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• Car Insurance Companies in the Philippines: Where to Buy Your Next Policy

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 plus tips to get you started.

How Do 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, 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 insurances 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.

Read more: I Got Into a Car Accident: Where Should I File a Vehicle Claim?

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 I 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 or change your car insurance provider . That’s a lot cheaper than paying a second premium from a different insurance provider.

Complete List of Car Insurance Companies in the Philippines

Car Insurance Company	Maximum Total Sum Insured	Accredited Repair Shops	Casa Eligibility	Overnight Accommodation	Towing Services	Vehicle Removal Crane Services
Malayan Insurance	₱7.5 million	58	3 years	Up to ₱1,000	Up to ₱4,000	Up to ₱8,000
The Mercantile Insurance Corporation	₱5 million	77	10 years	Up to ₱2,000	Up to ₱5,000	Up to ₱10,000
SGI Philippines	₱5 million	36	5 years	Up to ₱2,000	Up to ₱5,000	₱10,000
MAPFRE Insular	₱5 million	365	10 years	Up to ₱3,000	Up to ₱5,000	Up to ₱10,000
New India Assurance	₱3.5 million	30	10 years	Up to ₱1,500	Up to ₱4,000	Up to ₱10,000
Prudential Guarantee	₱3 million	N/A	10 years	Up to ₱2,000	Up to ₱5,500	Up to ₱15,000
Stronghold Insurance	₱3 million	167	10 years	N/A	N/A	N/A

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

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 providers 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

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

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 auto 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

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

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

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:

• ^[1] WHO – Road traffic injuries
• ^[2] Alpha Insurance
• ^[3] Bethel General Insurance and Surety Corporation
• ^[4] Charter Ping-An Insurance Corporation
• ^[5] Cibeles Insurance Corporation
• ^[6] Commonwealth Insurance Company
• ^[7] SGI Philippines General Insurance Co. Inc.

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