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Top Insurance Companies in the Philippines

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Car insurance covers you from the costs of medical bills, property damage, and vehicle damage after a car accident. It serves as your peace of mind when you’re driving your vehicle on a regular basis.
There are two types of auto insurance in the Philippines: TPL insurance is a requirement for car registration in the Philippines. It covers the financial responsibilities associated with property damage, bodily injury, permanent disablement, and/or death of the victim or third party. TPL insurance doesn’t cover you. Comprehensive insurance is an all-inclusive type of auto insurance. It is not mandatory to have but it is highly recommended to get one. It covers not only your vehicle but also you and your passengers from road-related risks and hazards.
Comprehensive Car Insurance Coverage - protects your vehicle from a wide range of causes, from motorist accidents and property damage to Acts of Nature and vandalism.
  • Own Damage/Theft - covers car damage, loss, and damage/loss of declared accessories and spare parts. In extreme cases like car robberies, fire, or explosions, your car insurance will handle all repair expenses.
  • Property Damage or Voluntary Third Party Liability (VTPL) - covers damages caused by your vehicle to other people’s properties in the event of an accident. Regardless of who is at fault, your insurance will cover all property damages.
  • Personal Accident or Auto PA - covers the insured individual and the unnamed passengers inside the vehicle in the event of injury, disablement, or death caused by a vehicular accident. Usually, it comes free with your insurance policy.
  • Acts of God - covers damages caused by extreme natural disasters such as earthquake and flood, and even animal contact. Acts of God is a popular coverage in the Philippines due to unpredictable weather conditions.
Liability Coverage - covers the cost of the damaged property or the medical bills of people injured in the accident up to a certain amount as specified in your policy. Collision Coverage - takes care of the damages inflicted to your car. If your car received major dents from a freak collision accident, this type of car insurance coverage will cover the repair costs.
Personal Injury Coverage - takes care of the passengers involved in a road accident. You’ll need it to take care of you and your passenger/s’ medical expenses.
Here are some of the top auto insurance providers to help you compare their features.

Car Insurance Company

Casa Eligibility

Accredited Repair Shops

Maximum Total Sum Insured

Overnight Accommodation

Towing Services

Vehicle Removal Crane Services

MAPFRE Insular 10 years 365 PHP 5,000,000 Yes, up to PHP 3,000 Yes, up to PHP 5,000 Yes, up to PHP 10,000
Malayan Insurance 3 years 58 PHP 7,500,000 Yes, up to PHP 1,000 Yes, up to PHP 4,000 Yes, up to PHP 8,000
New India Assurance 10 years 30 PHP 3,500,000 Yes, up to PHP 1,500 Yes, up to PHP 4,000 Yes, up to PHP 10,000
Prudential Guarantee 10 years N/A PHP 3,000,000 Yes, up to PHP 2,000 Yes, up to PHP 5,500 Yes, up to PHP 15,000
SGI Philippines 5 years 36 PHP 5,000,000 Yes, up to PHP 2,000 Yes, up to PHP 5,000 PHP 10,000
Stronghold Insurance 10 years 167 PHP 3,000,000 N/A N/A N/A
The Mercantile Insurance Corporation 10 years 77 PHP 5,000,000 Yes, up to PHP 2,000 Yes, up to PHP 5,000 Yes, up to PHP 10,000
An efficient way to get quotes is to use a car insurance comparison website like Moneymax that aggregates quotes and other details from multiple insurance providers in the Philippines. Your car insurance quotation will be based on several factors, such as your car’s age and fair market value, and the car insurance coverage and add-ons that you plan to include in your policy. Once you’ve requested a quote, you’ll receive a call from a car insurance advisor for further confirmation and a more in-depth look at your possible policy.
Here are the documents you’ll need to submit:
  • Your vehicle’s Original Receipt (OR) and Certificate of Registration (CR)
  • Driver’s license
  • Any valid ID, apart from the license
  • For second-hand vehicles: Deed of sale
  • Previous car insurance policy, if any
  • Photos of your car
Most of the legwork involved is getting these documents to a scanner and saving high-resolution images and PDFs before sending them over via email.

Save time searching and comparing quotes. Convenience is the biggest advantage of shopping for auto insurance online. The hours spent collecting and comparing quotes have been reduced to minutes. Through a car insurance comparison site like Moneymax, you can compare car insurance quotes from a variety of insurers in one go and find the best car insurance at the lowest cost.

Purchase vehicle insurance conveniently. When you get car insurance online, you won’t have to go out to visit the car insurance company’s office, get stuck in traffic on your way there, and wait in line. You can easily process your application without leaving your home or while you’re on the go.

Save on auto insurance costs. Along with the time-saving benefit of getting car insurance online, you’ll also save money traveling back and forth to the provider’s location. Instead of meeting an agent, you can just transact via email, chat, or phone for processing your application or making any inquiries.

Get your policy faster. Processing a motor insurance policy offline involves a lot of physical documents, which can be time-consuming on the part of the provider or broker. Doing it online makes the process quicker, so you can receive your policy in just one or two business days.

Access your policy anytime, anywhere. It’s easier to retrieve your car insurance policy if you got it online instead of the traditional means. You have a soft copy of it on your email and can even save a copy on your smartphone or tablet. When you have to review your policy, you can just access it from your email or phone anytime and anywhere you need it.

Renew your policy more easily. Car insurance policy renewal is just as convenient as your first-time purchase—as long as you do it online. Because all your personal, vehicle, and policy information is saved online, the car insurance company can easily access it when it’s time to renew your policy.

Save the environment. For environmentally-conscious car owners, buying car insurance online is a great way to save trees and reduce carbon footprint. Since the entire process doesn’t involve using lots of paper and printing, you’re contributing to the efforts to conserve the environment.

Different factors affect car insurance prices in the Philippines. Some of them you cannot control, but there are actions you can take to increase or decrease car insurance cost. Here are the different ways to save money on your auto insurance:

Increase your deductible. A deductible is a part of the participation fee that you pay out of the pocket when you make a car insurance claim. You can pay an amount higher than the standard deductible to reduce your monthly vehicle insurance premiums. But note that your out-of-pocket expenses will be higher when you get involved in a car accident.

Maintain a good driving record. The longer you drive without figuring in an accident or traffic violation, insurers will see you as a low risk and may quote you with a lower premium. Some car insurance providers even offer discounts to policyholders who had no claims for an entire year. Improve your driving habits, follow traffic rules, and if necessary, take a defensive driving course from a driving school.

Improve your credit score. Studies prove that people who are responsible with their finances tend to be responsible and are therefore less likely to make a claim. Thus, a number of car insurance providers consider credit scores when setting premiums. To lower your car insurance rate, pay your bills and debts on time, check your credit score, and have it corrected (if needed).

Choose a vehicle that costs less to insure. This tip is crucial for first-timers who will purchase a new car along with their motor insurance policy. Different factors such as a vehicle’s fair market value, safety, and make, model, and year affect a car insurance price. Here’s what to look for in a vehicle if you’re trying to save money on car insurance cost:

  • Less expensive models—like those from Toyota, Honda, and Nissan—with lower repair costs than premium models and replacement parts that are readily available in the Philippines
  • Economical vehicle types such as hatchbacks and sedans
  • Safety and security features such as airbags, anti-lock braking system, car alarm, and anti-theft devices

Compare car insurance quotes. Car insurance comparison is a critical step in reducing your premium. It lets you know how much it will cost you to insure your vehicle from different insurance providers and allows you to find affordable car insurance rates. Ideally, get car insurance quotes from as many companies as possible.

Get cheap car insurance from an online broker. Did you know that you can save as much as 50% when you compare car insurance rates and apply through an independent online broker? Aside from helping you secure the lowest car insurance possible, an online broker facilitates a hassle-free claims processing. Moneymax, for example, has a dedicated claims team that can assist you when filing a claim and a team of advisors that can answer any questions you may have about car insurance.

Ask your agent about discounts. Ask your agent if you qualify for any discount. Some car insurance companies offer discounts to policyholders who have not filed a claim for a certain period. You may also enjoy cheap car insurance prices if your car has plenty of safety features. If you avail of multiple insurance policies from one provider, it’s good to ask if you can get a discount on your premiums.

Opt out of unnecessary add-ons. Review your car insurance policy to determine which riders or add-ons you don’t need. Unnecessary riders only add to your car insurance cost without much use. When you renew your policy, talk to your agent about removing any add-on you don’t actually need.

An auto insurance policy is the physical contract between you and your insurance provider that certifies your vehicle’s financial protection. Your car insurance policy can come in either a physical document or a digital file. If you want to cancel your policy, contact your respective insurance provider and follow the process of cancelling your coverage. Prepare to submit other requirements and pay additional fees. If you bought an auto insurance online, you can always check the e-copy of your policy from your email inbox. You can always request a physical copy from your insurance provider.
If you’ve decided on a particular set of covers and add-ons on your car insurance policy, you’ll have several payment options at your disposal:
  • Bank deposit
  • Bills payment and remittance centers
  • ATMs
  • Credit card
  • Check payment
  • Online banking channels
  • Mobile payment apps like GCash, PayPal, and PayMaya

Last updated: February 14, 2022

Did you recently buy a car? You need car insurance! The thrill of having a new car is over and now you have to go through the process of insuring your four-wheeled investment. Getting a car insurance in the Philippines can be confusing, especially for first-time vehicle owners. However, that shouldn’t be an excuse to not get one. Here’s a helpful beginner’s guide to car insurance to get you started.

Looking for cheap comprehensive insurance? It can be challenging, but it’s not an impossible task. By comparing online car insurance quotes, it is possible to get a policy that suits your vehicle and your lifestyle with a price that won’t break the bank. Don’t worry, you’re not going through this blindly. Here are some tips on how to get a cheaper car insurance deal.

Saving on your comprehensive car insurance cost begins with comparing quotes and finding the best deal from different insurance providers in the Philippines. Since car insurance rates vary from one insurance company to another, it is best to get as many car insurance quotes as possible. Don’t be afraid to shop around and compare your options meticulously. This will help you determine which provider is the easiest to deal with, which one can give you better coverage, or which one can give you the most bang for your buck.

When you compare auto insurance quotes, do not just look at the rates. An insurance policy with the lowest premium is not necessarily the best option. You also have to check the coverage, exclusions, benefits, and the reputation of each insurance provider.

Calling up each provider to ask for car insurance quotes is good, but it can eat up much of your time. Make the process easier by taking advantage of the free comparison tool here at Moneymax to help you compare car insurance quotes in just a few minutes.

One of the advantages of comprehensive car insurance is that you can customize your coverage. Go over your policy and check the coverage that you have. You may not need the add-on benefits so remove them to lower your insurance costs.

For example, if you’re already a member of an auto club in the Philippines where you enjoy privileges such as roadside assistance, it makes sense to eliminate this coverage from your car insurance. If you already have a family lawyer, you might as well remove the legal assistance coverage to save more money. But of course, don’t remove an essential coverage just to save a few thousands. If you really need any of the add-on benefits, keep it in your policy.

You can further cut down on your vehicle insurance costs if you pay your premiums in full or in lump sums every year compared to paying monthly installments. Insurance companies are inclined to give you discounts when you pay full annual premiums because it saves them a lot of time in processing your payments.

Paying in full also endears you to your insurer and they will eventually treat you as a priority policyholder. Processing your comprehensive car insurance claim will be a breeze once you’ve built a rapport with your insurer.

A Car Insurance Coverage Gap happens when you fail to keep your car insured for a certain period because of various reasons, such as your policy getting cancelled or you making late payments. A gap is also likely to happen when you took a long time switching to a new car insurance company after you ended your policy to your former insurer. It’s always important to be consistent in insuring your vehicle.

Having these gaps and lapses in your history will greatly increase your premium the next time you apply for a policy. Make sure to pay your premium on time to prevent these gaps and save money on your insurance.

Also, when you get a new auto insurance from a different provider, do not terminate your existing one until your new policy becomes active.

Owning a car increases the likelihood of you being involved in a road accident. That’s where your car insurance comes in. It ensures you that you will receive assistance and compensation for the loss or damage of your car in an accident. While we hope you don’t have to use it, you should know how to file a car insurance claim in the Philippines.

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