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• Where to Pay Your Car Insurance: Here are 9 Convenient Payment Options

Where to Pay Your Car Insurance: Here are 9 Convenient Payment Options

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You know that roads and highways are paved with uncertainties and unseen troubles, which is why you have a car insurance policy. However, a lot of car owners often miss their due dates. Such a habit leads to delayed payments. 

Keeping your car insurance policy active should be a priority. It will help you avoid certain hassles and headaches when making your insurance claims in case you get involved in an accident. If that happens, insurance companies may not expedite your claims as quickly as possible since they have to check your payment records first. 

Thankfully, gone are the days when you have to make a trip to the bank or the car insurance company’s office to settle your dues. Now, there’s a wide range of payment facilities and channels available. So there’s really no excuse not to pay your car insurance on time or ahead of the due date.

If you’re asking where to pay your car insurance, here are some of your options.  

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

Where to Pay Car Insurance in the Philippines

1. Bank Deposit or Over-the-Counter Payment

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:

How to Pay Your 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.

Pros of Bank Deposit or Over-the-Counter Payment

• Peace of mind – You know that the payment has been accepted right away. 
• No online security breaches to worry about – You’ve paid the bill in person, so there’s no need to use an app or any online payment facilities.
• Money management is much easier – This is especially true for old-school payers who track their expenses manually.

Cons of Bank Deposit or Over-the-Counter Payment

• Inconvenience – If you don’t have ready cash, you may still need to withdraw from the ATM. 
• Risk of getting exposed to the COVID-19 virus – Whether you’re withdrawing from the ATM or queuing at the bank, you may contract the virus since it’s airborne and thrives on different surfaces. 
• Wasting long hours queueing at the bank– The procedure takes time because everything is done manually, from filling out the forms to handing over the cash.

2. Online Banking

A more convenient way to pay for your car insurance policy than an over-the-counter bank deposit is through 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:

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 Your 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.

Pros of Online Banking Payment

• Convenience – You can pay your bills anytime, anywhere. 
• Security – You don’t have to worry about carrying large amounts of cash with you since your money is in your digital wallet. Furthermore, you can pay your bills without leaving the house and exposing yourself to robbers. 
• Safety – Since you can settle your dues in the comforts of your home, there’s no need to expose yourself to the COVID-19 virus at the bank or payment center.

Cons of Online Banking Payment

• Risk of fraud – The online world is teeming with phishers, hackers, fraudsters, and scammers, and they may be able to get your login credentials through social engineering.  
• Disputes in transactions – Sometimes, errors in your payment may result in long discussions with the bank. The bank will have to investigate the issue first before you can settle your dues or recover your money. 
• Risk of massive security breach – If your bank’s website is not robust and secured enough, your data is at risk of getting breached.

Read more:

• Affidavit for Car Insurance Claim: Why You Need It and How to Get One
• 8 Possible Reasons Your Car Insurance Claim Got Denied

3. Mobile Banking and Payment Apps

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 or payment apps:

How to Pay Your Car Insurance Policy via Mobile Banking or Payment App

The procedure for making a car insurance payment using a bank’s mobile app or a payment app is similar to that of online banking. You’re just using a different platform (mobile app or payment app) and device (smartphone or tablet).

Pros of Mobile Banking and Payment Apps 

• Convenience – You can pay your bills whenever or wherever you are (provided that you’re connected to the internet).
• Security – You don’t have to worry about carrying large amounts of cash with you since your money is in your digital wallet. Furthermore, you don’t have to leave the house and expose yourself to robbers. 
• Safety – Since you can settle your dues in the comforts of your home, there’s no need to expose yourself to the COVID-19 virus at the bank or payment center. 

Cons of Mobile Banking and Payment Apps

• Risk of fraud – Phishers, fraudsters, hackers, and scammers may attempt to get your login credentials through phone calls, text messages, and suspicious links. 
• Disputes in transactions – Disputes regarding payment may result in long discussions with the bank or the app developer. This can be troublesome, especially if your due date is just over the horizon. 
• Occasional bugs – If your mobile banking app is slow and buggy, you won’t be able to pay your bills quickly.

4. Bills Payment Centers

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.

• 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:

How to Pay Your 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.

Pros of Paying at Bills Payment Centers

• Peace of mind – You personally see that your payment has been accepted. 
• No online security breaches to worry about – Since you’ve paid the bill in person, there’s no need to use an app or any online payment facilities, which might be exposed to security breaches.
• Money management is much easier – This is especially true for traditional payers who track their expenses manually.

Cons of Paying at Bills Payment Centers

• Inconvenience – If you don’t have cash on hand, you may need to withdraw from the ATM. 
• Risk of getting exposed to the COVID-19 virus – Whether you’re withdrawing from the ATM or queueing at the payment center, you may contract the virus since it’s airborne and thrives on different surfaces. Add to that the fact that most bills payment centers are inside malls, which means more people are around you. 
• Wasting long hours queueing at the payment center– This is because everything is done manually, from filling out the forms to handing over the cash.

Read more: Step-by-Step Guide to Car Insurance Renewal in the Philippines

5. 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
• Pioneer Insurance & Surety Corp.
• Standard Insurance

How to Pay Your 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.

Pros of Credit Card Payment

• Convenience – Depending on your insurance company or bank, you can pay your bills online via your credit card. This means that you can settle your dues anytime, anywhere.  
• Perfect for emergencies – If you find yourself short on cash and the due date is just around the corner, your credit card may cover for you.

Cons of Credit Card Payment

• Inconvenience – Even if you can pay online using your credit card, some banks may still require you to pay in person. As such, you’ll be exposing yourself to the COVID-19 virus.
• Wasting long hours queueing at the payment center – Paying at the bank may take some time because everything is done manually, from filling out the forms to transacting with the teller. 
• High interest rates – Other than the principal, you’ll have to pay the interest in the succeeding billing cycles.

6. GCash

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:

• Fortune General Insurance Corporation
• FPG Insurance
• Malayan Insurance Co., Inc. 
• MAPFRE Insurance
• Moneymax/MoneyHero Insurance Brokerage
• Pioneer Insurance & Surety Corp.
• Standard Insurance

How to Pay Your 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.

Pros of GCash Payment

• Convenience – You can pay your bills using your phone number. And as long as you’re connected to the Internet, you can pay whenever, wherever. 
• You may pay with GCredit – If you’re short on cash, you can pay your bills using a personal credit line offered by GCash. Remember, though, that this is only available to verified users who have reached a certain trust level. Nevertheless, check with your insurance company to see if this is an acceptable form of payment. 
• Safety – Since you can settle your dues through your smartphone, you don’t have to leave home and expose yourself to the COVID-19 virus.

Cons of GCash Payment

• Risk of fraud – All sorts of fraudsters, from phishers to hackers, may attempt to get your login credentials through phone calls and text messages. 
• Occasional bugs – GCash may run into some bugs, which may affect its payment service.
• Unreliable customer service – GCash customers often complain of poor customer service. So, if you’re dealing with a dispute regarding your payment, expect that the resolution may take time.

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:

How to Pay Your 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.

Pros of Check Payment

• Convenience and security – Depending on your arrangement with your insurance company, you can issue a post-dated check. You can make staggered payment through it, which means you won’t have to shell out a huge amount of cash in one go.

Cons of Check Payment

• Risk of a bouncing check – If your account has no sufficient funds, the check will bounce. If this happens, the bank will issue a penalty in the form of a returned check fee. 
• Wasting long hours queueing at the bank – You will have to undergo a manual process, from filling out forms to paying at the cashier. The entire procedure usually takes time. 
• Risk of getting exposed to the COVID-19 virus– Queueing at the bank means exposing oneself to the virus since it’s airborne and thrives on different surfaces.

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:

How to Pay Your 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.

Pros of ATM Banking Payment

• Convenience – ATMs are open 24 hours, 7 days a week. This means that you can pay your car insurance anytime, anywhere, as long as there’s an ATM. 
• Alternative to mobile/online banking – If the internet connection is down at your condo building, just go down and you may find an ATM that accepts car insurance payment.

Cons of ATM Banking Payment

• Fees and charges – ATMs may charge customers certain fees.
• Possibility of fraud – Card skimmers may place a device on the machine that can copy your card’s credentials. 
• Risk of getting exposed to the COVID-19 virus– Because various people have been using the ATM, there’s a chance that you may get exposed to the COVID-19 virus.

9. PayPal

Getting car insurance through Moneymax? You can add PayPal to your car insurance payment options.

How to Pay Your 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.

Pros of PayPal Payment

• Convenience – You can pay your bills whenever you feel like it or wherever you are―as long as you’re connected to the internet.  
• Security – You can pay your bills without leaving the house and exposing yourself to robbers. Furthermore, PayPal is heavily encrypted, so your data is protected.
• Safety – Since you can pay your car insurance at home, you won’t have to expose yourself to COVID-19 at the bank or payment center.

Cons of PayPal Payment

• Risk of fraud – Even if PayPal offers the highest form of security possible, you’re still vulnerable to different fraudsters who may try to get your login credentials through social engineering. 
• Charges and fees – Depending on your biller, a transaction fee may be charged on your account. 

Read more:

• I Got Into a Car Accident: Where Should I File a Vehicle Claim?
• AFPGEN Signs Motor Car Insurance Partnership with MoneyMax.ph

Can I Pay for My Premium in Installments?

Yes, Moneymax, for example, 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.

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 don’t process claims requests until policies are fully paid.

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

Which of these Car Insurance Payment Options Offers 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 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.

Final Thoughts

If you’re asking where to pay your car insurance, this list offers a lot of alternatives! With so many car insurance payment options available, there should be no excuse to miss your due dates. Now, the only thing to do is to weigh your options against your priorities and safety. That way, you’ll know which payment channel is the best for your situation. 

Get a Free Car Insurance Quote!

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!

Sources:

• ^[1] How To Pay Dragonpay Through Bayad Center
• ^[2] How To Pay Dragonpay Through Cebuana Lhuillier
• ^[3] Pay Dragonpay Through M. Lhuillier