Commonwealth Insurance Co. (CIC) was first established in 1935. With more than eight decades of experience, this insurance company provides several services like the Commonwealth car insurance, bonds, engineering insurance, fire, marine, and personal accident insurance, and other similar products. Today, CIC continues to grow and is accredited by almost all commercial, development, rural, savings, and universal banks.
For some people, a car insurance does not seem necessary. However, car accidents happen all the time. If things happen and you ever get into an accident, not having car insurance might hurt your pocket more that you thought of saving by not getting one. Getting an insurance for your car is necessary if you want to cover the damages or medical expenses that might arise if your car happens to be caught in the middle of a car accident. When it comes to car insurance companies, Commonwealth bank provides one of the most comprehensive car insurance available in the country.
Commonwealth provides comprehensive insurance coverage for every car owner in two plans: comprehensive private car insurance and commercial private commercial L/M insurance. With any of these plans, you can get covered for damages made by your own or by natural occurrences, bodily injury, or carnapping. You will also be provided with financial support for property damage, personal accident, and third party liability. Here’s the breakdown of the two Commonwealth insurance offering for your cars.
Commonwealth insurance has a dedicated insurance coverage for private cars. The Comprehensive Private Car insurance plan is available on installment and provides several coverages. These include loss or damage to your car where you can get the fair market value of your vehicle in case of damage or loss due to fire or theft. Damage due to natural happenings and dealer or casa repair is also covered as long as your vehicle is not beyond two years. Accessories are also covered together with half the claim amount for the windscreen cover.
Third party covers from Commonwealth car insurance are available for property damages and bodily injury or death worth ₱200,000. A personal accident to driver is also covered for ₱10,000 while a maximum of four passengers are also covered. Roadside assistance is also provided to cars that is just two years of age. Towing services are covered for ₱1,500.
Compared to the Comprehensive Private Car plan, the Comprehensive Private Commonwealth L/M is almost similar except that it is meant more for private cars. Almost all of car insurance benefits in the Private Car insurance plan also apply to Private Commercial L/M plan. With Commonwealth car insurance, the loss or damage of vehicles are covered by fair market value, a cover benefit worth ₱200,000 for property damages, bodily injury and death are provided together with a personal accident cover worth ₱10,000 and towing service for ₱1,500.
Take note that in both plans, the insured needs to pay a deductible worth ₱3,500 before making a claim.
You are eligible for a Commonwealth car insurance as long as you are a Filipino citizen, of legal age, and own a vehicle that is not more than 10 years of age. You should accomplish the necessary documents to apply for an auto insurance from Commonwealth like a driver’s license, vehicle’s Certificate of Registration, original receipt of the vehicle, duly accomplished application form, and other valid government ID.
18 yrs old and above
Vehicle must not be more than 10 years old
Completely filled-out application form
Vehicle’s original receipt (OR)
Vehicle’s Certificate of Registration
Valid government ID (aside from the license)
There are several car insurance companies providing a comprehensive car insurance Philippines. But it would be safer to know what each one offer and compare their policies. With GoBear Philippines, you can find and compare several car insurance plans that will suit your needs best. GoBear is free, unbiased, and helps you make smarter decisions when it comes to choosing financial products and services.
Check it out and understand the offerings of Commonwealth car insurance even better, using the car insurance calculator.
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