i MGS Insurance | Philippines Motor Car Insurance Companies

Philippines Motor Car Insurance Companies

by Ronel Forbes
January 5, 2022

Users must consider all of your alternatives in order to obtain the best coverage for their vehicle. And knowing all of the vehicle insurance providers in the Philippines is a big part of it. Here’s a handy list with some pointers to get you started.

According to the World Health Organization[1,] 1.35 million people die every year as a result of traffic accidents around the world. Will vehicle insurance companies still profit if all of these people make a claim for their accident, which could be worth millions or even billions of dollars?

Yes, it is correct. Despite millions of claims, businesses still make a profit, which contributes to the industry’s growth.

The principles that keep vehicle insurance firms lucrative in the Philippines are the same as they were 40 or 50 years ago. This is why the market continues to expand and new insurance companies emerge virtually every decade.

Here are three essential factors that make insurance providers earn to help you grasp this better.

 

Premiums

When you purchase an insurance policy, you must pay a cost known as a premium. To develop and secure their funds, insurance companies invest this premium in short- and long-term interest-earning investments.

Interest earnings account for a significant portion of insurance firms’ overall profitability.

 

Income from Underwriting

The difference between how much money insurers collect for policies and how much money insurers release when a client files a claim is known as underwriting income. For example, if a client buys PHP 20,000 for a one-year premium policy but only files PHP 5,000 in claims, the insurance firm will immediately collect PHP 15,000 from that client.

However, if the insurance company pays more than PHP 20,000 for a claim, they lose money.

 

Reinsurance

Insurance companies also purchase their own coverage. When insurers have too many claims, they buy insurance from other companies to stay afloat.

This technique makes use of the concepts of shared risk and responsibility limits.

We want to make sure that our vehicle is safeguarded and covered by the best and most reputable auto insurance companies. While many automobile owners consider comprehensive insurance to be an extra cost that can be avoided, it really saves us money on repairs and replacements in the event of an accident.

If you’re looking for the best auto insurance in the Philippines, we can assist you.

We gathered some of the best car insurance policies and provided some brief car insurance in the Philippines evaluations so that you may shop for the best car insurance policy to safeguard your vehicles.

 

Malayan Insurance Company, Inc.

Is a company that provides insurance to Malaysians.

Malayan was once known as the China Insurance and Surety Company and was created in the city of Manila in 1930. It is currently run by the Yuchengco Group of Companies as a subsidiary.

They provide the following insurance coverage and services:

  • Third-Party Liability Cover
  • Own damage
  • Loss of use cover
  • Personal accident cover
  • Acts of God Protection
  • Standard automobile accessories protection
  • Strikes, riots, and civil commotion coverage
Malayan Insurance Company, Inc.

 

MGS General Insurance Agency Services, Inc.

From the construction business, MGS General Insurance Agency Services, Inc. was incorporated to cater all   the   insurance   needs   of   MGS   Construction   and   later   on   its   affiliated companies.  It  provides  insurance  services  on  bonds,  fire  and  allied  lines, motor vehicle, personal accident, casualty, liability, engineering, marine cargo, surety and micro insurance.

MGS  Insurance  is  a  duly  licensed  insurance  agency  of  the  top  insurance companies  in  the  Philippines  namely,  Mapfre  Insular,  Malayan  Insurance, Prudential Guarantee and Assurance Inc.

They provide the following insurance coverage and services:

MGS General Insurance Agency Services, Inc.

 

MAPFRE Insular Insurance Corporation

MAPFRE Insular Insurance Corporation, founded in 1934, is Latin America’s largest non-life insurance firm. With their premium MAPFRE automobile insurance, MAPFRE soon absorbed Provident Insurance Corporation and later Insular Life, establishing themselves as a dominant insurance provider in the Philippines.

They provide the following insurance coverage and services:

  • Car Insurance
  • CTPL Insurance
  • Home Insurance
  • Personal Accident Insurance
  • Travel Insurance
MAPFRE Insular Insurance Corporation

 

Commonwealth Insurance Company (CIC)

Don Andres Soriano, who also grew the original San Miguel Brewery into the present-day San Miguel Corporation, founded this car insurance firm in the Philippines in 1953. 

Some of the coverage and services they give are as follows:

  • Acts of Nature
  • Carnapping
  • Bodily injury
  • Own Damage
  • Property Damage
  • Personal Accident
  • Third-Party Liability

 

Commonwealth Insurance Company (CIC)

Charter Ping An Insurance Corporation

In the Philippines, Charter Ping An is a subsidiary of AXA Life Insurance Corporation. This firm specializes in non-life insurance, such as auto, fire, marine, personal injury, casualty, bonds, and even engineering insurance.

Some of the coverage and services they give are as follows:

  • Acts of nature
  • Compulsory Third-Party Liability or most popularly known as CTPL
  • Unnamed Passenger Personal accident or UPPA
  • Excess bodily injury
  • Overturning and malicious damage
  • Property damage
  • Theft
  • Fire and explosion
  • Accidental collision
Charter Ping An Insurance Corporation

 

Last Thoughts

In the Philippines, road accidents are one of the top causes of death. That is why, now more than ever, you need to purchase auto insurance coverage. 

It not only protects you from high repair costs, but it also relieves you of financial burdens in the event of an accident.

Auto insurance firms offer a variety of policy pricing and bundles. The problem is deciding which one will best suit your demands and budget. Remember to spend some time comparing the best auto insurance providers in the Philippines.

Once you’ve decided on an insurance provider, you can inquire about their customers’ experiences with the company, such as claim handling and premium payment. If you do decide to purchase a car insurance coverage, the insurer will usually have four key requirements:

  • Car’s OR/ original receipt
  • Driver’s License
  • Car’s CR/ certificate of registration
  • An additional ID issued by the government such as a Philippine passport, Philhealth ID, TIN Card, Postal ID, Voter’s ID, PRC ID, and OFW ID
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