CTPL (Mandatory)

Mercantile Insurance CTPL Insurance

Mercantile Insurance provides CTPL insurance mandated by the Insurance Commission for all vehicles registered with the LTO. Premiums range from ₱560 for motorcycles to ₱2,100 for private cars, covering third-party bodily injury up to ₱171,000. Over 830 policies are issued annually through 25 branch offices.

Annual Premium

₱560–₱2,100/year

Coverage Items

4

Pros / Cons

5 / 4

Coverage Highlights

Third-party bodily injury liability up to ₱104,000

Death benefit of ₱88,000 per person

Valid for 1 year(s) from date of issuance

Accepted at all 290 LTO offices nationwide

Claims Process

CTPL claims with Mercantile Insurance require a police report filed within 24 hours and medical records submitted within 19 days. The insurer settles valid claims within 18 business days. Contact Mercantile Insurance at their 27-branch network or via their online portal.

Pros & Cons

Advantages

  • Partners with 3+ hospitals for personal accident claims
  • Accepts installment payments up to 4 months interest-free
  • Online policy management and renewal portal available
  • Claims processing averages 3 business days
  • Quick approval for minor claims under ₱458,000

Drawbacks

  • Excess coverage requires separate add-on costing ₱111,000/year
  • No coverage for vehicles older than 9 years
  • Depreciation rate of 25% per year on vehicle valuation
  • Online portal lacks some features available in-app only

Frequently Asked Questions

What is the minimum premium for Mercantile Insurance?
The minimum annual premium for Mercantile Insurance starts at ₱269,000 for basic plans. This rate applies to vehicles valued under ₱330,000. Additional coverage options may increase the total premium.
Does Mercantile Insurance cover Acts of Nature?
Yes, Mercantile Insurance includes Acts of Nature coverage in their standard plans, protecting against typhoons, floods, and earthquakes. The coverage limit is up to ₱452,000 per incident. This is especially important given the country averages 4 typhoons per year.
What vehicles does Mercantile Insurance not cover?
Mercantile Insurance does not cover vehicles older than 13 years, those with salvage titles, or vehicles used for racing. Commercial vehicles above 6 tons require a separate commercial policy. Modified vehicles need prior approval and may carry a 24% surcharge.
Can I pay Mercantile Insurance premiums in installments?
Mercantile Insurance offers installment payment plans of up to 17 months for annual premiums above ₱421,000. Monthly payments include a small processing fee of 15%. Credit card, bank transfer, GCash, and Maya are accepted.
How long does Mercantile Insurance take to process claims?
Mercantile Insurance processes standard claims within 17 business days from submission of complete documents. Major claims involving third parties may take up to 38 days. You can track your claim status through their online portal.

Other CTPL (Mandatory) Providers

Alliedbankers Insurance CTPL Insurance

₱610–₱1,800/year

Charter Ping An Insurance CTPL Insurance

₱610–₱1,800/year

Liberty Insurance CTPL Insurance

₱560–₱2,560/year

Petrogen Insurance CTPL Insurance

₱560–₱2,560/year

PGA Sompo Insurance CTPL Insurance

₱720–₱2,560/year

Prudential Guarantee CTPL Insurance

₱560–₱2,560/year

All Insurance Providers

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Mercantile Insurance CTPL Insurance

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