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Share on facebook Share on twitter Share on email More Sharing Services 10/18/2012 | By MyCars Confused about the kind of car insurance you need? Read on and find out about the various ways that you can be protected from liability.
Driving through EDSA, or any major road in the Philippines for that matter, can be hellish sometimes; people seem to have different views regarding road rules. Traffic conditions can be so severe, in fact, that statistics by the Philippine National Police show that around 41 traffic-related accidents occur every day, with causes varying from human error to mechanical failure. The possibility of property damage, injury and death makes car insurance no longer just a luxury but a must for every vehicle owner because it serves as their protection from liability. If youre planning to buy a car for sale and are unaware of the types of insurance you can get for your ride, here is a low-down on some of the kinds available:
1. Compulsory Third Party Liability (CTPL) CTPL is a must, no questions asked. Presidential Decree 612 Chapter VI dictates that every motor vehicle should be insured against liability for injury or death of third parties. 2. Voluntary third-party liability This serves as your coverage for bills in excess of the amount covered by CTPL. It will keep you from paying a large amount of money out-of-pocket in the event that the accident leads to: a. b. 3. Excess bodily injury high medical expenses, permanent disability Property damage collision with a private property or a luxury car
Extended perils coverage If you can afford to pay additional premiums, you can extend your coverage to include: a. b. Acts of God, a.k.a natural disasters (flood, earthquake, volcanic eruption, etc.) Civil disorder (Strikes, riots, etc.)
4. Personal accidents This type of insurance will cover the injury or accidental death of passengers of the insureds vehicle as a result of an accident. Owning a car is a privilege, but having auto insurance is an obligation that every vehicle owner should take seriously. Before you take your brand-new car out for a test drive, make sure that youve decked it with auto insurance.
CTPL good for 3 years if brand new, then renewable every year after that. CTPL is compulsory third party liability. That is a requirement before you can register your car. LTO offices do not issue that. It is the insurance companies. However, there are many "agents" outside LTO offices and oftentimes in tandem with an LTO officer who are soliciting CTPL packaged with their registration services. You may or may not get from them. However, it is advisable that you dont, especially if you already have one from your insurance agent. CTPL is different from VTPL, which is Voluntary tpl, sometimes also known as Excess TPL and is packaged with your comprehensive insurance policy. To summarize, here are the basic coverages of an insurance policy. 1. CTPL - needed for registration. covers 100k due to death and/or medical and other expenses for third party persons. 2. comprehensive - covers own damage/theft to your vehicle plus VTPL of body injury and property damage 2a. Sometimes also bundled with Acts of nature or acts of God 3. Auto P.A. - covering death or injuries to persons inside the vehicle covered
Fire Insurance
Bonds
Travel Insurance
Golfer's Insurance
Micro Insurance
FAQs Insurance
13. During an accident, are the people inside the car covered by TPL?
No, only if an optional Coverage of Auto Personal Accident has been included in the agreed policy package
The total indemnity in respect of any one THIRD PARTY shall not exceed the fifteen thousand pesos subject to the foregoing Schedule of Indemnities in case of death or physical injury, without prejudice to the claimant from pursuing his/her claim. In which case, he/she shall not be required or compelled by the company to execute any Quit Claim or document realizing it from liability.
Registration
You can get your Compulsory TPL insurance online by registering into www.afpgen.com. You may click the GET TPL link and simply fill-up the application form, provide your information including the Order Receipt (OR)& Certificate of Registration(CR) of your car.