Finding the best car insurance in the Philippines is important for safeguarding your vehicle and ensuring peace of mind. With various companies offering tailored plans to suit different needs and budgets, finding the right coverage can feel overwhelming. To help you select the best car insurance company in the Philippines, we’ve compiled a list of our recommendations below.
Car Insurance in the Philippines Overview
Car insurance is part of the responsibility of vehicle ownership in the Philippines. It offers financial compensation and legal compliance. With roads prone to accidents, heavy traffic, and unpredictable weather, having insurance provides a safety net in case you get into unexpected events.
According to the Insurance Code of the Philippines, all vehicle owners should have Compulsory Third-Party Liability (CTPL) insurance. This ensures that all drivers can financially compensate for injuries or accidents they caused to third parties. However, many drivers opt for more comprehensive plans, including coverage for their own damage repair, theft, natural disasters, and personal accidents.
Insurance companies in the Philippines cater to a wide range of needs and budgets, offering flexible and customizable plans. Your car’s age, usage, and location often influence the price of car insurance in the Philippines. That’s why it’s important to find a plan that covers all your needs without breaking the bank.
7 Best Car Insurance in the Philippines
Whether you’re seeking the cheapest or the most comprehensive car insurance company in the Philippines, we’ve compiled a list of top providers to help you make an informed decision:
Malayan Insurance Company, Inc.
First on the list is Malayan Insurance Company, one of the best car insurance companies in the Philippines. For vehicle owners, they offer CTPL and AutoMaster, comprehensive car insurance.
To qualify for their CTPL, Malayan accepts brand new and up to eight-year-old vehicles. However, if you’re more interested in their AutoMaster plan, here are its details:
- Qualifications
- Your car should be a private vehicle not more than 8 years old
- For older vehicles, you need to contact their Customer Service at (02) 8628-8628
- Features and Benefits
- Automobile loss and own damage
- Auto personal accident
- Riots, strikes, and civil commotion coverage
- Optional valuable accessories protection
- Accredited repair shop
- Third Party Liability
- Acts of Nature
- Car Accessories Protection
- Loss of use
- CAMILLE (Call Malayan Insurance Live Line) 24/7 Roadside Assistance
BPI MS Insurance
BPI MS Insurance is a joint venture of the Bank of the Philippines (BPI) and Mitsui Sumitomo Insurance Company, one of Japan’s leading non-life insurance companies. Through its wide range of products, including car insurance, BPI MS Insurance aims to be the most reliable insurance company in the Philippines.
BPI MS Insurance offers two types of comprehensive car insurance: one with Acts of Nature and one without. If you acquire the comprehensive plan with Acts of Nature coverage, here are its details:
- Qualifications
- Your vehicle should be privately owned
- Features and Benefits
- Own Damage
- Theft
- VTPL – Bodily Injury
- VTPL – Property Damage
- Auto Personal Accident
- 24-Hour Roadside Assistance
- Acts of Nature
AXA Philippines
Formerly known as Charter Ping An Insurance Corporation, AXA Philippines is one of the fastest-growing insurance providers in the country. They currently provide financial security to over 1 million individuals in the country through their various insurance products. Their comprehensive car insurance offers the following:
- Qualifications
- Your vehicle should be for private use and not be older than 7 years old
- Open to only the following brands:
- Audi
- BMW
- Chevrolet
- Chrysler
- Dodge
- Ford
- Geely
- Honda
- Hyundai
- Isuzu
- Jeep
- Kia
- Land Rover
- Mazda
- Mercedes
- MG
- Mitsubishi
- Nissan
- Peugeot
- Ssangyong
- Subaru
- Suzuki
- Toyota
- Volkswagen
- Volvo
- Features and Benefits
- Coverage for loss and damage
- Coverage for third-party liability
- 24/7 claims assistance
- Emergency roadside assistance
- Minor roadside repairs
- LTO registration assistance
Also Read: LIST: The Top 10 Electric Vehicles Available in the Philippines
Prudential Guarantee and Assurance, Inc.
Founded by Robert Coyuito, Prudential Guarantee and Assurance, Inc. has grown into one of the largest non-life insurance companies in the country. With over 40 years of experience, it’s no surprise that it’s one of the car insurance providers in the Philippines. Their Comprehensive Auto-Insurance offers the following:
- Qualifications
- Your vehicle should be privately-used
- Features and Benefits
- Free Vehicle Retrieval Service
- Free Vehicle Breakdown Service
- Free Towing Service
- Free Alternative Transport to Destination
- Free Alternative Overnight Accommodation
- Free Ambulance Service
- Free Emergency Message Relay Service
Perla Compania de Seguros, Inc.
Founded in 1963, Perla Compania de Seguros, Inc. has established a reputation for offering one of the cheapest car insurance in the Philippines. Also known as Perla Insurance, their motor car insurance covers the following:
- Qualifications
- Available for private and commercial vehicles
- Features and Benefits
- Compulsory Third Party Liability (CTPL)
- Loss & Damage (L&D)
- Acts of Nature
- Third Party Property Damage (TPPD)
- Excess Liability for Death/Bodily Injury (EBI)
- Auto Personal Accident
Pioneer Insurance and Surety Corporation
Pioneer Insurance and Surety Corporation strives to provide Filipinos financial security through their wide range of insurance products. For car owners, you can choose between their three car insurances: CPTL Insurance, Comprehensive Motor Insurance, and EV One Electric Vehicle Insurance.
We think you’ll get the most bang for your buck with their Comprehensive Motor Insurance, as it offers the following perks:
- Qualifications
- Open for private-owned vehicles and Transport Network Vehicle Services (TNVS)
- Features and Benefits
- Own Damage and Theft
- Excess Voluntary Third Party Liability – Bodily Injury/Death
- Voluntary Third Party Liability – Property Damage
- Acts of Nature Coverage
- Accident Insurance for Passengers
- Loss of Use
- Personal Effects
- Pet Injury Coverage
Cocogen Insurance, Inc.
Cocogen Insurance, Inc. has worked for over five decades to establish a reputation as one of the best car insurance in the Philippines by providing simple and innovative products. Their Auto Excel Plus car insurance plan offers an impressive range of coverage:
- Qualifications
- Your vehicle should be privately owned and not older than 10 years old
- Features and Benefits
- Own Damage
- Theft
- Acts of Nature
- Compulsory Third Party Liability (CTPL)
- Excess Bodily Injury Liability
- Third Party Property Damage Liability
- Auto Personal Accident for Unnamed Driver and Passenger
- Airbag Cover
- Accessories Cover
- Trip Sagip (24-hour road assistance)
- Gawa Agad (deductible-free repairs)
- Road Rage Protection
- Loss of Use
- Lock Out Cover
- Key Replacement Cover
- Misfuelling Cover
- Safe Driver Bonus
- Waiver of Depreciation for Windshield and Window Glass
- Extended Casa Repair Clause
- Online Shopping Protection
Tips for Getting the Right Car Insurance for You
Here are tips to keep in mind to ensure you’re selecting the best car insurance in the Philippines:
- Assess your needs. Consider your driving habits, vehicle age and type, and potential risks. This will help determine whether you need basic or comprehensive coverage.
- Compare policies. Use online tools or consult agents to compare insurance providers. Look at coverage options, premium costs, exclusions, and benefits to find the best fit.
- Check the provider’s reputation. Research the company’s track record, customer reviews, and claims processing efficiency. A reliable insurer with excellent customer service can make a big difference.
Also Read: A Quick Guide to Car PMS in the Philippines
The Final Verdict
Ultimately, the best car insurance plan for you will depend on your needs and preferences. It’s also a good idea to assess each plan’s features, benefits, and price since each will have its pros and cons.
But if you ask us, we think Cocogen Insurance, Inc.’s Auto Excel Plus is the best car insurance in the Philippines because of its wide coverage. However, since it offers an impressive range of coverage, we’re pretty sure it’s not the cheapest car insurance in the Philippines. But if you want to ensure peace of mind, the Auto Excel Plus is worth checking out!
Best Car Insurance in the Philippines: FAQs
If you need more information on choosing the best car insurance in the Philippines, here are answers to frequently asked questions:
It depends on various factors, such as the vehicle model, age, and type of car insurance you’re getting. A CPTL can typically cost around ₱50 to 100 per month, while comprehensive car insurance can cost about ₱1,000 to ₱2,500 per month.
Yes, fire is covered in most comprehensive car insurance plans in the Philippines. However, it’s not included in a CPTL since it only covers third-party bodily injury or death.
Your choice will depend on your needs. Choose third-party insurance or CPTL if you want a basic, low-cost policy to meet legal requirements. Meanwhile, consider comprehensive car insurance if you want broader protection for your car, yourself, and third parties – especially if your vehicle has significant value.
Sources: (1), (2), (3), (4), (5), (6), (7), (8)
Keep Reading: Finding the Best Car Insurance in the Philippines
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