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Know the Main Insurance Company in Philippines

February 21, 2019

Choosing a good insurance company is critical so you can count on good coverage in the moments you need.

Certainly a vehicle insurance is of utmost importance, however, many people do not understand right what it is and how it works.

To learn more about this, follow our article What is Car Insurance and get your questions right now. Linkar com a home

It is necessary to be very cautious to choose the insurance companies.

This is necessary, therefore, there may be details that may go unnoticed in the contract.

If you want to get more information about insurance and meet top insurance companies, follow below:

What is Insurance Company

Insurance Company is a company responsible for selling contracts to owners of automotive vehicles, such as cars, motorcycles and trucks.

Insurance is a contract the owner makes with the company.

In this contract, the company undertakes to provide necessary services in various situations, such as traffic accidents, collisions, robberies, natural disasters, etc.

Each contract has its own rules and conditions, it’s called a policy.

For the company to provide this service, the contractor shall pay a fee on a regular basis and, after the expiration of the contract, may renew it.

General Insurance Meaning and Types

General Insurance contracts are those that ensure material goods to the owner of the vehicle.

In this way, this type of insurance is unrelated to life insurance, for example.

Vehicle insurance is a kind of general insurance.

Besides this, there are other types, such as travel insurance, residential, maritime, fire and commercial.

Each insurance company owns its own contracts and insurance types.

Top 8 Insurance Companies in Philippines

Electing best insurance company is a complex situation, since each person has their preferences and requirements.

That way, while a person expects me to meet certain needs, others may prefer the cheapest options.

However, based on the number of supporters and feedback in the insurance market, we elect below the top 8 insurance companies, check out:

  • Charter Ping An Insurance Corporation
  • FPG Insurance Co., Inc. (Federal Phoenix)
  • Pioneer Insurance & Surety Corporation
  • Commonwealth Insurance Company (CIC)
  • Standard Insurance Company Inc.
  • MAPFRE Insular Insurance Corporation
  • Malayan Insurance Company, Inc.
  • BPI/MS Insurance Corporation.

What Does Car Insurance Company Cover?

As mentioned, there are several types of insurance currently available.

However, some contracts are basic and virtually any insurance company makes available.

See below the main types of coverage:

  • Comprehensive Car Insurance
  • First Party Insurance
  • Third Party Liability Insurance (CTPL)
  • Comprehensive Car Insurance Excess Bodily Injury
  • Voluntary Third Party Liability (VTPL) – Bodily Injury.