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  • Own Damage and Theft
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  • VTPL-Bodily Injury
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  • VTPL-Property Damage
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  • Local Government Tax
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Importance of Car Insurance in Philippines

Accidents do happen and now that you have a car of your own, make sure that you’re taking the necessary steps to have the proper coverage by choosing the auto insurance that’s right for you. Compare different providers of automotive insurance easily with our car insurance calculator and find the most affordable quote, based on your requirements.

How Car Insurance Works

The way car insurances work is similar to other pre-need products where the vehicle owner purchases a policy from an insurance company and in turn, they will provide financial protection against damages and/or injuries resulting from traffic accidents or collisions. Depending on the policy type, the scope of coverage ranges from body injuries, death, property damage, even theft and the insurance provider will shoulder the expense toward the affected party, at times even the policy owner is covered as well.

Upon going into contract, the policy holder will have to pay an amount that the insurance company charges for the service they provide. This is called premium and it varies depending on the amount of coverage included in the policy.

Types of Car Insurance in Philippines

  • Compulsory Third-Party Liability (CTPL)

In the Philippines, it’s required by law to have a Compulsory Third-Party Liability insurance. As soon as you register your vehicle, the government through the Land Transportation Office (LTO) will automatically provide CTPL insurance coverage. This will cover any accident caused by the policy holder resulting to death and/or bodily injury of a third party victim.

  • Comprehensive Car Insurance

If you want additional protection, you can go for a policy that will provide more coverage. This is described as a Comprehensive Car Insurance policy. This type of automobile insurance allows for added protection such as damages for both the owner and third party’s property, excess bodily injury (beyond CTPL coverage), external explosions or fire, self-ignition, theft, and other malicious acts.

However, this doesn’t include protection from damages resulting from acts of nature, such as earthquakes, typhoons, and floods. If you want to be covered from these circumstances, you can decide to purchase the Comprehensive Car Insurance with Act of Nature policy for additional protection.

  • Collision Car Insurance Coverage

Should you get into an accident, Collision Coverage will shoulder the financial costs on the damages to your car whether or not you’re at fault regardless if it’s another vehicle or a fixed object. In cases where the repair cost is more than the value of the car (total wreck), then this policy will cover the replacement of your vehicle based on its current market value.

  • Personal Injury Protection Coverage

Comparable to Medical Payments coverage but with a much broader scope, Personal Injury Protection provides coverage from a wider range of expenses associated with the injuries sustained such as loss of work, rehabilitation costs, funeral expenses, lost wages, and the like, which are not necessarily medical in nature, regardless whether or not it’s the fault of the policyholder.

  • Medical Payments Coverage

Simply put, this type of car insurance coverage provides financial protection on medical expenses incurred in the event that the policyholder or anyone in the car gets injured due to an accident. Medical Payments Coverage will shoulder the expenses regardless whether it’s the fault of the policyholder or the third party.

With a variety of options available from the motor insurance provider, it’s really up to the vehicle owner to decide the amount of coverage needed and the corresponding policy to purchase. It follows that the more extensive the coverage, the higher will be the premium. Given the road conditions in the Philippines, the yearly natural calamities, along with inconsiderate private and public drivers on the road, every car owner should consider it a necessity to have car insurance protection for everyone’s peace of mind.

Aside from our free, online car insurance calculator, we recommend that you also check out our other personal finance articles that can help you save using these car insurance secrets.

Frequently Asked Questions

What is Third Party Liability (TPL)?

Third Party Liability is a compulsory requirement in Philippines before one can apply for a registration of vehicles. It is a car insurance that covers against death and or bodily injury to any third party that was caused or attributed to an accident by use of insured vehicle. VTPL refers to Voluntary Third Party Liability, any amount above ₱100,000 is considered VTPL while ₱100,000 is the minimum Compulsory Third Party Liability (CTPL).

Is Third Party Liability (TPL) required to those who are registering or renewing their vehicle?

Yes, TPL is made compulsory by the government of Philippines. The law of insurance code of the Philippines Chapter VI, Sec 377. Every land transportation operator and every owner of a motor vehicle shall, before applying for the registration or renewal of registration of any motor vehicle, at his/her option, either secure an insurance policy or surety bond issued by an insurance company authorized by the Commissioner or make a cash deposit in such amount in section 374.

What are the benefits of a TPL insurance?

It generally covers liability of the insured in respect to the bodily injury or death of any third party in an accident arising out of use of the insured vehicle. Thus this insurance ensures that all third party's injuries can be taken care of immediately without fear of payment issues.

How long does my TPL insurance last?

A car insurance coverage lasts for one year starting from the first day of the month of your registration period.

What do I do in case of an accident?

a) Immediately check and attend to people requiring medical attention.

b) Secure a Police Report even for minor damages. Be sure to fully describe the damages involved to both vehicles in order to prevent fraudulent claims. If possible, take pictures of damages in case of dispute.

c) Move vehicles to a safe area that does not obstruct traffic flow for safety purposes. Both drivers are required to sign a sketch that describes the vehicle's position at the time of accident.

d) Count the passengers of the other vehicle, and note down their names, telephone numbers and driver's license number. This will help if there is any dispute to claims involved.

e) Try not to leave your vehicle unattended in order to prevent theft or further damage.

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