• 10 Best Car Insurance Policies in the Philippines 2022 | Malayan Insurance, Charter Ping An, and More 1
  • 10 Best Car Insurance Policies in the Philippines 2022 | Malayan Insurance, Charter Ping An, and More 2
  • 10 Best Car Insurance Policies in the Philippines 2022 | Malayan Insurance, Charter Ping An, and More 3
  • 10 Best Car Insurance Policies in the Philippines 2022 | Malayan Insurance, Charter Ping An, and More 4
  • 10 Best Car Insurance Policies in the Philippines 2022 | Malayan Insurance, Charter Ping An, and More 5

10 Best Car Insurance Policies in the Philippines 2022 | Malayan Insurance, Charter Ping An, and More

Having car insurance policy is the primary way to monetarily safeguard yourself when owning a vehicle. Every responsible car owner should make it a point to acquire car insurance after getting his or her own car registered. A car accident may happen when you least expect it, and if you’re not prepared, it can cause you agony and a truckload of cash! 


That is why getting a car insurance can offer you the financial security you need. That way, you don’t have to shoulder the costs out of your own pocket. We list down the 10 best car insurance policies you can avail as well as a buying guide to help you understand how to choose the car insurance policy that’s right for you!

This article's contributors

Editorial Team
  • Last updated: 08-14-2022
Table of Contents

How to Choose a Car Insurance Policy - Buying Guide

Here are some key points to consider:


  1. Determine the type of insurance policy that’s suitable for you.
  2. When availing of comprehensive insurance, know the extent of the insurance policy’s coverage.
  3. Check if the insurance policy offers additional perks or value-added services.

For more detailed information, read through our buying guide below.

Determine the Type of Insurance Policy That’s Suitable for You

Car insurance policies generally fall under two categories; comprehensive third party liability (CTPL) and comprehensive insurance. Of the two, CTPL is required by law, but its coverage isn’t as extensive. Read on to know how they differ. 

Get a Compulsory Third Party Liability (CTPL) Insurance to Protect Yourself From Third Party Liabilities

Get a Compulsory Third Party Liability (CTPL) Insurance to Protect Yourself From Third Party Liabilities

Compulsory Third Party Liability (CTPL) insurance is mandated by the Land Transportation Office (LTO) upon registration of your vehicle. It has a more affordable premium, but it only covers third-party liabilities arising from death or bodily injury


Third-party pertains to anyone that isn’t you or a passenger in your car. It refers to another vehicle you accidentally hit or swiped on the road. And, note that the policy won’t cover the damages done to their vehicle as well as yours.


Moreover, it only covers up to Php 100,000.00. In the unfortunate event of getting involved in a car accident and exceeding the stipulated cost, you’ll have to pay for the excess out of your own pocket. But, if you’re on a tight budget, opting for some form of insurance is better than none. 

Ensure Complete Protection for Your Vehicle With a Comprehensive Insurance

Ensure Complete Protection for Your Vehicle With a Comprehensive Insurance

On the contrary, comprehensive insurance isn’t required by law, but something people get of their own volition. It entails a higher premium, but it also provides a wider range of coverage. In some cases, some insurance providers also take care of CTPL in the policy. 


It means, aside from covering third-party liability, comprehensive car insurance policies also cover damages to your vehicle, and some even provide medical assistance in case of moderate to severe accidents. 


Moreover, comprehensive car insurance policies can be customized according to your needs, unlike CTPL policies, where the extent of coverage remains the same. Some policies even come with additional perks or value-added services such as towing services, vehicle retrieval, ambulance assistance, and even a customer care hotline. 

When Availing of Comprehensive Insurance, Know the Extent of Its Coverage

Unlike CTPL insurance where its coverage is pretty much the same across insurance providers, the coverage for comprehensive insurance differs depending on the provider offering it. While some offer an extensive amount number of services, make sure your policy covers the following below. 

See if It Covers Damages to Your Car

See if It Covers Damages to Your Car

Known as “own damage” or “accidental loss or damage cover,” it pertains to any damages your car may have acquired while you are driving it. It could be from the result of a collision such as fender benders like getting rear-ended or side-swiped. There are also minor mishaps that do not involve a collision with another car. 


For instance, attempting to park your car and accidentally hitting a wall post. Another could be scratching the rims on the sidewalk when you’re turning a corner, or if someone had vandalized your car, and sometimes it could even include theft and carnapping.

Take Note if It Includes Excess Bodily Injury

Take Note if It Includes Excess Bodily Injury

For more severe accidents that cause bodily harm, some policies provide coverage for excess bodily injury. This shoulders the medical expenses of third parties if it exceeds the amount covered by CTPL. This means if you ever get involved in a car accident where the third party needs to be hospitalized, your insurance policy can pay for their hospitalization. 

Protect Yourself Financially by Opting for One That Covers Property Damage

Protect Yourself Financially by Opting for One That Covers Property Damage

Some car accidents can involve non-living objects. This could be accidentally causing damage to another person’s car or sometimes properties like buildings, fences, and posts. These are not life-threatening, but then, you’d be causing third-party property damage. 


To shield yourself financially, we recommend opting for a policy that also includes property damage. That way, your policy covers paying for damages your car has caused, and this includes the cost of repairs.  

Secure Your Vehicle Against the Elements With an ‘Acts of Nature’ Coverage

Secure Your Vehicle Against the Elements With an ‘Acts of Nature’ Coverage

Our country is prone to natural calamities like floods, typhoons, and earthquakes, among others. They are called “acts of god” or “acts of nature” (AON) because sometimes, aside from ravaging homes and properties, they can also damage your vehicle.


For instance, your car gets buried under floodwaters or sustained damage due to an earthquake. If that happens, your insurance policy can cover the cost of repairs and replacements needed to be done to your vehicle.

Prevent Damage From Riots and Strikes

Prevent Damage From Riots and Strikes

Sometimes your vehicle can incur damages not because of natural calamities but because of other people. These may stem from people rioting, conducting strikes, rallies, and other forms of civil disorder. You may experience a broken windshield or side mirrors, among others. But if this clause is included in your policy, you won’t have to shoulder the expenses for repairs. 

Check if the Insurance Policy Offers Additional Perks or Value Added Services

Aside from the core coverage we mentioned above, some insurance providers go beyond the basic and provide additional perks. Note that these could be free of charge or come as an optional add-on to your policy of choice. They aren’t crucial but they certainly up the covenience factor. 

Look for Ones With Roadside Assistance for Minor Hiccups on the Road

Look for Ones With Roadside Assistance for Minor Hiccups on the Road

Minor inconveniences inevitably happen to us once or twice. It could be your car suddenly breaking down while on the road, or you locked your car with the keys still inside. 


To avoid experiencing these hassles, some companies offer roadside assistance that conducts minor repairsThere are some that have locksmith services, and there are even those that provide towing services!

Secure Your Car’s Accessories With an Accessories Protection Coverage

Secure Your Car’s Accessories With an Accessories Protection Coverage

It is not just the exterior of your car that needs protection, but the interior too! Some insurance providers already protect standard car accessories such as mag wheels and aircon, but others take it a step further and offer protection for customized car accessories. 

See if They Can Cover Your Transportation for Loss of Use

See if They Can Cover Your Transportation for Loss of Use

If your car is undergoing repair, it leaves you without a mode of transportation. This coverage is called “loss of use.” If your insurance policy includes this, it means the company can provide transportation allowance. You can either reimburse your transportation costs, or they will provide the money for each day your car is in the repair shop. 

Compare the Best Car Insurance Policies in the Philippines

To give you a rundown, here are our top 3 picks for the best car insurance policies you can avail online:


  1. Malayan Insurance Automaster
  2. BPI MS Insurance Express Protect Compulsory Third Party Liability
  3. Charter Ping An Comprehensive Motor Car Insurance


Check out the table below to further compare the characteristics of these three best car insurance policies as well as the other seven that made it to our list.

Image
1
Malayan Insurance Automaster 1

Malayan Insurance

2
BPI MS Insurance  Express Protect Compulsory Third Party Liability  1

BPI MS Insurance

3
Charter Ping An Insurance Corporation Comprehensive Motor Car Insurance 1

Charter Ping An Insurance Corporation

4
Mercantile Insurance Motor Car Insurance 1

Mercantile Insurance

5
MAPFRE Insular Auto Comprehensive Plus 1

MAPFRE Insular

6
Standard Insurance Car Protect 1

Standard Insurance

7
FPG Insurance MyAuto Mate 1

FPG Insurance

8
Cocogen Insurance Auto Excel Plus 1

Cocogen Insurance

9
Metropolitan Insurance Company Inc. Motor Vehicle Insurance 1

Metropolitan Insurance Company Inc.

10
Prudential Guarantee and Assurance, Inc. Auto Insurance 1

Prudential Guarantee and Assurance, Inc.

Name

Automaster

Express Protect Compulsory Third Party Liability

Comprehensive Motor Car Insurance

Motor Car Insurance

Auto Comprehensive Plus

Car Protect

MyAuto Mate

Auto Excel Plus

Motor Vehicle Insurance

Auto Insurance

Features

Protect Yourself, Your Vehicle, and Others With the Country’s Best Motor Insurance

Covers Basic Third-Party Liabilities in a Car Accident

Features an Extensive List of Perks for You and Your Car

Insures Your Car and Your Other Modes of Transportation

Protects Your Vehicle Against Natural Calamities

A No-Frills Comprehensive Car Insurance

Offers 24/7 Roadside and Information Assistance

Provides a Convenient Way of Filing Insurance Claims

Has Branches Nationwide for Accessibility

Offers a Variety of Free Services for Your Safety and Comfort

TypeComprehensiveCTPLCTPL and ComprehensiveComprehensiveComprehensive With Option for CTPL Add-OnCTPL and ComprehensiveComprehensiveCTPL and ComprehensiveCTPL and ComprehensiveComprehensive
CoverageAutomobile Loss/Own Damage, Third Party Liability, Auto Personal Accident, Acts of God Protection, Riots, Strikes & Civil Commotion Coverage, Standard Automobile Accessories ProtectionThird Party Death, Disablement, and Medical ExpensesThird Party Liability Cover, Excess Bodily Injury, Property Damage, Loss or Damage Cover, Alternative Transportation Allowance, Unnamed Passenger Personal AccidentOwn Damage, Theft, Excess Body Injury, Property Damage, Auto Passenger Accident Insurance, Acts of NatureExcess Liability Insurace: Bodily Injury and Property Damage, Loss and Damage, Acts of Nature, Unnamed Passenger Personal AccidentOwn Damage, Theft, Excess Bodily Injury, Voluntary Third Party Property Damage, Acts of NatureOwn Damage, Theft, Acts of Nature, Voluntary Third Party Liability - Bodily Injury and Property Damage, Auto Personal AccidentVoluntary Third Party Liability, Auto Personal Accident for Unnamed Driver and Passenger, Plus Medical ReimbursementOwn Damage, Theft/Carnapping/Carjacking, Acts of Nature, Third Party Bodily Injury and Property Damage, Not Indicated
Additional Perks/Value Added ServicesOptional Valuable Accessories Protection, Loss of Use Transportation Allowance, Over 160 Accredited Repair Shops Across the CountryNot ApplicableOptional Cover for Acts of Nature, 24/7 Roadside Assistance, Emergency Towing Assistance, Emergency Minor On-Site Vehicle Roadside Repair Assistance, Vehicle Removal, Hotel Accommodation, Emergency Message Services, Information Services, Referal to Accredited Services, Arrangement for Hospital Admission and Ambulance Services, Legal Assistance, Auto Assistance Program, Teleconsultation, Emergency Access via Mobile AppAuto Rapido, Road Assist, Security Glass Etching, Legal Assistance, Cost of Bail Bond, Increased Towing ExpenseOptional Personal Accident Rider, Loss of Use Cover, Roadside AssistanceFree Roadside Assistance, Inter-Island Transit Cover, Cover for Undeclared Non-Standard Accessories, Personal Assistance, Medical Assistance, Nationwide CoverageRoad Pal Rescue (Road Assistance), Gawa Agad, Optional Add-On Benefit for Acts of GodAutopersonal Accident, Inter-Island Transit CoverFree 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.
Maximum Total Sum InsuredConsult With Insurance Provider for More DetailsPhp 100,000 Php 4, 000, 000Consult With Insurance Provider for More DetailsConsult With Insurance Provider for More DetailsConsult With Insurance Provider for More DetailsConsult With the Insurance Provider for More DetailsConsult With the Insurance Provider for More DetailsConsult With the Insurance Provider for More DetailsConsult With Insurance Provider for More Details
Link

10 Best Car Insurance Policies to Avail

The car insurance policies we introduce below were carefully curated by the mybest team using the points mentioned in our detailed and thoroughly researched buying guide.


**Prices of car insurance premiums may vary depending on your car. Visit their website to get a free quotation or contact a financial advisor to know more.**  

1
TypeComprehensive
CoverageAutomobile Loss/Own Damage, Third Party Liability, Auto Personal Accident, Acts of God Protection, Riots, Strikes & Civil Commotion Coverage, Standard Automobile Accessories Protection
Additional Perks/Value Added ServicesOptional Valuable Accessories Protection, Loss of Use Transportation Allowance, Over 160 Accredited Repair Shops Across the Country
Maximum Total Sum InsuredConsult With Insurance Provider for More Details
2

BPI MS Insurance Express Protect Compulsory Third Party Liability

TypeCTPL
CoverageThird Party Death, Disablement, and Medical Expenses
Additional Perks/Value Added ServicesNot Applicable
Maximum Total Sum InsuredPhp 100,000
3
Charter Ping An Insurance Corporation Comprehensive Motor Car Insurance 1

Charter Ping An Insurance CorporationComprehensive Motor Car Insurance

TypeCTPL and Comprehensive
CoverageThird Party Liability Cover, Excess Bodily Injury, Property Damage, Loss or Damage Cover, Alternative Transportation Allowance, Unnamed Passenger Personal Accident
Additional Perks/Value Added ServicesOptional Cover for Acts of Nature, 24/7 Roadside Assistance, Emergency Towing Assistance, Emergency Minor On-Site Vehicle Roadside Repair Assistance, Vehicle Removal, Hotel Accommodation, Emergency Message Services, Information Services, Referal to Accredited Services, Arrangement for Hospital Admission and Ambulance Services, Legal Assistance,
Maximum Total Sum InsuredPhp 4, 000, 000
4
Mercantile Insurance Motor Car Insurance 1

Mercantile InsuranceMotor Car Insurance

TypeComprehensive
CoverageOwn Damage, Theft, Excess Body Injury, Property Damage, Auto Passenger Accident Insurance, Acts of Nature
Additional Perks/Value Added ServicesAuto Assistance Program, Teleconsultation, Emergency Access via Mobile App
Maximum Total Sum InsuredConsult With Insurance Provider for More Details
5
MAPFRE Insular Auto Comprehensive Plus 1

MAPFRE InsularAuto Comprehensive Plus

TypeComprehensive With Option for CTPL Add-On
CoverageExcess Liability Insurace: Bodily Injury and Property Damage, Loss and Damage, Acts of Nature, Unnamed Passenger Personal Accident
Additional Perks/Value Added ServicesAuto Rapido, Road Assist, Security Glass Etching, Legal Assistance, Cost of Bail Bond, Increased Towing Expense
Maximum Total Sum InsuredConsult With Insurance Provider for More Details
6
TypeCTPL and Comprehensive
CoverageOwn Damage, Theft, Excess Bodily Injury, Voluntary Third Party Property Damage, Acts of Nature
Additional Perks/Value Added ServicesOptional Personal Accident Rider, Loss of Use Cover, Roadside Assistance
Maximum Total Sum InsuredConsult With Insurance Provider for More Details
7
TypeComprehensive
CoverageOwn Damage, Theft, Acts of Nature, Voluntary Third Party Liability - Bodily Injury and Property Damage, Auto Personal Accident
Additional Perks/Value Added ServicesFree Roadside Assistance, Inter-Island Transit Cover, Cover for Undeclared Non-Standard Accessories, Personal Assistance, Medical Assistance, Nationwide Coverage
Maximum Total Sum InsuredConsult With the Insurance Provider for More Details
8

Cocogen InsuranceAuto Excel Plus

TypeCTPL and Comprehensive
CoverageVoluntary Third Party Liability, Auto Personal Accident for Unnamed Driver and Passenger, Plus Medical Reimbursement
Additional Perks/Value Added ServicesRoad Pal Rescue (Road Assistance), Gawa Agad, Optional Add-On Benefit for Acts of God
Maximum Total Sum InsuredConsult With the Insurance Provider for More Details
9

Metropolitan Insurance Company Inc.Motor Vehicle Insurance

TypeCTPL and Comprehensive
CoverageOwn Damage, Theft/Carnapping/Carjacking, Acts of Nature, Third Party Bodily Injury and Property Damage,
Additional Perks/Value Added ServicesAutopersonal Accident, Inter-Island Transit Cover
Maximum Total Sum InsuredConsult With the Insurance Provider for More Details
10
Prudential Guarantee and Assurance, Inc. Auto Insurance 1

Prudential Guarantee and Assurance, Inc.Auto Insurance

TypeComprehensive
CoverageNot Indicated
Additional Perks/Value Added ServicesFree 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.
Maximum Total Sum InsuredConsult With Insurance Provider for More Details

Frequently Asked Questions

Frequently Asked Questions

Below are some of the most asked questions on the web answered by the mybest team.

How Can I Determine the Car Insurance Policy That’s Right for Me?

Car insurance isn't the same for everyone, nor are your circumstances. As such, we recommend you ask for a quote from different insurance providers and compare the premiums versus the coverage and benefits. That way, you can see which company can offer you the best deal. Don’t just accept the first insurance company you’ll come across. 

Will I Face Repercussions if I Terminate My Insurance Coverage Before It Expires?

Generally, you won’t face legal repercussions, but you may not be eligible to claim your policy’s benefits. It would also depend on the terms stipulated in your policy’s contract because in some cases, if you terminate your policy before it expires, not only will you not be able to file claims, but you won’t also be able to get a refund for the money you paid them.  

Can I Stop Paying Insurance At Any Time?

In the event you are unable to continue paying your insurance policy, say for some reason, you can’t afford it anymore, you found a better deal, or you just don’t feel like it, you can stop paying it. But, you may forfeit your eligibility to file insurance claims, and in some cases, your policy may be considered “lapsed.”


It is where your policy is terminated because of the non-payment of premiums. If this happens, you also can’t refund your previous payments. Essentially, it is an insurance policy and money gone to waste. To avoid this, we suggest getting in touch with your insurance provider if you need to ask for an extension to avoid situations like this. 

Take Care of Your Car With These Items

Take Care of Your Car With These Items

Any automobile owner knows that getting a car insurance policy isn’t the end in caring for one’s vehicle. You should also treat it right by investing in the right accessories to keep it in excellent condition for the years to come. Let’s take a look at some of these picks. 

Author: J. Cuizon


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