Covering your car under insurance is mandatory. If you are looking for getting your car insured in the Philippines, it is pertinent that you know the top 10 car insurance companies there. At the same time, you need to know the basics of the car insurance,
- Compulsory Third Party Liability (CTPL): It covers your legal liability to a third party while you are driving a car and are found to be at fault. The basic plan covers injury or death caused to another person or property.
- Collision Coverage:It compensates you financially against damage caused to your car while driving. It usually covers damage due to theaccident and not due to theft or vandalism.
- Comprehensive Coverage:It covers damage to thecar due to accident, theft, third party liability, personal accident cover. It covers unavoidable situations such as fire, explosion, strikes, and acts of terrorism, natural calamities or civil unrest.
The following are the10 top car insurance companies in the Philippines:
- Liberty Insurance Corporation
It was founded in 1953 and covers third party bodily injury, third party property, loss or loss to thecar due to acts of nature.
- Lhuillier Group of Companies (PJLGC)
It was founded in 1988 and under its non-micro insurance program, offers CTPL, Comprehensive General Liability. You can get the maximum of P100, 000 per accident and No-fault Indemnity up to P 15,000
- Auto CARE Insurance
It offers coverage for Own Damage (OD), Excess Bodily Damage (EBI), Excess Property Damage (EPD) and Acts of God and Nature.
- Pacific Union Insurance Co
It was established in 1945 and provides insurance coverage to cars up to the age of 10 years.
- Mercantile Insurance Co
It was founded in 1962 and offers roadside assistance, up to P5, 000 for towing services and minor on-site repair and P10, 000 for crane services.
- Standard Insurance
It was established in 1958 and covers thirdparty liability, own damage, and theft
- QBE Seaboard Insurance Philippines
It was established in 2103 and covers personal accident insurance
- PNB General Insurance Co Inc
It was established in 1991 and covers personal accident insurance.
- PlaridelSurety& Insurance Co
It was established in 1945 and besides car insurance, offers insurance on marine, aviation, property, accident, and engineering.
- Philippines First Insurance Co. Inc
It was established in 1906 and besides car insurance offers travel insurance, ATM insurance, personal insurance and home insurance.
When you are seeking for insurance for your car in the Philippines, besides knowing the top 10 insurance companies, your objective should be to get the best price for your intended coverage. You should ask for quotes from different companies and then make a thorough car insurance quotes comparison.
You can then compare the options for different coverage, premium, and the exemptions. In the Philippines, Go Bear is a free website that allows a Meta search for all your needs related to your car insurance. You can take a final decision after comparing the premium rates, flexibility and eligibility criteria.