Top 10 electric vehicle insurance providers in the Philippines and what they have to offer
Electric vehicles, commonly known as EVs, have become a part of the mainstream automotive market. In the Philippines, these electricity-powered vehicles have become a common sight, thanks to automakers worldwide and homegrown brands offering a range from economical to premium. Whether driven by lifestyle or cost considerations, Filipino drivers are opting for fully electric and hybrid cars and switching to cleaner, more efficient transportation.
KEY TAKEAWAYS
Is EV insurance expensive compared to regular ICE cars?
Not necessary, as the premium depends on several factors, such as EV value, battery cost, and coverage level. Some EV insurance plans are competitively priced.Do all insurance providers cover EV batteries?
No. Battery coverage may be limited or offered as an add-on coverage. It is recommended to confirm the same before buying a policy.Is comprehensive insurance recommended for EV owners?
Yes, comprehensive insurance is essential because it covers significant repair and battery costs.Is coverage for Acts of God essential for Filipino EV owners?
Yes, Acts of God coverage is essential as flooding and typhoons are frequent and cause severe damage to EV’s internal system.Can I insure my hybrid car under the EV insurance plan?
Yes, absolutely. Most insurance providers in the country include hybrids under EV motor insurance plans.What is the biggest takeaway while selecting an EV insurance provider?
It is recommended to select an insurance provider that understands EV technology, not just the one offering the lowest premium.Save Up to 60% on Car Insurance Renewal
- CASA Coverage Up To 10 Years Old
- Free Roadside Assistance
- Free Acts of God/Acts of Nature
T&C
But, but, but… owning an EV comes with its own unique challenges and responsibilities - one of which is choosing the right insurance policy. Thus, we have curated a guide for EV car owners and EV insurance applicants in the country that explains coverage basics, compares leading providers, and highlights their offerings.
The best part is that by the end, you’ll have a clear idea as to which insurance provider best fits your needs, budget, and driving habits. So without any delay, let’s get started.
Electric vehicle insurance: Understanding the basics
In many ways, electric vehicle insurance is similar to traditional car insurance, but it also includes coverage for EV-specific components, such as charging cables, batteries, and the electric motor. However, since EV insurance is relatively new, not all providers offer the same level of coverage.
EV insurance vs. Traditional vehicle insurance
Compared to the Internal Combustion Engine (ICE) insurance, EV insurance includes the following coverage -
- EV batteries that are otherwise expensive to repair or replace
- Charging equipments
Furthermore, EV insurance is challenging due to the limited number of specialised repair centres. Additionally, claims and risk assessment can become complex due to advanced safety features and software updates.
All these reasons make choosing EV insurance more challenging than traditional insurance.
Also Read: Don’t buy insurance without knowing these 10 key facts
Types of EV car insurance coverage
Before settling for a provider, it is essential that you first understand the coverage options -
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Comprehensive EV coverage |
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Add-Ons |
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Top 10 EV car insurance providers in the Philippines
Photo from FreepikLet us now check out some of the most recognised insurance providers offering EV insurance in the country. Note that coverage availability may vary by vehicle type and model.
|
EV Insurance Provider |
Description |
|
Malayan Insurance |
One of the pioneers of EV insurance in the country. What it offers -
Best for - EV owners who want to partner with well-experienced, established providers. |
|
Pioneer Insurance |
Offers specialised EV insurance in the country called EV One. What it offers -
Best for - First-time EV owners looking for customised plans |
|
AXA Philippines |
It combines the provider's global expertise with local market knowledge. What it offers -
Best for - Tech-savvy EV owners who prefer online services. |
|
Standard Insurance |
Popular among private and corporate car owners in the country. What it offers -
Best for - Filipinos with EVs for personal and/or commercial use |
|
FPG Insurance |
One of Asia’s top providers with 50 years of experience and a host of products, including EV policy. What it offers -
Best for - EV owners valuing service quality and the provider's reputation |
|
SGI Philippines |
A trusted name when it comes to insurance. What it offers -
Best for - New EV owners and Filipinos with expensive cars |
|
The Mercantile Insurance Corporation |
One of the country's longest-standing providers, offering a range of products, including EV insurance. What it offers -
Best for - EV owners with premium EVs |
|
BPI MS Insurance |
This one enjoys solid reliability, thanks to its substantial backing. What it offers -
Best for - EV owners who value service quality and clarity |
|
Cocogen Insurance |
It offers competitive motor insurance options. What it offers -
Best for - Cost-sensitive EV owners |
|
Prudential Guarantee |
A long-lasting provider with nationwide reach. What it offers -
Best for - EV owners looking for standard & affordable coverage |
Tips to choose the right EV insurance provider
When comparing EV car insurance providers, don’t just focus on the premium alone; instead, make sure to consider these factors as well -
- Battery coverage: Check if battery coverage is included or not
- Repair network: Check the availability of the EV-certified repair centre network
- Claim process: Check if the process is swift and transparent
- Acts of God: Check if it is AOG is included in the plan; it is essential to see the country’s weather conditions
- Customer support: Check the service provider's accessibility and responsiveness
Photo from FreepikCommon mistakes EV owners make when buying insurance
- Ignoring battery replacement limits
- Skipping Acts of God coverage
- Assuming standard car insurance fully covers different EV components
- Not reviewing policy exclusions related to charging equipments
Make sure to address these mistakes, as failure to do so can lead to thousands of unexpected costs.
Also Read: Difference between basic car insurance and add-ons: Insights for Filipino drivers
Bottom line
Choosing the right EV car insurance policy and providers is a key part of responsible EV ownership. The top ten EV insurance providers in the country, along with their respective offerings, coverage depth, and EV expertise. To enjoy cleaner driving with peace of mind, you need to understand your vehicle’s needs, review policy details, and select a provider with proven EV support.
Also Read: Don’t panic after a hit-and-run: Here’s how car insurance helps Filipino drivers
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