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

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.

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. 

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. 

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. 

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. 

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.

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. 

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.  

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.

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. 

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. 

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 repairs. There are some that have locksmith services, and there are even those that provide towing services!

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. 

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. 

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.

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.**  

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

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. 

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.  

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. 

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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