Things To Know About CTPL Insurance Philippines

CTPL insurance Philippines is a requirement for the annual motor vehicle registration with the Land Transportation Office in this country. If your car does not have CTPL, operating it on a public road is unlawful. Cars are vehicles of great speed and power, and their use constitutes an element of danger to people and property upon the highways. Even if you drive your car carefully operated, it is still a dangerous instrument. However, when  it is driven by a careless or incompetent person, it becomes an engine of damage, destruction and even death. CTPL helps to protect the general public from the dangers  that are caused by motor vehicles.

So, how exactly does CTPL insurance Philippines work? In a CTPL policy, the insurance provider agrees to pay up to P100,000 to a third party for hospitalization, bodily injury and/or death in an accident that is caused or arises out of the use or operation of an insured car. Contrary to what most people think, this insurance does not cover loss or damage to property of third parties. A third party in this case refers to  any person other than a passenger, and also excludes a member of the household, or a member of the family within the second degree of consanguinity or affinity of  the car  owner or his employee in respect of bodily injury, damage to property or death  arising out of and in the course of employment. CTPL also does not cover damages to the insured vehicle.

Your insurance provider  is supposed to  pay the amount necessary (and within the limits of the CTPL policy) to relieve you from liability, assuring the third-party victim or their heirs of financial assistance, independent of your financial capacity as the insured car owner. Simply put, compensation based on a CTPL policy can be claim under the following concurring conditions: You are a third party to the insured car owner; The insured car caused you to sustain an injury or resulted in death; and your injury requires hospitalization or results in a disability or death.

For more information on CTPL insurance Philippines, visit our website at https://ichoose.ph/ctpl