Things To Know About CTPL Insurance Philippines

If you are a new vehicle owner in the Philippines, you need to work on getting CTPL insurance Philippines before you start using your vehicle on the road. While you can apply for a comprehensive car insurance cover, you are required to apply for the Compulsory Third Party Liability insurance, or CTPL. A lot of experienced car owners are familiar with the CTPL, but for a new car buyer, what can you expect with this mandatory insurance policy?

Compulsory Third Party Liability (CTPL) is also commonly referred to as compulsory motor vehicle liability insurance. The purpose of this insurance it protect you, the vehicle owner from financial obligations to anyone who may be injured or killed by your vehicle. Owners of both cars and motorcycles are supposed to get this coverage before they go ahead to register their vehicle to the Land Transportation Office (LTO).

Before getting Compulsory Third Party Liability, it is important to know the fundamentals of this insurance, including a couple of misconceptions. One misconception about CTPL is that it covers the driver of the insured vehicle. The truth of the matter is that CTPL only covers third parties, and that does not include the driver. Third parties in this case mean anyone aside from a passenger who is not a member of the insured’s family or employee.

CTPL insurance Philippines should not be confused with a comprehensive car insurance cover. There are some owners who think that this can substitute what car insurance offers. Comprehensive car insurance offers more coverage compared to a CTPL, and it covers loss and/or damage of vehicle, property damage, excess bodily injury, no-fault indemnity cover, and auto passenger personal accident. That said, you can get CTPL insurance from any licensed nonlife insurance provider. CTPL insurance rates from different providers do not vary so much.

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