If you are
a new car owner in the Philippines, you may have questions about the ins and
outs of certain types of car insurance. One of the things that you may want to
know is if it is mandatory for you to have third party liability
insurance Philippines. The simple answer to your question is that yes, it
is mandatory for you to have third party liability coverage. Subject to the
limits of liability, third party liability insurance will answer for the death,
disablement as well as medical expenses of any person injured because of an
accident involving your vehicle.
In the
Philippines, a compulsory third party liability (CTPL) insurance policy is
needed before your motor vehicle can be successfully registered with the Land
Transportation Office, whether for commercial or personal use. The reason why
CTPL cover is needed before you vehicle can be registered is so as to provide
protection for the general public. When you purchase a CTPL policy, you are
given an insurance policy with conditions. A certificate of cover (COC)
is usually attached to the policy. The COC is then showed to the Land
Transportation Office upon registration to prove that your car has third party
insurance cover.
Among the
details that are included in the certificate of cover include the name of the
assured, the basic details of their vehicle, for instance plate number, chassis
number, serial number and color, and also the insurer’s limit liability.
Additionally, schedule benefits such as death benefits, permanent disablement
and dismemberment, funeral expenses and limits for medical and hospital
reimbursement are also included in the schedule of benefits for bodily injury
or death.
You can
purchase third party liability insurance Philippines cover from any licensed
insurance company in this country. CTPL premium rates are mandated by the
insurance commission across all insurance providers.
For more information on third party liability
insurance Philippines, visit our website at https://ichoose.ph/
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