If you're in the market for a new car insurance policy, you might be wondering which car insurance companies in the Philippines can give you the car insurance policy with the right coverage for your vehicle.
Each company has its pros and cons, so researching is important before deciding which suits you. In this article, we'll provide an overview of some of the top car insurance companies in the Philippines.
We'll also discuss what to look for when choosing a policy and how to know if an insurance company is legitimate, so you can make an informed decision about which provider is right for you.
Complete List of Car Insurance Companies in the Philippines
Alpha Insurance and Surety Company, Inc.
Established in 1957, Alpha Insurance dedicated its efforts to leading and sustaining excellence in providing comprehensive non-life insurance services. One of its achievements 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 CTPL package
Bethel General Insurance and Surety Corporation
Bethel General Insurance and Surety Corporation[1] is a local non-life insurance specialist established in 1961. The former BF General Insurance Company prides itself on its 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[2] provides non-life insurance (including car insurance) and security products for homes and condos. It has since been acquired by AXA Philippines and currently, its operates 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 its website and app
Cibeles Insurance Corporation
Since 1965, Cibeles Insurance Corporation’s[3] three decades' worth of experience providing prompt and efficient claims services has gained 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, and 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[4] in 1935. For over seven decades, it has 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 ₱10,000
Corporate Guarantee and Insurance Company
Corporate Guarantee and Insurance was incorporated in 1997, making it one of the younger auto insurance providers on this list of car insurance companies in the Philippines.
However, its 22 years of service isn’t something to underestimate, as it serves the public with its 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 its tagline “Kapag Sigurado, Hindi Kabado,” Country Bankers Insurance Corporation traces its origins to a group of rural bankers. Since 1960, it has been 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 and 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. Its track record of financial prudence and profitability sets a standard for other car insurance companies in the Philippines.
Features:
- 24/7 emergency roadside assistance
- Extended coverage on damages from natural disasters
- Coverage for unnamed passengers
Etiqa Philippines
Etiqa is a composite insurance company headquartered in Kuala Lumpur, Malaysia with operations in the Philippines, Cambodia, Indonesia, and Singapore.
Formerly AsianLife & General Assurance Corporation, Etiqa has been in the insurance industry for more than 40 years offering a broad range of life and non-life insurance products for individuals and companies.
Features:
- Coverage for own damage, third-party damage, excess bodily injury, auto passenger personal, theft, and Acts of God/Acts of Nature
- 24/7 roadside assistance
- Wide range of payment options, including cash, credit card (straight and installments), ATM card, and GCash
- Easy claims process
FPG Insurance, Inc.
Created in 1958 by the Zuellig Group of Companies, FPG Insurance has staked its hold as one of premier insurance providers in the Philippines. It specializes in insurance and risk management solutions tailored specifically to the individual customer, with its FPG car insurance being a prime example.
Features:
- Provides 24/7 emergency roadside assistance
- Easily get insurance online
- 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 its acquisition by the ALC Group of Companies, it rebranded into its modern incarnation, providing insurance for cars, property, and marine cargo.
Features:
- Coverage for commercial vehicles
- Coverage for Grab and other ride-sharing vehicles
- Roadside emergency assistance
Intra-Strata Assurance Corporation
Intra-Strata Assurance counts itself as one of the oldest companies in the country, having been established in 1959 as the Overseas Insurance Company. It changed its name in 1987 under the leadership of prominent businessman Antolin M. Oreta Jr.
Features:
- Coverage for commercial vehicles
- Coverage for motorcycles and scooters
- Excellent track record of trustworthiness and efficiency
Malayan Insurance Company
Enrique T. Yuchengco started the Malayan Insurance Company in 1930. For 90 years, it has built a reputation of trust and quality through excellent insurance protection and hassle-free claims process. By launching its own e-commerce website in 2013, Malayan has made it easier for car owners to insure their prized vehicles.
Features:
- 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 its foothold in the Philippines as a leading insurance provider with its premium MAPFRE car insurance.[5]
Features:
- Roadside emergency assistance
- ₱5 million maximum total insured
- Over 300 accredited repair shops nationwide
Mercantile Insurance Corporation
Mercantile Insurance Corporation came to the insurance scene in 1962, eventually expanding its branches to Cebu, Davao, Cagayan De Oro, and Dagupan. It strives to get more people insured with Mercantile car insurance as it partners 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 a few auto insurance companies in the Philippines were operating. Today under its current form, it remains committed to providing clients with top-notch non-life insurance policies.
Features:
- Strategic branches across key cities and provinces
- Coverage for motorcycles and scooters
- Coverage for commercial vehicles
New India Assurance
New India Assurance is the first fully Indian-owned insurance company in India. It began its operations in the Philippines in 1930, establishing itself as a pioneer in non-life insurance.
This insurance company now has a strong presence in key cities and provinces nationwide, making its car insurance product accessible to more Filipinos.
Features:
- ₱3.5 million 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 itself 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
Since its 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 it ever issued was for former President Jose P. Laurel Sr.
Features:
- Roadside emergency assistance
- Accepts old cars up to 10 years old
- Coverage for commercial vehicles
Paramount Life and General Insurance Corporation
Paramount Life traces its roots back to 1950. Known for quick claims settlement, Paramount has established a strong market presence in a short amount of time. Since then, it has become the leading insurance provider for OFWs.
Features:
- Coverage can be applied to private and commercial cars
- Coverage extension for natural disaster damages
- No fault-indemnity coverage not exceeding ₱15,000
Perla Insurance
With over 50 years of service as an insurance provider, Perla Insurance was built to provide faster claims with 18 offices in major cities nationwide. It's also the preferred provider of most banks and financing companies.
Features:
- Competitive car insurance premium rates
- Strategic branches across key cities and provinces
- Additional coverage for its 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. It since has made a name for itself for its affordable rates and fast claims.
Features:
- Coverage for commercial vehicles
- Roadside emergency assistance
- Includes hospital admission arrangement
Pioneer Insurance and Surety Corporation
Pioneer Insurance and Surety Corporation[6] was established in 1954, specializing in non-life insurance policies, including Pioneer car insurance, as well as property, marine, and aviation insurance. Since then, it has expanded its business model, forming the Pioneer Group.
Features:
- Coverage for all types of private vehicles
- Coverage extension for natural disaster damages
- Pet injury coverage up to ₱15,000
PNB General Insurers Co., Inc.
The Philippine National Bank entered the insurance market in 1991 when it 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 premium payments with 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 1980s. Today, Prudential Guarantee has become one of the largest non-life insurance companies[7] 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
SGI Philippines
SGI Philippines General Insurance Co. Inc. came about in 1964 and since then, it has forged a reputation as one of the top insurance providers in the country. SGI Philippines offers car insurance, as well as fire, engineering, and marine insurance.
Features:
- ₱5 million maximum total insured
- Over 30 accredited repair shops worldwide
- Coverage for motorcycles and scooters
Standard Insurance Company Inc.
Since its creation in 1958, Standard Insurance has been the leading company providing general fire and standard car insurance in the country. Under its partnership with Zurich Insurance, Standard remains one of the top car insurance companies in the Philippines.
Features:
- ₱5 million 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., it eventually changed its 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 its humble beginnings when it was incorporated in 1960. It has been licensed to offer all types of policies such as Stronghold car insurance, as well as fire, marine, and suretyship insurance.
Features:
- ₱3 million maximum total insured
- Over 120 accredited repair shops nationwide
- 5 years of casa eligibility
UCPB General Insurance Company, Inc.
Established in 1963, UCPB General Insurance Company, Inc. is the non-life insurance arm of the United Coconut Planters Life Assurance Corporation. Since then, it has become one of the country’s major players among auto insurance companies.
Features:
- kaLAKBAY 24/7 emergency roadside assistance
- Gawa Agad program allows accredited shops to directly repair insured cars
- Coverage extension for damage due to natural disaster
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. Its policies include fire, car, casualty insurance, as well as microinsurance and bonds.
Features:
- Coverage extension for natural disaster damages
- Coverage for motorcycles and scooters
- Coverage for commercial vehicles
How Do I Know If an Insurance Company is Legitimate in the Philippines?
Insurance is a tricky business with many moving parts, and knowing if you're getting a good deal from the company can be challenging. It's even more difficult when you're trying to look for a company you can really trust. So how can you tell if an insurance company is legitimate in the Philippines?
The first thing you should do is check with the Insurance Commission.[8] It regulates and records a list of all licensed insurance providers, including car insurance companies in the Philippines. If the company you're looking at isn't on that list, then you might want to think twice before transacting with that company.
You should also check with the Philippine Insurers and Reinsurers Association.[9] It has a code of conduct that all member companies must follow. If the company isn't a member or the association has sanctioned it, then you should avoid dealing with it.
Google it. Search it online and type the company plus the keyword “scam” and surely, the search engine will show you related links about the company’s operations. You’ll also find a ton of reviews on social media and other online channels.
Finally, you can always ask around. Talk to people who have transacted with the company before, and see if they had a good experience. If they did, then there's a good chance you will, too. Insurance is a complicated business, but with a bit of research, you can ensure you're getting a good deal.
What are the Top 10 Insurance Companies in the Philippines?
It's hard to say which insurance company is the best in the Philippines because it depends on the buyer's needs.
Some people might prefer a company that offers a wide range of coverage options, while others might prefer a company with low premiums. The best way to find the right insurance company is to research different companies and compare their rates and coverage options.
You can also read online reviews to get an idea of what other customers think of a particular company. Once you've found a few companies that seem like a good fit, you can then contact them to get more information and get a quote.
Alternatively, you can save time by using the Moneymax car insurance platform to compare different car insurance companies in the Philippines and find the right one based on your needs and budget.
Here's a table that summarizes coverage from various providers for your quick reference.
| Car Insurance Company | Maximum Total Sum Insured | Casa Eligibility | Accredited Repair Shops | Overnight Acommodation | Towing Services | Vehicle Removal Crane Services |
|---|---|---|---|---|---|---|
SGI Philippines
| ₱5 million | 5 years | 36 | Up to ₱2,000 | Up to ₱5,000 | ₱10,000 |
Malayan Insurance
| ₱7.5 million | 3 years | 58 | Up to ₱1,000 | Up to ₱4,000 | Up to ₱8,000 |
Mercantile Insurance
| ₱5 million | 10 years | 77 | Up to ₱2,000 | Up to ₱5,000 | Up to ₱10,000 |
MAPFRE Insular
| ₱5 million | 10 years | 365 | Up to ₱3,000 | Up to ₱5,000 | Up to ₱10,000 |
New India Assurance
| ₱3.5 million | 10 years | 30 | Up to ₱1,500 | Up to ₱4,000 | Up to ₱10,000 |
Stronghold Insurance
| ₱3 million | 10 years | 167 | N/A | N/A | N/A |
Prudential Guarantee
| ₱3 million | 10 years | N/A | Up to ₱2,000 | Up to ₱5,500 | Up to ₱15,000 |
See also: Where Should You Get Your Car Insurance: Bank, Dealer, or Broker?
What to Look For When Choosing a Car Insurance Provider
When it comes to car insurance, there are a lot of factors to consider. But with some research, you can find an insurance policy that meets your needs and fits your budget.
Here are four considerations to keep in mind on how to choose a car insurance company in the Philippines.
Coverage
When shopping for car insurance, understand the different types of coverage and how they work. Coverage is the amount of money the insurance company will pay if you have an accident or other incident covered by your policy. The higher the coverage, the higher the premium (monthly payments). When choosing a policy, ensure you have enough coverage to protect yourself financially in case of an accident or other incident. Otherwise, your premiums could increase significantly.
Cost
Cost is a crucial factor when choosing a car insurance policy. No one wants to overpay for their coverage, but at the same time, you don't want to sacrifice important features or be underinsured. So how do you strike the right balance?
There are a few things to keep in mind when considering the cost. Remember that the cheapest policy might not always provide the best value. It's important to compare apples to apples when looking at policies, and make sure you're comparing similar coverage levels.
Otherwise, you could pay more in the long run if you have a car accident or need to make a claim.
Keep in mind that the cost of your policy can change over time. As your car depreciates every year, so do your premiums. Always review your policy regularly and make sure it still meets your needs and budget.
Claim Process
The claims process is one of the most important factors when choosing a car insurance policy. In the event of an accident or other incident, the claims process will determine how quickly and easily you can get your claim paid out.
Look for a few key things when assessing the claims process of a potential insurer. First, ensure that the insurer has a straightforward claims process. The last thing you want to do is to deal with a complex and difficult claims process when you’re already feeling stressed and overwhelmed.
Second, the insurer must have a good reputation for paying out claims quickly and efficiently. Nothing is more frustrating than having to wait for weeks or even months for your claim to be paid out.
Finally, choose an insurer that offers a fair and reasonable excess. An excess is the amount you’ll need to pay towards your claim, and you must be comfortable with the amount your chosen insurer requires.
Customer Service
When you're involved in an accident or your car is damaged or stolen, you need to know that your insurer will be there to help you through the claims process.
A good customer service team will be available 24/7 to answer your questions and help you resolve any problems. The insurance company should also have a team of experienced adjusters who can quickly and efficiently assess your claim and get you your payout.
In addition, a good customer service team will work with you so that you’ll get the best possible rate on your premiums. You should feel assured that you're in good hands in the event of an accident or other unexpected incident.
Read more: Top Car Insurance in the Philippines: How and Where Can You Get It?
FAQs on Car Insurance Companies in the Philippines
1. What are the types of car insurance coverage in the Philippines?
There are three types of car insurance coverage in the Philippines: liability, comprehensive, and collision.
- Liability insurance or (Third-Party Liability) covers damage to other people and property if you’re at fault in an accident.
- Comprehensive insurance covers damage to your own vehicle, regardless of who is at fault.
- Collision insurance covers damage to your vehicle in the event of a collision with another object, regardless of who is at fault.
All three types of coverage are important, but which one you choose will depend on your individual needs and circumstances.
If you live in a high-risk area or if you drive a lot, you may want to consider comprehensive or collision coverage. If you have a newer car, you may want to consider collision coverage. And if you have an older car, you may want to consider opting for liability coverage.
No matter what type of coverage you choose, be sure to shop around and compare rates before buying a policy.
2. How do auto insurance companies earn?
According to the World Health Organization,[10] 1.35 million people around the world die every year because of road crashes. If all 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.
Premiums
When you buy an insurance policy, you are required to pay a fee called a premium. Insurance providers put this premium on 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.
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 ₱20,000 for a premium policy with a validity of one year but only submits ₱5,000 worth of claims, the insurance company automatically earns ₱15,000 from that client.
However, if the insurance provider pays more than ₱20,000 for the claim, then it suffers a loss.
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 uses the concept of shared risk and limits of liability.
3. Who regulates car insurance companies in the Philippines?
The Insurance Commission regulates the operation of life and non-life insurance companies in the Philippines. If you have any car insurance claim disputes, you can contact the Commission at the following hotlines:
- Email: publicassistance@insurance.gov.ph
- Manila trunkline: (632) 8523-8461 to 70 local 127/103
- Manila direct: (632) 8404-1758
4. Can I avail of the services of 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 of 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.
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] Bethel Car Insurance
- [2] Charter Ping-An Insurance Corporation (AXA Philippines website)
- [3] Cibeles Insurance Corporation
- [4] Commonwealth Insurance Company
- [5] MAPFRE Car Insurance Philippines
- [6] Pioneer Car Insurance Philippines
- [7] Prudential Car Insurance Philippines
- [8] Insurance Commission - Regulated Entities
- [9] About PIRA, Inc.
- [10] WHO - Road traffic injuries (2022)
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