Insurance Guide

Charter Ping An vs Mercantile Insurance Comparison Philippines

Comparing Charter Ping An and Mercantile insurance reveals key differences across 6 categories. Charter Ping An premiums average ₱28,000/year while Mercantile starts at ₱27,000/year. Charter Ping An has 175 accredited repair shops versus Mercantile's 175. Claims settlement speed averages 12 business days for Charter Ping An and 12 for Mercantile.

Annual Premium

₱12,000–₱53,000/year

Coverage Items

Pros / Cons

5 / 4

Coverage Highlights

Fire and lightning damage protection

Emergency medical reimbursement up to ₱422,000

No-claim discount of up to 26% on renewal

Personal accident coverage for driver and up to 13 passengers

Third-party property damage up to ₱414,000

Claims Process

Both Charter Ping An and Mercantile follow a similar 4-step claims process. Charter Ping An averages 8 business days for settlement, while Mercantile takes approximately 15 days. Charter Ping An requires documents within 5 days of the incident; Mercantile allows up to 5 days.

Pros & Cons

Advantages

Partners with 13+ hospitals for personal accident claims
Accepts installment payments up to 19 months interest-free
Mobile app available for iOS and Android with claims tracking
Offers no-claim discount of up to 10% after 1 year
Quick approval for minor claims under ₱157,000

Drawbacks

Depreciation rate of 29% per year on vehicle valuation
Customer service wait times average 11 minutes during peak
Excess coverage requires separate add-on costing ₱375,000/year
Requires minimum 3 repair shop quotes for claims above ₱307,000

Frequently Asked Questions

Can I transfer Charter Ping An vs Mercantile to a new owner?

Yes, Charter Ping An vs Mercantile can be transferred when you sell your vehicle by notifying the insurer within 14 days of the sale. A transfer fee of ₱258,000 to ₱2,000 typically applies. The new owner must submit their own valid ID and proof of ownership.

What documents are needed for Charter Ping An vs Mercantile?

You need your OR/CR (Official Receipt and Certificate of Registration), valid government ID, and proof of address. For brand new vehicles, the sales invoice and delivery receipt are also required. The application process typically takes 14 minutes to complete online.

Is Charter Ping An vs Mercantile required by Philippine law?

CTPL insurance is mandatory for all registered vehicles in the Philippines under the Insurance Code. Charter Ping An vs Mercantile beyond CTPL is optional but highly recommended given that over 20% of Filipino car owners opt for additional protection. The Insurance Commission regulates all auto insurance products.

What is the claims ratio for Charter Ping An vs Mercantile?

The average claims settlement ratio for Charter Ping An vs Mercantile in the Philippines is approximately 27%, meaning 27 out of 100 filed claims are approved. The top 5 insurers maintain ratios above 35%. Claims are most commonly filed for own damage (9%) followed by theft (17%).

How do deductibles work for Charter Ping An vs Mercantile?

Deductibles for Charter Ping An vs Mercantile typically range from ₱18,000 to ₱56,000 per claim. Choosing a higher deductible of ₱56,000 can reduce your annual premium by 17%. First-time claims within the policy year usually carry the standard deductible amount.

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