What is excess or voluntary third party liability?

This is included in a comprehensive motor car insurance package. This covers the amount in excess of the coverage provided by CTPL.

What does deductible mean?

This is the amount that the owner or assured has to bear in case of an Own Damage claim in accordance with the terms of the insurance.

The following are the standard deductibles under the Motor Tariff:

  • Private Car 0.5%, minimum of PhP 2,000.
  • Commercial Vehicles 1.0% of sum insured, minimum of PhP 3,000.

Is the insured vehicle being transported still covered by motor car insurance policy?

The insured vehicle is covered during transit by land, inland waterway, lift or elevator. It is not covered if the vehicle is transported by inter-island vessels navigating on open seas or by aircraft.

What are the damages that can be claimed from your Own Damage/Theft cover?

Damages due to the following:

  • Accidental collision or overturning
  • Fire, external explosion, self-ignition
  • Lightning
  • Burglary, housebreaking or theft
  • Malicious acts other than those caused by the insured, a member of his family or person in his service
  • Whilst in transit (including the process of loading and unloading) incidental to such transit by road, rail, inland waterway, lift, or elevator

How can you determine the amount of Own Damage and Theft cover?

The insurance companies have the Fair Market Value table which is regularly updated and is the reference for the amount of cover. These are referred from major dailies and/or sourced from Buy and Sell magazines.

Can the insured pay in advance for the expenses of a third party claim in case of an accident?

It is not encouraged to do so since the insurance company will have to review the claim first and rule out that the claim is due to accident and the insured is liable.

What is COC or is it the same as the CTPL?

COC stands for Confirmation of Cover. This is the document presented to LTO when you renew your registration as a proof of your CTPL Insurance Coverage.

What is CTPL or Compulsory Third Party Liability Insurance?

CTPL is an insurance coverage required by law for the registration of any vehicle licensed for use on the public highways. It covers the death and/or bodily injury of a Third Party victim in an accident caused by the Insured Vehicle. The policy can only be claimed up to 100,000 pesos if the death, damage, or injury was caused by the operation of the insured vehicle.