Assurance Corp. started operations in 1962, existing at a time when alone few car insurance companies in the Philippines were operating. nowadays under their current form, they remain perpetrate to providing clients with ace non-life policy policies.

Features:

  • Strategic branches across key cities and provinces
  • Offers coverage for motorcycles and scooters
  • Offers coverage for commercial vehicles

New India Assurance

car insurance companies in the philippines - new india assurance New India Assurance is the first fully Indian-owned indemnity company in India. They began their operations in the Philippines in 1930, establishing themselves as pioneers in non-life policy. They nowadays have a strong presence in key cities and provinces countrywide, 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

car insurance companies in the philippines - oriental assurance corporation oriental Assurance Corporation was established in 1962 as a response to a annihilative fire. Don Gonzalo H. Cotoco believed indeed much in policy that he devoted his life sentence to it. today, Oriental car insurance has distinguished themselves as a major musician 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

car insurance companies in the philippines - pacific union insurance company Upon their initiation in 1945, the Pacific Union Insurance Company has been wide recognized as a pioneer, having been granted Certificate of Authority No.1 in 1945. The beginning 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

car insurance companies in the philippines - paramount life and general insurance corporation Paramount Life traces their roots back in 1950. They became known for their practice of quick claims village, allowing them to establish a firm market presence in a short measure of time. Since then, they have become the leading policy supplier 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

car insurance companies in the philippines - perla insurance In over 50 years of service as an indemnity supplier, Perla Insurance prides themselves as a company built to provide faster claims with 18 offices in major cities nationally. They are besides the prefer provider accepted by most banks and finance companies .

Features:

  • Competitive car insurance premium rates
  • Strategic branches across key cities and provinces
  • Additional coverage for their CTPL package

Philippine British Assurance Company

car insurance companies in the philippines - philippine british assurance company Established in the 1960s, the Philippine british Assurance Company is one of the earliest policy companies to provide non-life insurance policies in the country. They have since made a name for themselves for their low-cost rates and fast claims .

Features:

  • Offers coverage for commercial vehicles
  • Provides assistance for roadside emergencies
  • Includes hospital admission arrangement

Pioneer Insurance and Surety Corporation

car insurance companies in the philippines - pioneer insurance and surety corporation Pioneer Insurance and Surety Corporation was established in 1954, specializing in non-life insurance policies including Pioneer car indemnity, a well as place, 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.

car insurance companies in the philippines - pnb general insurers co The Philippine National Bank entered the indemnity market in 1991 when they acquired Charter Insurance Co., Inc. in 1991. Since then, PNB became a big non-life insurance supplier, specializing in car policy, personal accident policy, 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.

car insurance companies - prudential guarantee Veteran policy broke Robert Coyiuto built Prudential Guarantee and Assurance, Inc. from the ground up in the early on 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 aid and other value-added services
  • free vehicle recovery, tow, and breakdown service

Read more: Prudential Guarantee Strengthens Auto Insurance Program Through Partnership with Moneymax

QBE Seaboard Insurance

car insurance companies in the philippines - qbe insurance Founded in 1886, QBE Seaboard in their current form has over 127 years of know, making QBE cable car policy a family name in the nation. 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

car insurance companies in the philippines - sgi insurance SGI Philippines General Insurance Co. Inc. [ 7 ] came about in 1964 and since then, they forged a reputation as one of the top policy providers in the nation. aside from car policy, SGI Philippines offers car insurance, deoxyadenosine monophosphate well as open fire, technology, and nautical indemnity .

Features:

  • PHP 5,000,000 maximum total insured
  • Over 30 accredited repair shops worldwide
  • Offers coverage for motorcycles and scooters

Standard Insurance Company Inc.

car insurance companies in the philippines - standard insurance Since their initiation in 1958, Standard Insurance has been the leading ship’s company when it comes to general fire and standard cable car indemnity in the country. Under their partnership with Zurich Insurance, they remain one of the highest-rated car policy 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.

car insurance companies in the philippines - sterling insurance company inc Established in 1960 as First Continental Assurance Company, Inc., they finally changed their name to Sterling Insurance Company in 2011 after being taken over by the Professional Investment Group, complete with a fresh mission : “ ” We Go farther 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.

car insurance companies in the philippines - stronghold insurance company inc stronghold Insurance Company, Inc., a wholly owned Filipino insurance ship’s company, had their base beginnings when they were incorporated in 1960. Stronghold indemnity have been licensed to offer all types of policies such as Stronghold car insurance, a well as fire, marine, and suretyship policy .

Features:

  • PHP 3,000,000 maximum total insured
  • Over 120 accredited repair shops nationwide
  • 5 years of casa eligibility

UCPB General Insurance Company, Inc.

car insurance companies in the philippines - ucpb general insurance UCPB General Insurance Company, Inc. is the non-life insurance sleeve of the United Coconut Planters Life Assurance Corporation established in 1963. Since then, they have become one of the area ’ south major players among car policy 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

car insurance companies in the philippines - 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 policy providers in the Philippines. Their policies include fire, car, casualty policy, arsenic good as microinsurance and bonds .

Features:

  • Coverage extension for natural disaster damages
  • Offers coverage for motorcycles and scooters
  • Offers coverage for commercial vehicles

Final Thoughts

road accidents are one of the ahead causes of end in the Philippines. That ’ randomness why you need to get a car indemnity policy more than ever. not lone does it protect you from the goodly repair fees, but it besides frees you from the fiscal woes in the event of an accident. Auto policy companies offer diverse prices and packages on policies. The challenge is to choose the one that will best fit your needs and budget. Don ’ thymine forget to take some meter and compare the clear car indemnity companies in the Philippines. Get started by getting a rid quote below. Sources:

Car Insurance Companies in the Philippines: Complete List 2022 With a goal to help Filipinos lead healthier fiscal lives, Moneymax regularly publishes tips and tricks on personal finance and life style, among many early topics. For more finance-related news and articles, follow Moneymax on Linkedin .

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