Car insurance policy varies depending on the need and experience of the driver. For teens and college students, they will need different car insurance that has more comprehensive coverage compared to the auto insurance of a professional driver that have years of driving experience.
It’s great that every teen and college student driver has auto insurance on their own to protect themselves and their property at an early age. If you have a child that is a teen driver, or you’re a teen driver yourself, you should check out these car policies best for you, brought to you by Philkotse.com.
I. Different car insurance policies
1. MAPFRE Insular Insurance Corporation
This insurance company was formerly known as Provident Insurance Corporation. MAPFRE Insular Insurance Corporation was established in 1934 and its main headquarter is situated in Muntinlupa. This insurance company is operating as a subsidiary of the Corporacion MAPFRE which is based in Europe.
MAPFRE Insular Insurance Corporation offers a diverse range of insurance services
MAPFRE Insular Insurance Corporation offers different insurance services including Compulsory Third-Party Insurance, Comprehensive Car Insurance with Act of Nature, Comprehensive Car Insurance, Auto Liability Insurance, and Compulsory Third-Party Liability Insurance with Road Assistance.
2. Standard Insurance Company Inc.
Standard Insurance Company Inc. is operating in the Philippines as a non-life insurance company. It also offers different insurance services such as Compulsory Third-Party Liability (CTPL), theft, loss of use cover, acts of nature coverage, Own Damage (OD) Third-Party property Damage (TPPD), Voluntary Third-Party Liability (VTPL), and Excess Bodily Injury (EBI).
Standard Insurance's Corporate Audiovisual Presentation
Standard Insurance Company Inc. also offers add-on coverages such as Roadside Assistance Program (RAP), Free Personal Accident Insurance for the Named Insured, and Free Personal Accident Insurance Rider (PA Rider).
The cost of the premium car insurance of the Standard Insurance Company Inc. starts at Php 17,800+ per year.
3. Commonwealth Insurance Company or CIC
This insurance company was founded by Don Andres Soriano in 1935. He is the same person who founded the San Miguel Brewery. Commonwealth Insurance Company or CIC also offers different insurance services including Third-Party Liability, Property Damage, Personal Accident, Bodily Injury, Own Damage, Acts of Nature and Carnapping.
The premium car insurance cost of the Commonwealth Insurance Company or CIC starts at Php 16,300+ per year.
4. Pioneer Insurance & Surety Corporation
This insurance company was established in 1954. Pioneer Insurance & Surety Corporation belonged to the top insurance companies earlier in the decade, in terms of gross premiums written and total assets.
This insurance company also offers a wide range of insurance services such as Personal Effects, Loss of Use, Accident Insurance for Passengers, Acts of Nature Cover (AON), Excess Third-Party Liability – Property Damage, Excess Third-Party Liability – Bodily Injury or Death, Own Damage and Theft, Compulsory Third-Party Liability (CTPL).
Pioneer Insurance & Surety Corporation belonged to the top insurance companies earlier in the decade.
5. FPG insurance Co., Inc. (Federal Phoenix)
This insurance company was established in 1958 and is operating under the subsidiary management of the Zuellig Group. Federal Phoenix Assurance Company, Inc. offers several insurance services including Roadside Assistance, In/Out-Patient medical expenses as a result of an accident, coverage for the burial services and expenses.
The cost of the premium car insurance of Federal Phoenix Assurance Company, Inc. starts at Php 15,000 per year
Besides, it also offers other insurance services consist of Accidental Death and Disablement benefits for passengers and drivers, Acts of Nature, Voluntary Third-Party Liability – Property Damage and Bodily injury, Compulsory Third-Party Liability Cover, Theft, and Own Damage.
It also offers additional protection in cases of surgical treatment as a result of an accident.
>>> Read more: Which is the best car insurance company in the Philippines?
6. BPI/MS Insurance Corporation
This insurance company is owned and controlled under the management of the BPI or Bank of the Philippine Islands. BPI/MS Insurance Corporation specializes in underwriting for health and accident insurance.
It offers a wide range of insurance services like the Compulsory Third-Party Liability (CTPL), Coverage for Lightning, Explosion, Fire, Self-ignition and Malicious Damage, Theft, Accidental Collision, Voluntary Third-Party Liability – Bodily Injury (VTPL-BI). It also offers a FREE Express Roadside Assistance.
BPI/MS Insurance Corporation is owned and controlled under the management of the BPI
7. Malayan Insurance Company Inc.
This insurance company is formerly known as the China Insurance and Surety Company which was established in 1930. It was established in the city of Manila. It is operating as the subsidiary of the Yuchengco Group of companies.
Malayan Insurance Company Inc. offers several insurance services such as Standard Automobile Accessories Protection, Strikes, Riot, and Civil Commotion Coverage, Acts of God Protection, Loss of Use Cover, Personal Accident Cover, Third-Party Liability Cover, and Own Damage.
The cost of the comprehensive car insurance premium of the Malayan Insurance Company Inc. starts at Php 23,000 per year.
The Malayan insurance company is formerly known as the China Insurance and Surety Company
8. Charter Ping An Insurance Corporation
Charter Ping An Insurance Corporation is owned and managed by the Philippines AXA Life Insurance Corporation. This insurance company provides non-life insurance services that include personal accident, motor car, fire, marine, engineering insurance products, and bonds casualty.
Aside from that, Charter Ping An Insurance Corporation also offers a wide variety of insurance services such as theft, fire and explosion, accidental collision, property damage, excess bodily injury, malicious and overturning damage, Unnamed Passenger Personal Accident (UPPA), Acts of Nature, and Compulsory Third-Party Liability (CTPL).
The cost of the car insurance of the Charter Ping An Insurance Corporation starts at Php 15,600 per year.
Charter Ping An Insurance Corporation is owned and managed by the Philippines AXA Life Insurance Corporation
It’s better to check the websites of each of the insurance providers for full details of the packages. Also, take note that some of the offered insurance services are available as options only.
- What kind of car insurance in the Philippines fit you the most?
II. The importance of car insurance for teens and college students
Most of the time, teenagers don’t exactly understand the importance of car insurance. They often think that they are invisible when they are behind the steering wheel and they will never get involved in an accident. Most teens and college students see car insurance as an additional obstacle and another burden in expenses.
Car insurance is important especially to teens because, in most state and countries, it is required by the law. This means they will not be able to operate a car on their own unless they have auto insurance.
Car insurance is important especially to teens because, in most state and countries, it is required by the law
Another thing is that it is for their own protection and the protection of the people who might get involved (in an event of an accident). This will free them from any liability and financial burden especially because they belong to a very high-risk group which statistically get into more accidents compared to other age groups.
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