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Types of Car Insurance Coverage
- Compulsory Third Party Liability (CPTL) – The LTO-required insurance covers injuries or the death of a third party in an accident caused by your vehicle, up to PhP100,000. A “third party” here means any person involved in the accident who is not a fare-paying person, a member of your household, a member of your family, or a person inside your vehicle. This does not pay for damages you cause to any property, or injuries of death of the persons inside your vehicle.
- No Fault Indemnity – Similar to CPTL as this also covers injuries or death of a third party. But on this one, you don’t need to prove to be at fault for them to get a payment.
- Loss or Damage – This coverage protects you against loss or damage to your car, For instance, someone stole your side mirrors or someone left a scratch on your car, this cover protects you against that.
- Excess Liability Insurance – This cover is, as the term implies, used when the costs skyrocketed to more than the PhP100,000 limit. The excess liability cover will take care of that so you don’t have to dip into your savings. Besides bodily injury, this cover will also pay for damages to property.
- Auto Passenger Personal Accident – This covers injuries or death of the person/s inside your vehicle.
- Acts of Nature – Also known as Acts of God, this covers damages to your vehicle caused by natural disasters like flood, earthquakes, typhoons, volcanic eruptions, and the like
How to file a claim?
- Document as much as possible; pictures will speak volumes – close ups, full views versus your surroundings, plate numbers, etc.
- Get all the necessary information – driver’s name and contact information, contact details of people who can attest to what happened.
- Report the incident to your insurance company – include as many details as you can – what happened, when and where, who were involved, how much the estimated damage is, etc.
- Forward any claim, demand letter, summons, or any form of relevant communication to your car insurance provider.
- Fill out a claim form and submit it with the following documents: a) Police report affidavit, b) Photographs of the incident estimated cost of the repair, c) Photocopy of your driver’s license and official receipt (OR), d) Photocopy of car registration and motor vehicle registration renewal (MVRR), and e) Additional documents, depending on the situation.
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