What is the difference between a CTPL Insurance and a Comprehensive Car Insurance?
CTPL or Compulsory Third Party Liability Insurance only covers third party bodily injuries or death caused by accident with a limit of 100,000 pesos. This is subject to the Schedule of Indemnity.
COMPREHENSIVE CAR INSURANCE
Covers a wider range of financial damages that can be caused by car accidents. The coverage includes damages to own vehicle, damages to other people’s vehicle or property, and bodily injuries or death of a third party and own passengers.
Is car insurance required in the Philippines?
Only CTPL insurance is required which shall be submitted to the Land Transportation Office every time an application or renewal of vehicle registration is processed. Comprehensive Car Insurance, however, is not a requirement of the Land Transportation Office, but if a vehicle is mortgaged in a bank or a financing company, the mortgagee and mortgagor usually have an agreement that the vehicle shall be covered by comprehensive insurance during the amortization period.
What are the coverages I may get in comprehensive car insurance?
Own Damage and Theft - any damages to own vehicle incurred by accidental collision or overturning, and any loss due to theft, whole or any part of the vehicle and unlawful taking of car accessories.
Excess Third Party Bodily Injury - covers the injuries or death caused to other people in an accident. It is known as "excess" because it only provides coverage after the limits of your CTPL insurance policy have been exhausted. Like the CTPL insurance, this is also subject to the Schedule of Indemnity.
Third party property damage - It is a type of car insurance coverage that provides financial protection for damages caused to someone else's vehicle or property in an accident where you are at fault.
Passenger accident - it is a type of insurance policy that provides coverage for driver and passengers who are injured or killed in a car accident.
Is my car covered by comprehensive insurance against damages incurred by disasters?
Yes, if you opted to include Acts of Nature (AON) coverage in your comprehensive car insurance. This covers damages caused by flood, typhoon, earthquake, volcanic eruptions and other convulsions of nature.
Does my bank require my comprehensive insurance to have an Acts of Nature (AON) cover?
What is the turnaround time for the issuance of the Letter of Authority (LOA)?
Upon completion of requirements, the expected turnaround time should be:
Amount of Claim Turnaround Time
P 50,000 and below within 3 days
P50,000 - P100,000 within 5 days
Over P100,000 within 7 days
Can I dictate the coverage value for my car?
For OD/Theft/AON coverages, no. Insured amount shall be based on the vehicle’s fair market value at the time of the issuance. Fair market values of all vehicles are determined by the Philippine Insurers and Reinsurers Association (PIRA, Inc).
However, subject to approval of the Insurer, you may opt to adjust the insured amount for Bodily Injury and Property Damage but it should not exceed the vehicle’s fair market value.
Please note that by insisting to declare your desired market value, your mortgagee may refuse to accept your policy or you may be declined policy issuance.
If my vehicle has incurred damages and I am too busy to report/file my claim, can I wait until I have ample time to do it?
You are only given thirty (30) days to report a claim/accident. Beyond that, the policy may not respond to your claim.
Here at Vigattin Insurance, filing a claim should be easy and will not take so much time as you may report and file it on our website.
Link below directs you to our Online Claims Filing:
How will I be kept posted or updated about my claim?
We have a dedicated claims personnel, aside from your agent, to assist and update you on your claims. You may also track your claims through our Online Claims Tracking on our website and your policy number is the only detail you will need to provide.
Link below directs you to our Online Claims Tracking:
What are the modes of payment available?
One time payment
Cash Installment up to 4 months
Up to 6 months with post-dated checks
Debit/credit card thru Paypal
For online payments, the following methods are available:
Bank transfer to our BDO Account
Account Name: Antz Insurance Agency
GCash Pay Bills under Insurance category
Online payment facility that is available on the website - DragonPay
It is necessary to submit your proof of transfer to your agent for posting of payment
Do NOT deposit your payments to the personal accounts of our agents. Any payments made personally to the agents will not be honored.
How do I get a copy of my policy?
We will deliver the copy of your policy to your provided delivery address at no cost.
How many days should I expect for the delivery?
If your delivery address is within Metro Manila, you may expect delivery one (1) day after your policy has been issued. Your policy will be delivered by our in-house messengers.
If your delivery address is outside Metro Manila, you will have to wait for just a few days depending on the location. Your policy will be delivered by our official logistics partner, J&T Express.
Who will be in charge of the delivery of the Bank’s/Mortgagee’s copy?
The delivery of the Bank’s/Mortgagee’s copy is also on us, and at absolutely no cost as well.
Will there be any payment required prior to delivery of my policy?
We do not require any payment for the delivery of the client’s copy but it is highly recommended that you make a payment within thirty days from the issuance date to avoid cancellation of your policy.
As to the delivery of the bank’s / mortgagee’s copy, payment based on your payment term is required.
My vehicle is currently mortgaged in a bank, what will happen if I do not avail comprehensive insurance?
Most banks impose penalties for non-submission and late submission of insurance policies, while some, with penalties imposed, will automatically renew your old insurance that will most likely cost you more. It is highly recommended that you secure an insurance policy before your existing one expires.
I noticed some errors on the details in my policy. What should I do?
Please notify your agent immediately so the endorsement of your policy will be processed. Any corrections that should be made shall be requested an endorsement.
I still have unpaid balance on my premium but within the payment term I availed, will I be able to file a claim?
Regardless if within the agreed payment term, you will need to settle in full any unpaid balances first for your claim to be processed.
What will happen if I fail to pay my premium?
As stated in the Insurance Code of the Philippines, insurance companies have the right to terminate the cover of your policy due to non-payment.
If my policy has been terminated due to non-payment, what should I do to have it reinstated?
Any unpaid balances shall be settled in full, and the latest pictures of the vehicle with date on all sides shall be provided as well.
I had an accident while my policy was terminated, will I be able to file a claim for the same accident after reinstatement?
No, your insurance cannot respond to any damages or losses incurred while your policy is terminated.
If I opt to cancel my policy and I had paid in full or a portion of my premium, will I get a refund?
If cancelation is requested within thirty days from the policy issuance, you may get a full refund.
If beyond thirty days, the Documentary Stamp Tax and a prorated amount of your basic premium based on the number of days that has lapsed in your coverage period are not refundable.
If beyond ninety days, all charges such as Documentary Stamp Tax, Value-added Tax, and Local Government Tax, plus a prorated amount of your basic premium based on the number of days that has lapsed in your coverage period are not refundable.