Published: February 2, 2021 | Updated: February 10, 2021 | Posted by: Janine Daquio | Car Insurance
To avoid any hassle when making your car insurance claim, you have to keep your policy active. To avoid missing your premium payments, you have to explore your car insurance payment options.
Yes, because there are more than one way to pay your premiums. Nowadays, car insurance companies in the Philippines made it easy and convenient for their clients to pay for their premiums on time, with various offline and online payment options available. Here are just some of them.
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You can make a car insurance payment in cash at any branch of your provider’s partner bank.
Here are some of the companies that accept car insurance payment via bank deposit:
Company | Bank |
---|---|
Moneymax | BDO |
Charter Ping An | Metrobank and PSBank |
Etiqa Life and General Assurance Philippines, Inc. | BDO, BPI, Maybank, and UnionBank |
Malayan Insurance Co., Inc. | RCBC, Security Bank, and UnionBank |
MAPFRE Insular Insurance Corp. | BPI |
Paramount Life & General Insurance Corporation | BPI |
Pioneer Insurance & Surety Corp. | BPI |
Standard Insurance Company, Inc. | BPI |
UCPB General Insurance Company, Inc. (COCOGEN) | BDO and UCPB |
The insurance provider might require you to send a scanned copy of the validated slip as proof of your payment through email, so keep your copy after it has been issued to you.
A more convenient way to pay for your car insurance policy than over-the-counter bank deposit is to use the online banking facility of your provider’s partner bank. Online transactions are generally free of charge, making it a great addition to your list of car insurance payment options.
Here are some of the companies that accept car insurance payment via online banking:
Company | Bank |
---|---|
Moneymax | BDO |
Charter Ping An | Metrobank and PSBank |
COCOGEN | BDO and UCPB |
Etiqa Life | BDO and BPI |
Malayan Insurance | BDO, RCBC, and Security Bank |
MAPFRE Insular | BDO and BPI |
Paramount Life | BPI |
Pioneer Insurance | BPI |
Standard Insurance | BDO and BPI |
If you’re paying your insurance premium for the first time, the bank might require you to enroll your insurer as a biller online. Within 24 hours after the enrollment is confirmed, you can already proceed with your car insurance payment.
For people who are always on the go, one of the best car insurance payment options to use is the mobile app of their provider’s partner bank. Most banks don’t charge a fee for transactions using their mobile app, while others charge a minimal service fee per successful payment.
Here are some of the companies that accept car insurance payment via mobile banking:
Company | Bank |
---|---|
Moneymax | BDO |
Charter Ping An | Metrobank and PSBank |
COCOGEN | BDO and UCPB |
Etiqa Life | BDO and BPI |
Malayan Insurance | BDO, RCBC, and Security Bank |
MAPFRE Insular | BDO and BPI |
Paramount Life | BPI |
Pioneer Insurance | BPI |
Standard Insurance | BDO and BPI |
The procedure for making a car insurance payment using a bank’s mobile app is similar to that of online banking. With mobile banking, you’re just using a different platform (mobile app) and device (smartphone or tablet).
If you’re looking for car insurance payment options and you only have cash, check with your payment centers if they accept your provider’s premiums. Car insurance payments can be made at any branch nationwide of the accredited payment centers of your insurance provider.
Or you can skip the lines and spare yourself the trouble by paying via the bills payment center’s online facility. For example, instead of going to a 7-Eleven store, you can just pay through the CLiQQ app.
Here are some of the companies that accept car insurance payment via bills payment centers:
Company | Bills Payment Centers |
---|---|
Moneymax | Via Dragonpay at 7-Eleven, Bayad Center, Cebuana Lhuillier, ECPay, M Lhuiller, Robinsons Department Stores, and SM Payment Counters |
Charter Ping An | ECPay |
MAPFRE Insular | Bayad Center |
PAMI Insurance | 7-Eleven |
Paramount Life | 7-Eleven, Bayad Center, ECPay, and M Lhuillier |
Pioneer Insurance | M Lhuillier |
Read more: Got Bills to Pay? Here’s Your Guide to Bills Payment Centers in the Philippines
Aside from online and mobile banking, paying car insurance with a credit card is another cashless method you can use to settle your car insurance premium. Most car insurance companies accept straight payments via Visa or Mastercard.
Here are some of the companies that accept car insurance payment via credit card:
Visit the nearest office of your car insurance provider and present your credit card for your payment transaction. After processing your car insurance payment, the cashier will return your card and issue an official receipt.
Paying for car insurance in just a few smartphone taps is easy with the GCash app. This is a convenient car insurance payment option if you prefer contactless transactions and if you manage your finances through the GCash app.
Here are some of the companies that accept car insurance payment via GCash:
If you’re not comfortable paying a large amount in cash for your car insurance premium, a safer alternative is to issue a post-dated check. This is also another way to issue staggered payments for your car insurance policy.
Here are some of the companies that accept car insurance payment via check:
Company | Payable to |
---|---|
Moneymax | MoneyHero Insurance Brokerage Inc. (pay at the Moneymax office) |
Etiqa Life | Etiqa Life and General Assurance Philippines, Inc. (Pay at the Etiqa office) |
Malayan Insurance | Malayan Insurance Co., Inc. (pay at any RCBC or UnionBank branch) |
Visit your provider’s office during business hours to personally issue a check payment for your car insurance premium. If you’re too busy to pay personally, you can have the check delivered via courier to the insurance company’s office address.
Some insurers require check payments to be deposited over the counter at any branch of their partner banks.
You may also choose to pay with your ATM card or debit card through any automated teller machine (ATM) of your car insurance provider’s partner bank nationwide.
Here are some of the companies that accept car insurance payment via ATM:
Company | ATM |
---|---|
Moneymax | BancNet |
Paramount Life | BPI |
Malayan Insurance | Security Bank |
Getting car insurance through Moneymax? You can add PayPal to your car insurance payment options.
Yes, Moneymax, for example, accepts installment insurance payments (up to four installments within 90 days). This applies to the following payment methods:
Paying your insurance policy in staggered payments is a great option if you want more flexibility in your budget. It spreads out payments over three months as opposed to a one-time payment.
IMPORTANT: However, making a full, upfront payment does have its advantage. Having a fully paid car insurance policy ensures quicker processing of your claims request. Providers do not process claims requests until policies are fully paid.
Read more: Child Safety in Motor Vehicles Act: What Parents Must Know
Your choice of payment method, whether in full or installments, won’t affect the speed of the delivery of your car insurance policy.
Moneymax issues paperless policies (also called e-policies), enabling the online brokerage company to provide them in as fast as under 24 hours up to 48 hours upon payment and submission of complete requirements. How fast you’ll receive your policy will depend on the car insurance provider’s processing time.
With so many car insurance payment options available, there’s no reason for you to settle your premiums late. Ask your insurance provider or broker about the your updated car insurance computation and payment methods you can use.
Looking for a better car insurance? Below is a list of top car insurance companies and their features. Compare your auto insurance options and get a free quote from Moneymax!
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