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

Car insurance is an essential part of responsible vehicle ownership. In the Philippines, the market is filled with various providers offering different packages, making it challenging to choose the right one. This article will guide you through the top car insurance companies in the Philippines, comparing their features, benefits, and what makes them stand out, helping you select the best insurance that fits your needs.

Car insurance in the Philippines

Before diving into the specifics of each provider, it's crucial to understand the basics of car insurance in the Philippines. Car insurance generally falls into two categories:

Compulsory Third-Party Liability (CTPL): Required by law, CTPL covers third-party bodily injury or death resulting from an accident involving your vehicle.

Comprehensive Insurance: This offers broader coverage, including protection against vehicle damage, theft, personal accident, and acts of nature (e.g., floods, typhoons).

Also Read: Why every Filipino driver needs car insurance

Top car insurance providers in the Philippines

The market is loaded with car insurance providers, below we have mentioned some of the leading companies with each offering a unique set of features and benefits.

• Malayan Insurance Company, Inc.
• BPI MS Insurance
• Prudential Guarantee and Assurance, Inc.
• Pioneer Insurance and Surety Corporation
• FPG Insurance Co., Inc.
• AXA Philippines (formerly Charter Ping An Insurance Corporation)
• Commonwealth Insurance Company
• Cocogen Insurance, Inc. (formerly UCPB General Insurance)
• Liberty Insurance Corporation
• Perla Compania de Seguros, Inc.

Also Read: How to select a good car insurance provider in the Philippines: Key tips & considerations

Let us now check out each provider in detail -

Malayan Insurance Company, Inc.

Founded in 1930, Malayan Insurance is one of the oldest and largest non-life insurance companies in the Philippines. It is a well-established name, known for its comprehensive car insurance packages. It offers extensive coverage, including own damage, theft, third-party liability, and acts of nature. Also, in 2007, it launched Malayan's Acts of Nature Coverage, responding to the increasing need for protection against natural disasters.

Key features -

• 24/7 Roadside Assistance: Malayan provides round-the-clock roadside assistance, which includes towing services, minor on-site repairs, and more.
• Wide network of accredited repair shops: With over 160 accredited repair shops nationwide, claims processing is streamlined and hassle-free.

Ideal for -

• Vehicle owners looking for a trusted insurer with a wide range of services and extensive coverage.

BPI MS Insurance

Founded in 1993 as a partnership between the Bank of the Philippine Islands (BPI) and Mitsui Sumitomo Insurance Company, BPI MS Insurance offers competitive rates and comprehensive coverage. The company is recognized for its digital innovation, particularly for making insurance more accessible online. In 2021, it was recognized as the Best Digital General Insurer for its commitment to integrating technology into its services.

Key features -

• Digital Insurance Solutions: Named the Best Digital General Insurer, BPI MS excels in providing easy online access to insurance services.
• Complete Auto Protection: Coverage includes own damage, theft, third-party liability, and optional acts of nature.

Ideal for -

• Tech-savvy individuals who prefer digital insurance services and comprehensive coverage.

Prudential Guarantee and Assurance, Inc.

Founded in 1950, has grown to become one of the largest non-life insurance companies in the country. It is known for its robust car insurance policies and high claim approval rates. Over the years, it has expanded its network of repair shops and enhanced customer service protocols.

Key features -

• Comprehensive Auto Insurance: Covers own damage, theft, and third-party liability, with added benefits like free vehicle retrieval and towing services.
• High claims approval rate: Prudential is reputed for its swift and reliable claims process.

Ideal for -

• Applicant seeking a reliable insurer with a strong track record of claims processing.

Pioneer Insurance and Surety Corporation

Pioneer Insurance has been a staple in the industry since 1954 and has a long history of innovation in the insurance sector. It offered one of the first comprehensive car insurance packages in the country. In the 2000s, it introduced extensive acts of nature coverage, thus addressing the growing concerns over climate-related damages.

Key features -

• Comprehensive Coverage: Pioneer provides extensive coverage options, including acts of nature, passenger accident insurance, and personal effects coverage.
• Roadside Assistance: Includes services like towing, on-site repairs, and accommodation assistance if needed.

Ideal for -

• Car owners who want a comprehensive package with added perks for peace of mind.

FPG Insurance Co., Inc.

FPG Insurance is another major player that originated in 1958 and initially focused on marine insurance. It was later on that it expanded into car insurance, offering tailored car insurance solutions to meet individual needs. In recent years, it introduced the MyAuto Mate product, which combines traditional car insurance with modern services like 24/7 roadside assistance.

Key features -

• MyAuto Mate: This product includes own damage, theft, acts of nature, and auto personal accidents, with free roadside assistance.
• Flexible Coverage Options: Offers customizable insurance plans, including one-year and three-year options for CTPL.

Ideal for -

• Individuals looking for customizable and flexible insurance plans.

AXA Philippines (formerly known as Charter Ping An Insurance Corporation)

Founded in 1960, AXA Philippines, operates through Charter Ping An and provides comprehensive car insurance with a focus on customer convenience. One of its key offerings is Rescue Line service, offering 24/7 emergency assistance, which is a significant innovation in the car insurance industry.

Key features -

• 24/7 Emergency Services: Includes roadside assistance, police, and fire assistance, available via the Rescue Line service.
• VIP Services: For AXA Motor Club members, including 24/7 roadside assistance and LTO registration assistance.

Ideal for -

• Drivers seeking premium services and round-the-clock support.

Commonwealth Insurance Company

Established in 1935, Commonwealth Insurance is one of the oldest insurers in the country, offering a range of motor insurance products backed by decades of experience. It has been a trusted partner for major banks in the Philippines, making it a popular choice for car insurance bundled with auto loans.

Key features -

• Acts of Nature Coverage: Includes protection against floods, typhoons, and other natural disasters.
• Widespread Accreditation: Accredited by major banks in the Philippines, making it a trusted choice for financing-related insurance needs.

Ideal for -

• Car owners looking for established credibility and strong natural disaster coverage.

Cocogen Insurance, Inc. (formerly known as UCPB General Insurance)

Cocogen Insurance, Inc. was founded in 1963 as UCPB General Insurance. Since its rebranding in 2023, the company has evolved into a major player in the insurance sector, offering innovative car insurance solutions like the Gawa Agad Program that simplifies the claim process.

Key features -

• Trip Sagip 24/7 Roadside Assistance: Provides emergency roadside assistance anytime, anywhere.
• Gawa Agad Program: Allows insured vehicles to be repaired directly at accredited shops, simplifying the claims process.

Ideal for -

• Those who prioritize convenience and efficient claims processing.

Liberty Insurance Corporation

With over 50 years in the industry, Liberty Insurance offers a solid range of car insurance products. It is known for its reliable coverage and extensive customer service. Furthermore, it was among the first in the industry to focus on personalized customer care, setting a standard for others.

Key features -

• Comprehensive Coverage: Includes protection against own damage, theft, and acts of nature.
• Strong Customer Service: Known for its responsive and customer-centric approach.

Ideal for -

• Customers who value excellent customer service and comprehensive protection.

Perla Compania de Seguros, Inc.

Perla Insurance has a long-standing reputation for providing affordable and reliable car insurance. Founded in 1963, the company currently operates 16 offices across major cities in the Philippines, ensuring easy access to services for its customers.

Key features -

• Accessible Services: Offers 16 offices in major cities, making it easy for policyholders to access services.
• Fast Claims Processing: Perla is known for its efficient claims process, ensuring that customers receive their claims promptly.

Ideal for -

• Budget-conscious individuals who want reliable coverage without sacrificing quality.

Also Read: Car insurance scams in the Philippines: What you need to know

How to choose the right car insurance

When selecting car insurance, consider the following factors:

• Coverage needs: Assess the level of coverage you require. If you drive frequently or live in an area prone to natural disasters, comprehensive insurance might be necessary.
• Budget: Balance your need for coverage with your budget. Look for providers that offer the best value for your money.
• Customer service: Choose an insurer with a reputation for excellent customer service and easy claims processing.
• Additional benefits: Consider the insurer's financial stability, customer reviews, and industry reputation. A well-established company with a history of reliable service is often a safer choice.

Bottom line

Choosing the right car insurance in the Philippines involves careful consideration of your specific needs, budget, and the reliability of the provider. Whether you prioritize comprehensive coverage, excellent customer service, or additional perks, the options listed above provide a solid starting point in one's search for the perfect car insurance policy.

Also Read: Car insurance made easy: Tips for new drivers in the Philippines