Car Insurance Companies in the Philippines: Where to Buy Your Next Policy
In order to get the right 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 list to get you started.
How Auto Insurance Companies Earn
According to the World Health Organization[1], 1.35 million people around the world die 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 auto insurance companies still earn? The answer is yes. Despite millions of claims, auto insurance companies still take home a profit ultimately contributing to industry growth.
The concepts that keep car insurance companies in the Philippines profitable work the same way today as they did 40 or 50 years ago. This is why the industry keeps growing and why new insurance companies sprout almost every decade. To understand this better, here are three basic principles that make insurance providers earn.
1. Premiums
When you buy an insurance policy, you are required to pay a fee called a premium. Insurance providers put this premium to short- and long-term 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 difference between how much money insurers collect for policies and how much money insurers release when a client files a claim.
For example, if a client pays PHP 20,000 for a premium policy with a validity of one year but only submits PHP 5,000 worth of claims, the insurance company automatically earns PHP 15,000 from that client.
However, if the insurance provider pays more than PHP 20,000 for the claim, then they suffer a loss.
3. Re-Insurance
Insurance providers also buy policies for themselves. When insurers have too many claims, they purchase policies from other providers to keep them in business. This strategy utilizes the concept of shared risk and limits of liability.
Who Regulates Car Insurance Companies in the Philippines?
The Insurance Commission is the one responsible for regulating the operation of life and non-life insurance companies. If you have any car insurance claim disputes, you can contact them at the following hotlines:
Email: publicassistance@insurance.gov.ph
Manila Trunkline: (632) 8523-8461 to 70 local 127/103
Manila Direct: (632) 8404-1758
Can You Have Two Auto Insurance Companies?
Yes, but it’s not advisable. You can always consult two or more insurance 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 protection.
If you feel like your current auto insurance policy is lacking, you can always choose to avail add-ons to your current coverage. That’s a lot cheaper than paying a second premium from a different insurance provider.
Read more:
Complete List of Car Insurance Companies in the Philippines
Car Insurance Company | Features |
|---|---|
MAPFRE Insular  | |
Malayan Insurance | |
New India Assurance | |
Prudential Guarantee | |
SGI Philippines | |
Stronghold Insurance | |
The Mercantile Insurance Corporation |
Alpha Insurance and Surety Company, Inc.
Established in 1957, Alpha Insurance[2] 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
Read more articles:
Beginner’s Guide to Comprehensive Car Insurance in the Philippines
Getting Comprehensive Car Insurance? Prepare These Requirements
Bethel General Insurance and Surety Corporation
Bethel General Insurance and Surety Corporation[3] 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[4] prides themselves in 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[5] 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, 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 country.
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
Corporate Guarantee and Insurance was incorporated in 1997, making them one of the younger auto 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 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 customer, 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 in the Philippines 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 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 auto 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
Read more articles:
Final Thoughts
Road accidents are one of the leading causes of death in the Philippines. That’s why you need to get a car insurance policy more than ever. Not only does it protect you from the hefty repair fees, but it also frees you from the financial woes in the event of an accident.
Auto insurance companies offer various prices and packages on policies. The challenge is to choose the one that will best fit your needs and budget. Don’t forget to take some time and compare the top car insurance companies in the Philippines. Get started by getting a free quote below.
Sources:
[2] Alpha Insurance
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