Reviewing SGI Car Insurance: Pros, cons, coverage options & more

Having a car but without insurance is a big no-no in the Philippines. So, when a car owner is in the market for auto insurance, he/she often gets overwhelmed seeing the countless options available. Some popular names in the Philippine's auto insurance include -

• Malayan Insurance
• FPG Insurance
• OONA
• Mercantile Insurance
• Bethel Gen
• FGen Insurance
• SGI Car Insurance

The best part is an insurance applicant can compare all these options side-by-side and get a free quote as well. However, today we are reviewing the SGI Car insurance for you, telling you all about the coverage options it offers, the pros & cons, customer support & claim assistance, and more.

So, without further ado let us check out the SGI Car Insurance in detail.

Also Read: Top car insurance picks in the Philippines; know which one is right for you

SGI Car Insurance: Background check

SGI Philippines General Insurance is a joint venture by the Indian Shriram Group and South Africa’s SANLAM Group. It is an Insurance Commission-registered provider in the Philippines known for offering straightforward coverage options. These options are aimed at providing financial protection against damages due to accidents, natural disasters, and third-party liabilities.

SGI Car Insurance: Coverage options

SGI Philippines is known to offer several core coverage options to car owners that are designed to offer essential protection. Part of the list is -

• Compulsory Third-Party Liability (CTPL): CTPL is a mandatory insurance cover that takes care of third-party injuries or deaths resulting from accidents.
  Third-Party Damage: This one covers damages your vehicle causes to others’ vehicles or property.
• Acts of Nature: It provides financial protection for damages from natural calamities, such as floods and earthquakes, a critical feature in the disaster-prone Philippines.
• Personal Accident Coverage: This one covers the injury or death of the driver and passengers resulting from an accident.
• Roadside Assistance: SGI auto insurance includes emergency towing and accommodation if your car breaks down, though its range of services might not be as extensive as other insurance providers in the market.

SGI Car Insurance: Key benefits

If a car owner opts for auto insurance from SGI they would get to experience the following advantages -

Affordable premium rates

Compared to other insurance providers in the Philippines, SGI is relatively budget-friendly. For instance, annual premiums start around PHP 14,000 for entry-level cars with rates based on the vehicle’s make, model, and specific coverage picked by the insurance applicant. Its affordability makes SGI appealing to budget-conscious car owners seeking essential coverage without excessive costs.

Comprehensive third-party liability

SGI auto insurance policy includes comprehensive third-party liability, covering the costs of injury or death of third parties in the event of an accident. Thus preventing drivers from incurring out-of-pocket expenses.

Roadside assistance

Apart from offering CTPL coverage, SGI auto insurance policy includes basic roadside assistance and covers towing, if immediate repairs are required. However, unlike some insurers, it does not cover alternative transportation if your vehicle is temporarily out of service.

Also Read: Roadside assistance coverage: Meaning, benefits, services & more

Quick application process

One of the key benefits of SGI auto insurance policy is ease of online application process, which is both convenient and time-saving. Customers can get quotes and policy details on SGI’s partners along with services like price comparison and agent support.

Strong reputation

SGI’s 65 years in the insurance industry showcase its credibility and experience. With its established protocols and partnerships, it has built a reputation as a reliable insurer with responsive customer support.

Flexible sum insured

In order to enjoy high premiums, SGI allows policyholders to choose a maximum total sum insured of up to PHP 5 million. Thus offering full flexibility to the applicant based on the vehicle’s value and budget.

SGI Car Insurance: Key limitations

Apart from all its amazing benefits, SGI auto insurance has a flip side too which a car owner needs to be aware of. The list includes -

Limited roadside assistance

Yes, we know that the availability of roadside assistance is mentioned as one of SGI’s advantages. The deal is the package only includes some roadside assistance and does not fully meet the needs of customers looking for extensive help during breakdowns. Services like alternate transportation or complete vehicle recovery, are absent in SGI’s current package.

Minimal comprehensive coverage

Another fallout is unlike other insurance providers, SGI’s policy does not extensively cover theft or complete vehicle loss. For car owners needing full protection, this limited coverage may be a drawback.

Unavailability of specialized coverage options

SGI does not provide niche coverage, for instance, car modifications, customizations, or specific accessories are not cared for.

SGI Car Insurance: Premium and policy rates

It is common in the car insurance market that the policy rates are very much based on the vehicle type and model; the same is the case with SGI. Here are a few popular models and their approximate annual SGI insurance rates which one would find budget-friendly.

Honda City E	Around PHP 14,176 annually
Mitsubishi Mirage G4	Around PHP 17,210 annually
Toyota Vios E	Around PHP 17,833 annually
Mitsubishi Montero Sport	Around PHP 30,134 annually

SGI Car Insurance: Claim process

To everyone’s surprise or not, the claim process under SGI is quite straightforward. The basic steps include -

Step 1: Document collection

First and foremost, gather all the necessary documents including the police report, pictures of the vehicle damage, repair estimates, and copies of your driver’s license and vehicle registration.

Note, here’s your guide to taking proper pictures of the vehicle and the sight after an accident.

Step 2: Submission

Next up is the time to submit all the gathered documents with the SGI agent via the chosen platform.

Step 3: Evaluation and approval

The SGI agent will now review the claim and upon its approval, SGI will issue a Letter of Authorization that will allow repair at the chosen garage.

SGI Car Insurance: Customer support & claim assistance

Customer support is crucial in choosing a car insurance provider. SGI Philippines operates through a network of agents and has partnered with multiple platforms to make it easy for customers to apply and get assistance when needed.

Conclusion

SGI Philippines car insurance is a practical choice for budget-focused drivers who need essential coverage at competitive rates. While it excels in offering third-party liability and acts of nature protection, its limited options in comprehensive coverage, roadside assistance, and customization may make it less ideal for those with high-value or modified vehicles.

Also Read: All you need to know about taking photos after a car accident in the Philippines