9 Car Insurance Payment Options in the Philippines

February 17, 2020 | Posted by: Venus Zoleta | Car Insurance

February 17, 2020


Car Insurance Payment Options in the Philippines | Moneymax

To avoid any hassle when making your car insurance claim, you have to keep your policy active. So that your policy remains active, you need to make timely car insurance payments.

Nowadays, car insurance companies in the Philippines make it easy and convenient for their clients to pay for their premiums on time, with various offline and online payment options available.

Aside from paying in cash directly at the office of your provider, here are the different car insurance payment options you can choose from.

Car Insurance Payment Options in the Philippines

1. Bank Deposit

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:

CompanyBank
MoneymaxBDO
Charter Ping AnMetrobank 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 CorporationBPI
Pioneer Insurance & Surety Corp.BPI
Standard Insurance Company, Inc.BPI
UCPB General Insurance Company, Inc. (COCOGEN)BDO and UCPB

 

How to Pay Car Insurance Policy via Bank Deposit

  1. Get a queue number at the bank’s entrance.
  2. Fill out a bills payment slip. Make sure to provide the following details correctly:
    • Account Name/Biller Name – Complete corporate name of the car insurance company
    • Payor’s Name – Policyholder’s full name
    • Account Number/Reference Number – Policy number
    • Total amount to be paid
  3. When your number is called, present your completed slip together with your payment to the teller.
  4. Receive your copy of the machine-validated payment slip.

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.

2. Online Banking

Car Insurance Payment Options in the Philippines - Online Banking

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.

Here are some of the companies that accept car insurance payment via online banking:

CompanyBank
MoneymaxBDO
Charter Ping AnMetrobank and PSBank
COCOGENBDO and UCPB
Etiqa LifeBDO and BPI
Malayan InsuranceBDO, RCBC, and Security Bank
MAPFRE InsularBDO and BPI
Paramount LifeBPI
Pioneer InsuranceBPI
Standard InsuranceBDO 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.

How to Pay Car Insurance Policy via Online Banking

  1. Access your bank’s e-banking channel.
  2. Log into your online banking account.
  3. Choose the Bills Payment or Pay Bills service.
  4. Select your enrolled biller (your car insurance provider).
  5. Fill out the online form with all the required information.
  6. Confirm your payment details. Depending on the bank, you might be required to enter the one-time PIN (OTP) sent to your mobile phone.
  7. Click “Submit.” The bank will send you an email confirmation of your car insurance payment transaction.

3. Mobile Banking

Car Insurance Payment Options in the Philippines - Mobile Banking

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:

CompanyBank
MoneymaxBDO
Charter Ping AnMetrobank and PSBank
COCOGENBDO and UCPB
Etiqa LifeBDO and BPI
Malayan InsuranceBDO, RCBC, and Security Bank
MAPFRE InsularBDO and BPI
Paramount LifeBPI
Pioneer InsuranceBPI
Standard InsuranceBDO and BPI

 

How to Pay Car Insurance Policy via Mobile Banking

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).

Save up to 30% on car insurance with Moneymax!

4. Bills Payment Centers/Apps

Car insurance payments can be made at any branch nationwide of the accredited payment centers of your insurance provider.

  • 7-Eleven
  • Bayad Center [1]
  • Cebuana Lhuillier [2]
  • M Lhuillier [3]
  • Robinsons Department Stores
  • Payment counters at The SM Store, SM Supermarket, SM Hypermarket, and Savemore
  • ECPay outlets (select Western Union branches, Tambunting Pawnshops, Petron stations, Ever Superstores, etc.)

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:

CompanyBills Payment Centers
MoneymaxVia Dragonpay at 7-Eleven, Bayad Center, Cebuana Lhuillier, ECPay, M Lhuiller, Robinsons Department Stores, and SM Payment Counters
Charter Ping AnECPay
MAPFRE Insular Bayad Center
PAMI Insurance 7-Eleven
Paramount Life7-Eleven, Bayad Center, ECPay, and M Lhuillier
Pioneer InsuranceM Lhuillier

 

How to Pay Car Insurance Policy via Bills Payment Centers

  1. Visit the nearest branch of your insurer’s accredited payment center.
  2. Fill out a payment/transaction slip.
  3. Present your accomplished slip, premium notice or billing statement, and cash payment.
  4. Receive the validated payment slip and official receipt that serve as your proof of payment.

Read more: Got Bills to Pay? Here’s Your Guide to Bills Payment Centers in the Philippines

5. Credit Card

Car Insurance Payment Options in the Philippines - Credit Card

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:

  • Moneymax
  • Etiqa Life
  • Malayan Insurance
  • COCOGEN

How to Pay Car Insurance Policy 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.

6. GCash

Car Insurance Payment Options in the Philippines - GCash

Paying for car insurance in just a few smartphone taps is easy with the GCash app.

Here are some of the companies that accept car insurance payment via GCash:

  • Fortune General Insurance Corporation
  • FPG Insurance
  • MAPFRE Insurance
  • Standard Insurance

How to Pay Car Insurance Policy via GCash

  1. Open the GCash app and log in to your account.
  2. Tap the Pay Bills icon.
  3. Under the Biller Categories, choose “Insurance.”
  4. Select the name of your car insurance provider.*
  5. Enter your account number and the amount to pay. To receive a copy of your transaction receipt via email, enter your email address.
  6. Review and confirm your payment.

7. Check Payment

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:

CompanyPayable to
MoneymaxMoneyHero Insurance Brokerage Inc. (pay at the Moneymax office)
Etiqa LifeEtiqa Life and General Assurance Philippines, Inc. (Pay at the Etiqa office)
Malayan InsuranceMalayan Insurance Co., Inc. (pay at any RCBC or UnionBank branch)

 

How to Pay Car Insurance Policy via Check

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.

8. ATM Banking

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:

CompanyATM
MoneymaxBancNet
Paramount LifeBPI
Malayan InsuranceSecurity Bank

 

How to Pay Car Insurance Policy via ATM

  1. Insert your ATM or debit card into the ATM.
  2. Enter your PIN.
  3. Choose Bills Payment > Category/Type > Company/Biller.
  4. Choose the account (Savings/Checking) from which your payment will be deducted.
  5. Enter your reference or policy number.
  6. Enter the amount to pay.
  7. Get your transaction slip.

9. PayPal

Getting car insurance through Moneymax? Car insurance policy payment is also made easy through PayPal.

How to Pay Car Insurance Policy via PayPal

  1. Log in to your PayPal account.
  2. Click Pay or send payments > Make a payment in a few seconds.
  3. Enter the email address (Ask your Moneymax agent for this info). Click Next.
  4. Enter the amount to pay. Click Continue.
  5. Choose the credit card account where the payment will be charged to. Click Next.
  6. Review the amount and payment method. Click Send Payments Now to complete the transaction.

Can I Pay for My Car Insurance Policy in Installments?

Yes, Moneymax accepts installment insurance payments (up to four installments within 90 days). This applies to the following payment methods:

  • Over-the-counter bank deposit
  • Check payment (one dated check plus three post-dated checks after 30 days, 60 days, and 90 days)
  • Over-the-counter payment via Dragonpay

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.

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.

Which Payment Method Guarantees the Fastest Policy Delivery?

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 74 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.

Final Thoughts

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 car insurance payment methods you can use.

Protect your car and your loved ones. Get car insurance today!

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