Which is the best car insurance company in the Philippines?

Jul 23, 2018 | Same topic: Best advice for car buyers
Applying for a car policy from one of the best car insurance companies in the Philippines to ensure the best protection for yourself and your car.

Car insurance companies in the Philippines today offer protection to car owners beyond the required compulsory third party liability (CTPL). Most Pinoy car owners tend to stick to getting covers that save their investments in the event of natural disasters, theft and of course, accidents.

Almost always, car insurance covers liabilities for any damage to someone else’s car or asset and bodily injury or death to a third party. Besides, applying for car insurance will help car owners take the edge off any financial burden in an emergency.

car insurance philippines

Car insurance in the Philippines will give more coverage for your car

If you want more coverage for your car, now it’s strongly advised that you compare all available car insurance providers on the market since each provider offers difference package. So, let’s have a look at some popular car insurance companies in the Philippines that Philkotse.com has collected in order that you can choose a suitable one to get insurance.

>>> Read more: Car insurance in the Philippines: Comparison of Comprehensive & Liability insurance

Car Insurance Explained, & What to Do After a Car Accident

1. Pioneer Insurance & Surety Corporation

Founded in 1964, the Pioneer Insurance & Surety Corporation specializes in non-life insurance policies inclusive of marine, property, aviation and motor.

Pioneer Insurance & Surety Corporation Philippines

The Pioneer Insurance & Surety Corporation specializes in non-life insurance policies inclusive of marine, property, aviation and motor

2. Charter Ping An Insurance Corporation

Charter Ping An Insurance Corporation was established in 1960. It takes pride in providing security products for condos and homes as well as non-life insurance. In the country, its network is expanded with 22 branches nationwide.

Charter Ping An Insurance Corporation

In the country, its network is expanded with 22 branches nationwide

3. FPG Insurance, Inc.

FPG Insurance, Inc is known as one of the premier insurance companies in our shores. With about 70 years of experience in insurance, the company focuses on providing risk management solutions as well as best insurance policies to Filipinos.

FPG Insurance, Inc.

FPG Insurance, Inc is known as one of the premier insurance companies in our shores

4. UCPB General Insurance Company Inc.

Much known as UCPB Gen, the UCPB General Insurance Company Inc. is the United Coconut Planters Life Assurance Corporation’ non-life insurance arm. Instituted in 1963, it is now one of the strongest players in the non-life insurance business in the Philippines.

UCPB General Insurance Company Inc.

UCPB Gen is now one of the strongest players in the non-life insurance business in the Philippines

5. Standard Insurance Company, Inc.

The Standard Insurance Company was set up in 1958. Presently, it is in partnership with the Zurich Insurance Group and has been creating a firm foothold in local car insurance market.

Standard Insurance Company, Inc.

Standard Insurance Company, Inc. has been creating a firm foothold in local car insurance market

6. Commonwealth Insurance Company (CIC)

Brought into being by Don Andres Soriano – San Miguel Brewery’s founder in 1935, the CIC has up to 7 decades under its belt as an insurance supplier that is duly accredited almost all institutions nationwide.

Commonwealth Insurance Company (CIC)

The CIC has up to 7 decades under its belt as an insurance supplier 

7. MAPFRE Insular Insurance Corporation

The MAPFRE Insular Insurance Corporation started in 1934 as a car insurance provider. Many of you might not be strange to this company. Not only being much-publicized as one of the biggest car insurance companies in the Philippines, it is also the largest non-life insurance firm in Latin America.

MAPFRE Insular Insurance Corporation

The MAPFRE Insular Insurance Corporation started in 1934 as a car insurance provider

8. Malayan Insurance Company Inc.        

The Malayan Insurance Company Inc. was initiated in Binondo, Manila in 1930. Having gone through nearly 90 years in non-life insurance business, it is currently the country’s premium insurance company.

Malayan Insurance Company Inc.

The Malayan Insurance Company Inc. was initiated in Binondo, Manila in 1930

9. Alpha Insurance and Surety Company, Inc.

Alpha Insurance and Surety Company is created in 1957. Its main mission in life is leading, promoting and sustaining excellence in offering vehicle insurance.

Alpha Insurance and Surety Company, Inc.

The company's main mission in life is leading, promoting and sustaining excellence in offering vehicle insurance

10. Armed Forces and Police General Insurance Corporation

As its name evokes, Armed Forces and Police General Insurance Corporation is the leading insurance firm providing services for police and military organizations. In recent years, the company has moved their focus towards performing duties for general public.

Armed Forces and Police General Insurance Corporation

AFPGEN is the leading insurance firm providing services for police and military organizations

Philkotse.com has compiled the list of top 10 car insurance companies in the Philippines 2018. Now, we will help your job of choosing the most suitable one less taxing with two following tables of top car insurance companies in terms of assets and premiums written. Let’s give them a once-over.

10 best insurance companies in the Philippines in terms of assets*
No.  Company name  Assets
1 Pioneer Insurance & Surety Corporation P22,384,085,825
2 Malayan Insurance Company Inc. P18,606,256,670
3 BPI/MS Insurance Corporation P9,553,969,900
4 Charter Ping An lns. Corp. (Philippine Charter) P8,702,736,239
5 Prudential Gtee. & Assce. Inc. P8,081,529,686
6 PNB General Insurers Company Inc. P5,948,829,763
7 AIG Phil. Ins. Company (Chartis Phils. Inc.) P5,329,408,001
8 FPG lnsurance Co. Inc. (Federal Phoenix) P5,117,010,977
9 UCPB General Insurance Company Inc. P4,032,171,285
10 Standard Insurance Company, Inc. P3,848,888,434

Source: Insurance Commission

*In the main, assets of an insurance provider are investments accumulated by the company that allow it to pay for clients’ claims.

10 best car insurance companies in terms of premiums written*
 No. Company name Gross premiums written Net premiums written
1 Malayan Insurance Company Inc. P8,713,430,978 P3,896,685,300
2 Prudential Gtee. & Assce. Inc. P7,246,797,934 P3,676,008,629
3 BPI/MS Insurance Corporation P5,623,175,144 P2,694,064,594
4 Charter Ping An Ins. Corp. P4,904,238,679 P2,210,691,083
5 FPG Insurance Co. Inc. (Federal Phoenix) P4,129,682,973 P2,164,342,747
6 Pioneer Insurance & Surety Corporation P7,033,849,190 P1,994,070,798
7 Standard Insurance Company Inc. P3,214,091,387 P1,947,610,166
8 MAPFRE Insular lnsurance Corporation P2,214,820,736 P1,502,702,645
9 UCPB General Insurance Company Inc. P2,511,158,028 P1,460,203,900
10 Commonwealth Insurance Company P1,230,943,948 P1,205,123,832

Source: Insurance Commission

*In insurance parlance, premiums written is the total amount of premiums an insurance provider can collect throughout the coverage duration of their clients’ policies.

As seen in the table, the premiums written is classified into gross premium written and net premium written (which excludes agents’ commission and reinsurance payments).

Car insurance company in the Philippines: Final thoughts

We have to face the fact that road incidents are the most common causes of death in our country. Car insurance in the Philippines, in all honesty, not only protects you and your family from a large amount of repair costs, it also lessens the possibility of any money issues incurring from accidents you might be involved in.

car insurance philippines

Car insurance protects you and your family from a large amount of repair costs

We have just given an introduction to 10 best car insurance companies in the Philippines. Nowadays, each of them offers multiple prices and packages on policies, so hope that you can find your best fit depending on your needs and money. Good luck!

>>> Read more: What kind of car insurance in the Philippines fit you the most?