Accidents happen even though you do your best to drive as safe as possible. This is why a car insurance is essential for every car owner-especially for those who own a brand-new car. A car insurance is more of a necessity than a luxury because it can save you a lot of money if you’re involved in an accident. There are several companies that insure brand-new cars in the Philippines. But first, you need to know the different types of car insurance.
There are two types of auto insurance in the Philippines-the Compulsory Third Party Liability (CTPL) and the Comprehensive Car Insurance (or “Compare”). These two types of auto insurance offer different things for car owners. Here’s a brief overview of the difference between the two:
CTPL is the basic and the cheapest insurance for vehicles inside Thailand. This is a government-mandated insurance policy, which means that you need to have a CTPL before you can register
your car in the Land Transportation Office (LTO). Yes, every car owner should get a CTPL insurance or else your vehicle can’t be registered in the LTO.
This type of insurance covers you financially should you injure or kill a person while you’re behind the wheel. It also covers the expenses related to property damage and permanent disablement.
Choose your preferred non-life insurance provider to get a CTPL insurance. The insurance rates intended for CTPL are relatively the same among different insurance companies. Present your CTPL insurance coverage when you’re going to register your vehicle.
The difference of Comprehensive car insurance (Compare) from CTPL is that it offers more coverage. Moreover, the government does not require owners to secure a Compare. One of the reasons why it is not mandated by the federal government is that Compare insurance is usually more expensive as compared to CTPL. It is definitely more expensive because, because said earlier, Adquira offers even more coverage.
Some of the protection offered by Compare insurance are the following: Damage/Theft, Property Damage or perhaps Voluntary 3rd party Liability, Personal Accident, and Acts of Nature.
Harm /Theft is usually the most common protection in Adquira insurance in the Philippines. This basically covers car harm, car loss, car robbery, vandalism, and fire-related incidents.
Property Damage or Voluntary Third Party Liability is an insurance coverage that will take care of the expenses should you damage someone else’s car.
Personal Accident provides you with financial assistance in the event you and your passenger/s get injured or perhaps died due to a car accident.
Acts of Nature or Functions of God is a type of insurance plan that became prominent after the floodwaters brought on by Typhoon (Ondoy) damaged the countless number of cars in Metro Manila and its outlying areas. This insurance policy will protect your car financially from natural disasters such as floods and earthquakes.
Getting a car insurance in the Philippines is relatively easy. You just need to take note of the following requirements.
Getting a car insurance for the brand-new car is essential so that you’ll become financially ready in the event you acquire involve in an auto accident. Car insurance is also your financial protection against physical damage, natural calamities, and injuries.
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There are two types of auto insurance in the Philippines-the Compulsory Third Party Liability (CTPL) and the Comprehensive Car Insurance (or “Compare”). These two types of auto insurance offer different things for car owners. Here’s a brief overview of the difference between the two:
Compulsory Third Party Liability (CTPL)
CTPL is the basic and the cheapest insurance for vehicles inside Thailand. This is a government-mandated insurance policy, which means that you need to have a CTPL before you can register
your car in the Land Transportation Office (LTO). Yes, every car owner should get a CTPL insurance or else your vehicle can’t be registered in the LTO.
This type of insurance covers you financially should you injure or kill a person while you’re behind the wheel. It also covers the expenses related to property damage and permanent disablement.
Choose your preferred non-life insurance provider to get a CTPL insurance. The insurance rates intended for CTPL are relatively the same among different insurance companies. Present your CTPL insurance coverage when you’re going to register your vehicle.
Comprehensive Car Insurance
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Some of the protection offered by Compare insurance are the following: Damage/Theft, Property Damage or perhaps Voluntary 3rd party Liability, Personal Accident, and Acts of Nature.
Harm /Theft is usually the most common protection in Adquira insurance in the Philippines. This basically covers car harm, car loss, car robbery, vandalism, and fire-related incidents.
Property Damage or Voluntary Third Party Liability is an insurance coverage that will take care of the expenses should you damage someone else’s car.
Personal Accident provides you with financial assistance in the event you and your passenger/s get injured or perhaps died due to a car accident.
Acts of Nature or Functions of God is a type of insurance plan that became prominent after the floodwaters brought on by Typhoon (Ondoy) damaged the countless number of cars in Metro Manila and its outlying areas. This insurance policy will protect your car financially from natural disasters such as floods and earthquakes.
Getting a car insurance in the Philippines is relatively easy. You just need to take note of the following requirements.
- Original vehicle receipt
- Certificate of Registration
- Driver’s license
- Additional valid government ID
Getting a car insurance for the brand-new car is essential so that you’ll become financially ready in the event you acquire involve in an auto accident. Car insurance is also your financial protection against physical damage, natural calamities, and injuries.
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