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 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.
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.
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.
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 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 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. 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.
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.
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.
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.
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.
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.
|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 allows it to pay for clients’ claims.
|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 is 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 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!