Car Insurance Philippines – Best Insurance Cover

Car Insurance Philippines – Best Insurance Cover

If you are looking for the best car insurance Philippines, this article has gathered some of the best names for trusted car insurance policies. In addition, let’s discover the major types of car insurance in the Philippines. 

Best Car Insurance In the Philippines

Before going into details about the major types of car insurance in the Philippines, let’s look at the best car insurance companies in this country.

1. Charter Ping An Insurance Corporation

The first name on the list is Charter Ping An Insurance Corporation. This insurance company is well-known for non-life insurance coverages comprising motor vehicles, marine, fire, personal accident, bonds, and many other kinds of insurance. 

Charter Ping An offers coverage when it comes to car insurance, starting at Php 15,500+ per year.

Chater Ping An Insurance Coporation

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2. BPI/MS Insurance Company

Founded as a shared cooperation between the Bank of the Philippine Islands and Mitsui Sumitomo Insurance, one of Japan’s prestigious non-life insurance services, The BPI/MS Insurance Corporation focuses on two main areas: healthcare and accident insurance. Let’s see what they provide.

First of all, the company offers Voluntary Third-Party Liability-Bodily Injury or the so-called VTPL-BI and CTPL-Compulsory Third-Party Liability. Accidental collision, theft, fire, explosion, lightning, malicious damages are also in the scope of insurance coverage.

BPI/MS Insurance Company

3. Malayan Insurance Company, Inc

The third nominee for the best car insurance companies in the Philippines is the Malayan Insurance Company, Inc. 

Established in 1930 in Manila and is commonly known as the China Insurance and Surety Company. Malayan Insurance Company is now functioning as a part of the Yuchengco Group of Companies.

This company offers insurance services in own damage, personal accident coverage, standard car accessories protection, stoppage, riots, and civil confusion coverage.

For car insurance premiums, Php 23,000 is the starting amount that this company supports.

Malayan Insurance Company, Inc

Major Types Of Insurance In the Philippines

Now, let’s talk about the three most common types of car insurance in the Philippines. Together, these three common types of insurance give you protection in many ways in case of accidents. Yet, the type of damages each insurance covers is not the same. 

1. Comprehensive Insurance

First of all, comprehensive insurance, as inferred by its name, is a kind of insurance coverage that works on damages to personal vehicles by unexpected situations, including animal collisions, hail, theft, natural disasters, or vandalism any events that are not related to the collision. 

The cases that comprehensive insurance works on

In case of the covered accidents, you will take all the toll related to your car if your vehicle is not covered by comprehensive insurance. The insurance rate is different based on the state of your vehicle as follows.

Speaking of the model, the more luxurious the car is, the more expensive the insurance rate costs. The same situation occurs when it comes to the origin of the car and the number of accessories going with the vehicle.

When it comes to the car’s age, the newer the models are, you have to pay more for the insurance coverage. Safety features are also considered in the rate as it is cheaper to cover a car with a safer system the car possesses.

2. Collision Insurance

In contrast to comprehensive insurance, collision insurance entails damages in the situation when your vehicle collides with other transportation. This kind of insurance may include full repairs or absolute replacement of your damaged car.

Specifically, the following are the cases when you can see the benefits of the insurance. If your vehicle hits an object or another vehicle, you would get your automobile repaired or replaced by the insurance company.

Speaking of the insurance policy rate, it depends on many factors, such as the value of the car and the age of the car.

Policyholder Can Claim Compensation In A Car Collision

3. Personal Injury Protection Coverage

The third type of insurance is not for the vehicle; it is for the driver- known by the name Personal Injury Protection Coverage.

Now, let’s assume David got in an accident and could not go to work within a month. Yet, he seemed not to worry about his situation as he joined personal injury protection coverage, which can cover medical expenses and provide compensation in case of partial disability, total disability, or death caused by accidents.

In detail, if the policyholder passes away in an accident, his nominees can receive compensation. Most of the time, the family is financially supported in this case.

In the case of life-long total disability caused by an accident, the insurance company will depend on the type and the seriousness of the disability to enact the value of the insurance policy. Here are some of the cases that the policy entails, including loss of vision of both eyes, loss of speech, loss of hearing ability in both eyes.

If the policyholders go through a permanent partial disability, they can turn to insurers for a compensation claim. Some partial disabilities include losing a finger, a hand, the vision of an eye, hearing ability in one ear, etc.

Other benefits of personal injury insurance cover transportation benefits, funeral expenses, ambulance costs, hospital charges, educational allowance, or vehicle replacement. 

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The Final Verdict

Driving without insurance is like a gamble with your fate. No one knows for sure what is waiting ahead. As a result, we have to have plans to deal with the invisible crisis. 

Hopefully, this article has provided you with insightful knowledge on car insurance Philippines and some major kinds of insurance. 

Note in mind that there are many kinds of car insurance fitting different situations. Knowing your car’s value, usage rate, and the dring area is the key to determining a suitable insurance policy.

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