Best Car Insurance in the Philippines

Car insurance philippines

If you own a vehicle in the Philippines, the law requires that you purchase a car insurance policy for that vehicle. Even if it isn’t required by law, it is a smart financial decision to invest in car insurance coverage. This type of insurance will give you peace of mind every time you drive your car knowing that you will be protected from all kinds of damage and liabilities, as well as the cost associated with it. 

Financial protection is one of the main benefits you can get when investing in the best car insurance in the Philippines. It covers vehicle damage, medical care, and legal expenses associated with any vehicular accident, whether you are at fault or through a third-party liability. 

We’ve done the research for you to make it easier to choose the best insurance coverage for your needs and budget. The majority of the companies listed in this list of top 10 best car insurance in the Philippines are based on the Net Premiums Written of Non-Life Insurance Companies of the Year 2021 report from the Insurance Commission of the Department of Finance.

Maylan Insurance Company

Topping the list is the Malayan Insurance Company, Inc., formerly known as China Insurance and Surety Company. Founded in 1930, this insurance company has its roots in Manila, Philippines, and operates as a subsidiary of Yuchengco Group of Companies.

Malayan’s comprehensive car insurance is said to be the most comprehensive there is, as it includes coverage for:

  • Automobile loss and own damage
  • Third party liability
  • Auto personal accident
  • Acts of nature
  • Optional valuable accessories protection
  • Loss of use – clients can get reimbursable transportation allowance assistance for up to Php 500.00 per day for up to 15 days, while the vehicle is being repaired
  • Accredited repair shop – over 160 accredited repair shops all over the country

Policyholders of Malayan’s AutoMaster car insurance are entitled to avail of their MediMate, a 24/7 unlimited access to TeleMedicine. This means policyholders can consult their general physician and specialist, free of charge.

Prudential Guarantee

Second on the list is Prudential Guarantee, one of the largest non-life insurance companies in the country. This company has been around for more than four decades and is stationed in over 30 key cities all over the Philippines. Also, they have one of the most affordable comprehensive car insurance premiums, which starts at Php 9,000 per year. 

Their car insurance coverage includes:

  • Own damage
  • Compulsory third party liability 
  • Third party property damage
  • Excess bodily injury

Also exclusive for all privately-owned vehicles covered by their comprehensive auto insurance, Prudential provide special privileges for free, 24/7, nationwide, such as

  • Free alternative transport – to bring you to your desired destination in the event of an accident or vehicle breakdown of the insured vehicle, where immediate repair is not feasible. 
  • Free alternative overnight accommodation – the client will be provided with appropriate hotel overnight accommodation (standard form) in the event of an accident or breakdown that involves the insured vehicle.
  • Towing service – towing transport of the insured vehicle to the nearest repair facility 
  • Breakdown services – provides clients with minor on-site repairs like jumpstart, battery-boosting, tire change, fuel delivery (fuel cost not included)
  • Vehicle retrieval – on top of towing service, in case the insured vehicle fell into a deep bridge, gutter, ravine, etc.
  • Free emergency message relay service – to convey urgent messages that concerns the accident or vehicle breakdown of the insured vehicle

Pioneer Insurance & Surety Corporation

Established in 1954, Pioneer Group’s flagship company Pioneer Insurance is one of the biggest insurance companies in the country. 

Coverage includes (note: some of these are available as options only):

  • Compulsory Third-Party Liability (CTPL)
  • Acts of nature 
  • Accident insurance for passengers
  • Excess Third Party Liability – Bodily Injury/Death
  • Excess Third Party Liability – Property Damage
  • Loss of use
  • Own damage and theft
  • Personal effects

Charter Ping An Insurance Corporation (AXA)

A subsidiary of AXA Life Insurance Corp., Charter Ping An insurance corp. is also affiliated with Metrobank Group. They offer a wide range of insurance products and services and their offices be found in 22 key cities throughout the country. 

They have a very affordable premium which starts at Php 12,000 per year. 

Their car insurance coverage include:

  • Compulsory Third Party Liability (CTPL)
  • Accidental collision
  • Excess bodily injury
  • Acts of nature
  • Fire and explosion
  • Overturning and malicious damage
  • Property damage
  • Unnamed Passenger Personal Accident (UPPA)
  • Theft

BPI/MS Insurance Corporation

BPI/MS Insurance Corporation is a result of the partnership of two giant financial institutions in Asia, the Bank of Philippine Islands (BPI) and the Mitsui Sumitomo Insurance Company (MSIG). MSIG is a member of MS&AD Group Inc., a Singapore-based company that has been providing general insurance solutions across ASEAN countries, as well as Australia and New Zealand, for over 100 years. 

BPI/MS specializes in underwriting for accidents and health insurance. They provide insurance products for homes, vehicles, businesses, properties, and more. 

Their comprehensive car insurance includes:

  • Compulsory Third Party Liability (CTPL)
  • Accidental collision
  • Fire, explosion, lightning and self-ignition and malicious damage
  • Theft
  • Voluntary Third Party Liability-Bodily Injury (VTPL-BI)
  • FREE Express Roadside Assistance

Mercantile Insurance Company

Founded in 1962, Mercantile has been providing Filipinos with great insurance services. As a subsidiary of Camerton Holdings, this insurance company offers comprehensive car insurance to keep your vehicle and your loved ones protected and secured. Their coverage includes ownership, usage, and maintenance, making their insurance the practical choice for everyday vehicles, not just for cars, but even for motorcycles, scooters, trailers, buses, road-building equipment, and more. 

They have affordable car insurance premium that s tarts at Php 9,000 per year. 

Their coverage include:

  • Auto passenger personal accident insurance
  • Acts of nature 
  • Excess bodily injury
  • Own damage
  • Property damage
  • Theft

Value added services: 

  • Auto-assistance Program
  • Teleconsultation
  • Emergency access via the app (fire, police, roadside, ambulance)

Commonwealth Insurance Company 

Founded in 1935 by Don Andres Soriano (founder of San Miguel Corporation) the Commonwealth Insurance Company (CIC) offers a long list of insurance products, ranging from bonds, fire insurance, marine, engineering, personal accident, special risk, and of course, motor car insurance.

In 2020, the CIC topped the list of nonlife insurers in the Philippines in terms of bond performance, with the highest earning of Php. 447.5 million.

Their car insurance coverage includes all the basics, such as:

  • Personal accident and property damage
  • Bodily injury
  • Third party liability
  • Own damage
  • Acts of nature
  • Carnapping

Their premium motor insurance starts at Php. 16,300 per year. 

Standard Insurance Company Inc.

Standard Insurance Co., is a non-life insurance company in the Philippines. Their insurance products include house, car, cellphone, motorcycle, travel, and even teachers’ and “kasambahays” (house helpers).

Their car insurance is quite comprehensive, as it includes all the basics like:

  • Voluntary Third-Party Liability / Excess Bodily Injury
  • Third Party Property Damage
  • Own Damage (OD)
  • Value-Added Services
  • Acts of Nature
  • Theft

Aside from all these, they also offer a Roadside Assistance Program and an Unnamed Passenger Personal Accident Insurance (to financially protect both driver and passengers of the insured vehicle should it get involved in accidents that result in injury or death.

FPG Insurance Co., Inc. (Federal Phoenix)

Established in 1958, the Federal Phoenix Assurance Company, Inc. is a subsidiary of the Zuellig Group of Zuellig Pharma Holdings, one of Asia’s leading pharmaceutical companies based in Hong Kong. 

Their car insurance coverage includes:

  • Compulsory Third Party Liability Cover
  • Voluntary Third Party Liability – Bodily Injury and Property Damage
  • Own Damage
  • Acts of Nature
  • Accidental Death and Disablement benefits for the driver and passengers
  • Coverage for burial expenses
  • Theft

Aside from the basics, they also offer roadside assistance, actual in/out-patient expenses as a result of an accident, and additional protection in the unfortunate accident covered by the insurance required surgical treatment. 

Their premium car insurance starts at Php. 10,000 per year. 

Stronghold Insurance Company

Originally established in 1960 as the Mabuhay Insurance & Guaranty Co., Inc., Stronghold Insurance etched its name in the insurance industry by becoming one of the most dependable non-life insurance companies in the country.  They have a wide range of insurance products, ranging from comprehensive general liability, suretyship, property floater insurance, contractor’s all risk insurance, marine, personal accident, fire, OFW, and of course, motor car insurance.

They cover all the basics in their car insurance, as they provide coverage for:

  • Physical damaged sustained by the insured vehicle due to accident
  • Physical damage sustained by the vehicle due to malicious damage by third party
  • Theft

Policy holders can also extend their coverage to include protection from:

  • Legal liability against accident to third party that endured bodily injury/death and/or property damage.

Their premium car insurance starts at Php. 8,000 per year. 

The Takeaway

There you have it, the top 10 best car insurance in the Philippines. There are more car insurance providers in the Philippines aside from those listed here. They are also excellent insurance providers, such as the UCPB General Insurance Company, FPG Insurance Co., Inc., Philippine British Assurance Company Inc., and more. You cannot go wrong with any of these insurance companies as they can offer financial protection. 

In the end, it is important to consider your vehicle needs and your budget to ensure that you have the best coverage and peace of mind. 

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