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  4. 10 Best Car Insurance Policies in the Philippines 2023 | Malayan Insurance, Charter Ping An, and More
  • 10 Best Car Insurance Policies in the Philippines 2023 | Malayan Insurance, Charter Ping An, and More 1
  • 10 Best Car Insurance Policies in the Philippines 2023 | Malayan Insurance, Charter Ping An, and More 2
  • 10 Best Car Insurance Policies in the Philippines 2023 | Malayan Insurance, Charter Ping An, and More 3
  • 10 Best Car Insurance Policies in the Philippines 2023 | Malayan Insurance, Charter Ping An, and More 4
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10 Best Car Insurance Policies in the Philippines 2023 | 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!

Last updated 07/14/2023
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Our recommendation articles are carefully researched and crafted by the mybest Philippines team of writers and editors. To stay true to our company’s mission and vision to help users’ selection process easier, we also collaborate with experts from various fields to ensure that our content stays factual and useful.

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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.

1

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. 

2

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. 

3

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. 

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10 Best Car Insurance Policies to Avail

Here are the best Car Insurance Policies, ranked according to the points mentioned in our thoroughly researched buying guide (as of 01-16-2023). The products are ranked independently by mybest.
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Key features
1

Malayan Insurance

Automaster

Malayan Insurance Automaster 1枚目

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

2

BPI MS Insurance

Express Protect Compulsory Third Party Liability

BPI MS Insurance  Express Protect Compulsory Third Party Liability  1枚目

Covers Basic Third-Party Liabilities in a Car Accident

3

Charter Ping An Insurance Corporation

Comprehensive Motor Car Insurance

Charter Ping An Insurance Corporation Comprehensive Motor Car Insurance 1枚目

Features an Extensive List of Perks for You and Your Car

4

Mercantile Insurance

Motor Car Insurance

Mercantile Insurance Motor Car Insurance 1枚目

Insures Your Car and Your Other Modes of Transportation

5

MAPFRE Insular

Auto Comprehensive Plus

MAPFRE Insular Auto Comprehensive Plus 1枚目

Protects Your Vehicle Against Natural Calamities

6

Standard Insurance

Car Protect

Standard Insurance Car Protect 1枚目

A No-Frills Comprehensive Car Insurance

7

FPG Insurance

MyAuto Mate

FPG Insurance MyAuto Mate 1枚目

Offers 24/7 Roadside and Information Assistance

8

Cocogen Insurance

Auto Excel Plus

Cocogen Insurance Auto Excel Plus 1枚目

Provides a Convenient Way of Filing Insurance Claims

9

Metropolitan Insurance Company Inc.

Motor Vehicle Insurance

Metropolitan Insurance Company Inc. Motor Vehicle Insurance 1枚目

Has Branches Nationwide for Accessibility

10

Prudential Guarantee and Assurance, Inc.

Auto Insurance

Prudential Guarantee and Assurance, Inc. Auto Insurance 1枚目

Offers a Variety of Free Services for Your Safety and Comfort

If you don't see the product you're looking for, you can request that it be listed.
No.1

Malayan InsuranceAutomaster

Automaster Image 1
Source:facebook.com

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

First on this list is Malayan Insurance. Their Automaster policy offers one of the most extensive car insurance policies in the country, including third-party liability coverage for bodily injury or property damage of up to Php 500,000.00. 


In addition, they also provide protection against theft or automobile damage. In the event you get into an accident, the company provides accident protection of up to Php 50,000.00 and medical reimbursement of up to Php 5,000 per person for up to 5 persons. 


If you’re unable to use your car because it is undergoing repair, they also provide a reimbursable transportation allowance of Php 500 per day. Moreover, they have over 160 accredited repair shops across the country, making it very accessible to keep your car in tip-top shape. With coverage as extensive as this, what more can you ask for?

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No.2

BPI MS Insurance Express Protect Compulsory Third Party Liability

Covers Basic Third-Party Liabilities in a Car Accident

With the dozens of insurance companies offering their services, we understand it can be hard to find someone to trust. Here is an insurance policy from a trusted company, BPI. Their Express Protect CTPL is ideal for car owners on a budget. That way, you can still protect yourself from third-party liabilities.


Note that this policy only covers the basics, such as the injury, death, and medical expenses of a third party from accidents that involve your vehicle. Moreover, If you do get into a car accident, you don’t have to shoulder the expenses upfront.  

No.3

Charter Ping An Insurance CorporationComprehensive Motor Car Insurance

Features an Extensive List of Perks for You and Your Car

Vehicle owners can rejoice with Charter Ping An’s comprehensive motor insurance. When you avail of their policy it will also include CTPL, which is convenient, especially for people who want a one-stop-shop option. In addition, they can also provide a transportation allowance of Php 300 per day for 10 days if your car is undergoing repairs. 


But what sets them apart is their extensive list of value-added services. For instance, their roadside assistance offers 24/7 service. If you need your car towed, they have an emergency towing and minor repair assistance service. Moreover, if you’ve sustained injury can they also provide arrangements for hospital admission and emergency services.

No.4

Mercantile InsuranceMotor Car Insurance

Insures Your Car and Your Other Modes of Transportation

Mercantile’s Motor Car Insurance policy is unique because it extends to other modes of transport such as motorcycles, scooters, buses, and even trailers. This makes it ideal for those who own more than one vehicle or are in the transportation and logistics field. 


Aside from protecting your car against theft and own damage, they also provide personal accident insurance for your passengers. If you’re worried about your car breaking down while on the road, their services also include roadside assistance and access to emergency services like fire, police, and ambulance via their mobile app!

No.5

MAPFRE InsularAuto Comprehensive Plus

Protects Your Vehicle Against Natural Calamities

All vehicle owners must be aware of the threats to their car’s safety, and this includes natural calamities. With MAPFRE Insular’s Auto Comprehensive Insurance, you can now protect your car against typhoons, floods, and earthquakes. This is handy, especially for those who live in flood-prone or disaster-prone areas. 


If you’re worried about your car getting stolen, don’t fret. The policy also includes a free security glass etching, wherein your car’s plate number will be etched on the windshield, rear glass, and left and right side mirrors, which is handy for preventing car theft. 

No.6

Standard InsuranceCar Protect

A No-Frills Comprehensive Car Insurance

Standard Insurance is one of the leading insurance providers for non-life insurance policies. They provide car insurance policies that are perfect for car owners looking to protect their vehicles without a lot of add-ons. This makes them a great option if you’re on the hunt for basic, comprehensive car insurance.


The Car Protect also includes CTPL and coverage for excess bodily injury of a third party. And in the event you get involved in a car accident, the policy also includes a personal accident rider, which covers hospitalization or memorial expenses for your passengers. 

No.7

FPG InsuranceMyAuto Mate

Offers 24/7 Roadside and Information Assistance

If you’re looking for a hassle-free transaction, look no further than FPG Insurance. The company allows 3 ways for you to avail of their insurance; online, by phone, and in-person at their many branches nationwide. Should you choose MyAuto Mate, you can enjoy basic car coverage, such as own damage, acts of nature, and theft. 


In addition, they offer value-added services such as a 24/7 roadside and information assistance program. Under this program, you can request vehicle assistance which includes services such as jumpstarting or battery boosting your car, a locksmith service, and a spare key delivery for those who frequently misplace their keys!

No.8

Cocogen InsuranceAuto Excel Plus

Provides a Convenient Way of Filing Insurance Claims

UCPB also offers insurance policies in Cocogen, which is their non-life insurance unit. Here, you can find a number of policies to protect your house, parcel, condo, and car. The Auto Excel Plus provides protection against fire, explosion, and transit via railroad and lift. That way, you can rest assured your car is not just safe from collision. 


The policy also takes care of CTPL for your convenience as well as indemnity against accidental death and disablement for both the driver and passenger. And if you find it troublesome to head to their offices to file claims, the Gawa Agad allows authorized repair shops to process the claims for you!

No.9

Metropolitan Insurance Company Inc.Motor Vehicle Insurance

Has Branches Nationwide for Accessibility

If accessibility is one of your priorities, then Metropolitan Insurance might be what you’re looking for. They have branches in Metro Manila, Davao, Bacolod, and Cebu, making it a breeze to file insurance claims. Their Motor Vehicle Insurance also includes acts of nature coverage to protect your vehicle from natural calamities. 


Moreover, in addition to covering own damage and bodily injury in excess of CTPL, they also include an inter-island transit cover. This protects your car while it is aboard cargo ships during inter-island transit. This is perfect for those who like to take their car while traveling all over the Philippines. 

No.10

Prudential Guarantee and Assurance, Inc.Auto Insurance

Offers a Variety of Free Services for Your Safety and Comfort

Prudential Guarantee offers a variety of insurance policies ranging from health, property, and motor insurance. With their Auto Insurance, you can now drive with confidence every time you hit the road. The policy lets you enjoy 24/7 emergency roadside assistance service with a free ambulance service


If your car breaks down and immediate repair is not possible, they provide free alternative transport to your destination. And if no alternative transport is available, they can also provide free overnight accommodation if your car breaks down outside Metro Manila. 

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

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

Top 5 Car Insurance Policies

No. 1: Malayan InsuranceAutomaster

No. 2: BPI MS Insurance Express Protect Compulsory Third Party Liability

No. 3: Charter Ping An Insurance CorporationComprehensive Motor Car Insurance

No. 4: Mercantile InsuranceMotor Car Insurance

No. 5: MAPFRE InsularAuto Comprehensive Plus

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The descriptions of each product are referenced from content available on manufacturer, brand, and e-commerce sites.
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