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 Classified
under Motor Vehicle Insurance product lines, the CTPL or the Compulsory Third
Party Liability-Bodily Injury is a mandatory insurance before a motor vehicle
could be registered with LTO, regardless of whether such vehicle is government
or civilian-owned. This is a basic motor car insurance policy requirement.
Should the owner of such
vehicle wish to provide additional insurance coverages, we have the Third Party
Liability- Property Damage, the Excess Third Party Liability-Bodily Injury, Own
Damage and loss of vehicle or Theft, insurance coverages.
Types
of Coverages
- Compulsory Third Party
Liability (CTPL) - is provided for by PD 612,
making compulsory the motor vehicle insurance against third party liability death
and bodily injuries. The CTPL coverage is a requirement before the registration
and operation of any motor vehicle. The minimum required coverage can be increased
as requested through Excess Third Party Bodily Injury/Death Cover (EPTL).
- Third Party Liability
-
the insurer will pay
all sums (subject to the schedule of limits of Liability) necessary to discharge
liability of the assured in respect of accidental damage to property not belonging
to or held in trust by, or in the custody or control of the assured or any member
of the assured's household or being conveyed by the insured vehicle as a consequence
to the operation of the vehicle.
- Loss or Damage -
this coverage specifies
the protection afforded the assured insofar as his vehicle is concerned. It covers
all accidental damages and malicious damages by any third person (other than an
employee of the assured) to the insured car and/or its accessories and spare parts
(excluding mechanical breakdown and wear and tear but including damage resulting
from these causes when such resultant damage is caused by accidental means).
- Theft - this
covers loss or damage arising out of burglary, housebreaking or theft.
- Personal Accident -
this provides indemnity (benefits) for loss resulting or solely from bodily injuries
caused by external accident causes while the Insured/authorized driver or any
of his or her passengers are riding in, boarding or alighting from the insured
vehicle.
Benefits
provided are as follows:
a. Death
b. Permanent Disablement or Dismemberment
c. Medical or Surgical Treatment
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