10 Tips for Choosing the Best Commercial Vehicle Insurance Provider in the Philippines – Secure Your Fleet Now!

Commercial Vehicle Insurance

Commercial Vehicle Insurance in the Philippines isn’t just a formality that needs to be completed; it is a way to keep your fleet secure. Insurance protects the very lifeline of your business, i.e., vehicles used for daily operations and delivery, thus ensuring that no task is halted. It doesn’t matter if you own just a single delivery motorcycle or several trucks - commercial insurance will offer protection against massive financial losses due to vehicle theft, accident, or damage due to a natural disaster.

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Furthermore, poor road conditions, high accident rates, and unpredictable weather situations like ours make having the RIGHT commercial insurance provider vital. Only the right partner will ensure the smooth operation of the business after an unexpected setback. In addition to finding a suitable insurance partner, you must get optimum coverage. In the Philippines, CTPL insurance is a mandatory requirement, a legal necessity that must be fulfilled. Moving a step forward, comprehensive insurance is highly recommended for commercial vehicles, as it offers protection not just to the insured unit but also to the driver and cargo.

In this article, we’ll be sharing essential tips for choosing a commercial vehicle insurance provider - so that you get the coverage you & your business deserve. But first, a little background check. So, let’s begin: -

Commercial vehicles insurance: Meaning, coverage, & more

What is commercial vehicle insurance?
It is a tool that provides financial protection against theft, fire, vandalism, natural disasters, and third-party liabilities for vehicles used for business purposes.

Types of coverage

CTPL insurance: Compulsory Third-Party Liability (CTPL) insurance provides coverage for bodily injuries or death caused by third parties.

Also Read: Compulsory Third Party Liability (CTPL) 101: Everything a car buyer needs know

Comprehensive insurance: Offers wide coverage not just to the insured vehicle against theft, damage, fire, etc, but also the driver and cargo.

Also Read: Why comprehensive insurance is vital for car owners in the Philippines

Add-ons: Optional, add-ons offer specific coverage tailored to business requirements. A few examples include collision coverage, acts of nature, and roadside assistance.

Also Read: CTPL vs. Comprehensive Insurance: What's best for you?

Commercial vs Private Insurance

We at Carmudi are often asked, 'Can private car insurance be used for units used for commercial purposes?' And the answer is a strict NO. The units in question are motor vehicles, but they are used for different purposes and exposed to a different set of risks and damages; therefore, separate insurance is required.

While private vehicles are used for running daily errands and personal use, commercial vehicles are used to transport goods and passengers for a profit, bearing the responsibility of operating a business entity. The latter thus requires an insurance package with high coverage limits and benefits aligned to business operations. 

Commercial Vehicle Insurance Photo from Freepik

Tips for choosing the best commercial vehicle insurance provider

Now that you know how vital commercial vehicle insurance is for your business, here are some tips to secure just the right provider.

Tip 1. Ensure provider's reputation & stability
Go for providers with a strong reputation and goodwill in the market. Choose providers with a strong positive rating and a proven financial stability - this will ensure a smooth claim settlement process.

Tip 2. Compare policies
When discussing comparison, it is not limited to the cost of insurance alone, but also encompasses coverage, policy inclusions and exclusions and customer service. Therefore, be sure to conduct thorough research, review customer feedback, and carefully read the terms and conditions before making a commitment.

Tip 3: Look for additional benefits
Choose a provider that offers additional perks for your fleet. This could be in the form of add-ons such as roadside assistance, acts of nature, and cargo protection, as all these enhance your safety net.

Tip 4: Review claim settlement ratio
Go for a provider that offers a fast and transparent claim settlement experience. Because, in the end, it is the claim that matters, and we should share our burden. Here, check how many claims the insurer clears in a year and how fast.

Tip 5: Check payment flexibility
Some insurance providers require upfront full payment, while others allow for monthly instalments. Be sure to compare the different schemes, as discounts are often offered on some, such as full payment and multi-vehicle deals.

Tip 6: Check the repair shops & garages network offered
The insurer must have a comprehensive network of repair shops and garages at its disposal. This would assure quick service in the future and reduce downtime.

Tip 7: Good customer service
One of the most essential attributes of an insurance provider is its customer support - the faster the better. A prompt and empathetic service will ensure your issue is resolved fast and with the best course of action.

Tip 8: Availability of digital tools
Digitisation is the need of the hour; you need a provider that offers an app wherein you can renew your policy, file a claim, pay premiums and perform other tasks online.

Tip 9. Compliance with the IC
It is essential to ensure that the insurance provider is IC (Insurance Commission) certified - it is like a mark of genuineness.

Tip 10. Don’t fall for the low-premium trap
Remember, cheap policies are often worthless. What you frequently get is poor coverage and minimal support. Instead, opt for a provider that is a bit more expensive, but transparent about exclusions, fees, and terms.

Pro-tip
Read the fine print: If you, like many, find reading the insurance policy/documents boring, then you need to change that mindset. Reading the policy informs you about hidden charges, fees, terms, and exclusions. You’ll know about factors that could lead to the denial of the claim.

Popular commercial vehicle providers

Here is a list of a few popular and well-known providers to consider (in no particular order) -

Note, these are just a handful of providers; there are many more. So, be a savvy buyer: explore as many options as possible, conduct thorough research, and choose the best provider with an optimal plan that aligns with your budget.

Commercial Vehicle Insurance Photo from Freepik

Top benefits of a reputable provider

A job well done (in terms of research & comparison of providers) will get you excellent benefits, including peace of mind even after an accident, theft, fire, or flood. All this thanks to -

  • Fast claim settlement
  • Prompt customer service
  • Continuity of business operations

Also Read: Driving habits that insurance companies prefer

Bottom line

If you're out there to buy an insurance policy for your delivery van or the fleet of trucks supporting your big enterprise, then this article is a must-read. You see, one wrong move or provider could cost you a fortune; therefore, we have shared ten essential tips to help you find the best provider with optimal coverage.

The list includes doing proper research, comparing options, prioritising strong customer support and reputation over a cheap policy. Remember, with the right policy, your fleet and your business will stay protected, regardless of what happens.

FAQs

Q1. What type of vehicles are covered under commercial vehicle insurance?
Ans. Commercial vehicles insurance covers vehicles used for business purposes. It could be a delivery motorcycle or van, a truck, a construction vehicle, a taxi, or a ride-sharing unit. In short, any vehicle that transports passengers, cargo, goods, or logistics qualifies for this coverage.

Q2. Is commercial vehicle insurance different from private vehicle insurance?
Ans. Yes, the two are quite distinct. While private vehicle insurance offers coverage to motor vehicles used for personal use, commercial vehicle insurance provides coverage to units used for business operations. Compared to the former, the latter provides higher coverage limits and additional protection tailored to business operations.

Q3. Is commercial vehicle insurance mandatory in the Philippines?
Ans. Yes, all motor vehicles in the country, whether for personal or commercial use, are required to be insured, at least with CTPL insurance. However, business owners are highly recommended to get comprehensive insurance coverage for its enhanced protection.

Q4. What does ‘Acts of God’ coverage entail?
Ans. The ‘Acts of God’ coverage is an add-on coverage that is highly recommended for Filipino motor vehicle owners. It offers coverage against natural disasters like floods, typhoons, earthquakes, volcanic eruptions, and landslides.

Q5. What is the cost of insuring a commercial vehicle in the Philippines?
Ans. The cost of commercial vehicle insurance varies from PHP 8,000 to PHP 50,000 annually. You see, the price varies with the type of vehicle, usage, coverage, and provider.

Q6. How to verify the authenticity of an insurance provider?
Ans. Look for the insurer’s name in the IC’s (Insurance Commission) list of licensed insurance companies in the Philippines. Never transact with an unlicensed provider or agent, as it could be a scam.

Q7. Which insurance company offers affordable coverage for commercial vehicles?
Ans. The cost of insurance depends on factors like fleet size and risk profile. We suggest going for well-reputed and stable firms like Standard Insurance, Malayan Insurance, MAPFRE, etc., for their flexible insurance packages.

Q8. Is fleet insurance expensive?
Ans. Yes, many providers offer discounts on multi-vehicle insurance.

Q9. Is it safe to get insurance online?
Ans. Yes, digitalisation is taking over the insurance market, offering customers the convenience of shopping from home or the office. Just make sure the provider you are looking up online is registered with the Insurance Commission.

Q10. Can I switch insurance providers mid-term?
Ans. Yes, you can switch insurance providers at any time, as needed. However, the renewal time is considered the best, as it avoids all the complications related to refunds and ongoing claims.

Q11. What should I look for in an insurance provider in terms of claim terms and conditions?
Ans. Choose a provider who is transparent about claim requirements, coverage limits, and timelines. Also, look for features like online claim tracking, a 24/7 helpline, and a high claim settlement ratio.

Q12. What are the consequences of missing the insurance renewal deadline?
Ans. Missing the renewal date leaves you uninsured, thus exposing you to financial liabilities related to accidents, fire, theft, and other risks. You also face LTO registration issues and penalties.

Q13. How to check a commercial insurance policy’s expiry date?
Ans. You can check the policy’s expiry date on the insurance certificate, where the start and end dates are clearly mentioned. Furthermore, providers send SMS and email reminders for renewal.

Q14. Will my premium change when my policy is renewed?
Ans. It depends on several factors like your claim history, policy upgrade, and vehicle age. Furthermore, if you haven’t made any claim in the previous year, you qualify for a No-Claim Bonus.

Q15. How can I prevent my policy from lapsing?
Ans. You can avoid it by setting calendar reminders and opting for auto-renewal.

Also Read: Roadside assistance coverage: Meaning, benefits, services & more

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