Is your existing car insurance enough?

Owning a car is a big responsibility. You have to be mindful of your driving ethics, always thinking of safety for your passengers and co-drivers on the road as well. However, no matter how careful you are on the road, you are not exempted from unforeseen accidents.

All motorists in the Philippines are required to have a Compulsory Third Party Liability (CPTL). Why do I still need to get comprehensive insurance?

What is the difference between CTPL and Comprehensive insurance? Which is better?

Compulsory Third Party Liability (CTPL) is required when you register your vehicle with the LTO. It has very limited coverage as it only covers bodily injury. Its basic intent is for the protection of the "man on the street." Comprehensive insurance is much broader in its scope of protection of the vehicle owner.

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What is the common coverage of a comprehensive car insurance?

Comprehensive insurance covers both loss and/or damage to the vehicle as well as third-party liability from bodily injury and property damage. Damage and theft are covered up to the fair market value of the insured vehicle.

How many times can I claim from my car insurance?

You may claim as many times as you have accidents in a year. The insured, however, pays his 'participation' fee for each and every claim. This is in the form of the policy deductible and depreciation. These are specified in the policy. Some insurers use a fixed deductible amount for private vehicles and commercial vehicles. Depreciation is applied when you have new parts to replace old parts that have been damaged. The percentage schedule for applying depreciation is stated in the policy.

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What documents do I need to claim insurance?

FOR OWN DAMAGE

1. Original copy of police report or duly notarized affidavit of assured's driver

2. Photocopy of OR & CR

3. Photocopy of driver's license

4. Repair estimate

5. Pictures showing the damaged portion & plate number of the unit

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FOR THIRD PARTY PROPERTY DAMAGE

1. Original copy of police report or duly notarized affidavit of assured's driver

2. Photocopy of OR & CR

3. Photocopy of driver's license

4. Repair estimate

5. Pictures showing the damaged portion & plate number of the unit

6. Certificate of no claim

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FOR BODILY INJURY & DEATH CLAIM

1. Original copy of police report or duly notarized affidavit of assured's driver

2. Photocopy of OR & CR

3. Photocopy of driver's license

4. Medical certificate

5. Hospital bills

6. Medical receipts

7. Death certificate / post / mortem examination

8. Funeral parlor / burial receipt

9. Proof of affiliation of the claimant (birth certificate / marriage contract / certification / affidavit)

10. Pictures (if any)

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If the assured/vehicle owner is not the one driving the insured vehicle at the time of accident, will the driver and the vehicle still be covered?

Yes. The insurance policy will still cover the incident provided that the driver was authorized by the owner to drive the vehicle, has a valid driver's license, and was not driving under the influence of any substance.

In cases of vehicle collisions, what should the protocol be so one can efficiently claim insurance?

Keep calm and immediately contact your broker (GTS Insurance Brokers, Inc.) so they can guide you through the process from the start. Do not admit fault or offer settlement at the scene of the accident as the incident will have to go through an investigation and evaluation process. Voluntary admission of liability by the insured may be grounds for the denial of claim.