When on the road, one should exercise caution: always follow road rules, don’t drive when under the influence, and regularly get your cars checked.
As a rule: we can never be too careful when handling an automobile. After all, accidents can happen at any moment.
It’s important to protect yourself in case of an accident. With beepbeep and Standard Insurance’s CTPL Insurance offers, you can make sure that you or a third party get compensated for damages.
The CTPL Insurance, or Compulsory Third Party Liability Insurance, is a car insurance plan that the Land Transportation Office (LTO) requires every car owner to purchase whenever they register a vehicle for private or commercial purposes.
It covers property damage and medical expenses due to road accidents, such as disablement or death.
Having a policy also protects you from legal liabilities as it also provides coverage benefits to the third party.
Depending on the severity of the accident and its resulting injuries, a victim may receive P20,000 to 100,000 in compensation.
In collaboration with Standard Insurance, beepbeep.ph is offering a cheaper and hassle-free option to purchase the CTPL Insurance online. With no hidden or additional fees, you get the most out of your money. Get all these benefits starting at just P610.40* a year.
Buy your CTPL Insurance from us now!
Compulsory Third Party Liability Insurance Guide
What is CTPL Insurance?
Compulsory Third Party Liability or CTPL. CTPL is basic car insurance that is required by the Land Transportation Office upon car registration. This insurance is the least expensive car insurance in the Philippines.
The coverage of this insurance is to help the car owner on providing financial obligations that cover damage, medical expenses or death of a certain person that was involved during a road accident.
The third-party that is covered by this insurance are the people other than the car owner’s family members, employees, of the car owner and the person other than the passengers who are paying a transportation cost. This insurance can be claimed if the damage was caused by the car owner of the insured car.
CTPL Insurance Coverage
This insurance protects the car owner from any legal liabilities that can be filed against the car owner by the victim in case of injury, death or disablement. The coverage of this insurance will provide protection to the car owner of the involved vehicle from any certain liability.
This insurance will cover up to Php 100,000 for any damages to the third-party person caused by an accident involving the insured vehicle. If the accident is proven to be the fault of the car owner of the insured car.
Upon the death, injury or disablement of the third-party person, the insurance company will cover the financial liability amounting to Php 100,000 that will cover the burial or medical expense that was supposed to be paid by the car owner involved. However, any amount exceeding the insurance coverage will be coming from the car owners financial support.
CTPL Insurance VS Comprehensive Insurance
Purchasing car insurance is important to car owners. Having this on hand will serve as a protection to any financial obligation you need to pay when car accidents happen in the future.
The most common car insurances are Compulsory Third-Party Insurance and Comprehensive Car Insurance. Both insurances have different coverage but serve the same purpose which is to protect car owners from an unexpected expense.
Compulsory Third-Party Insurance or CTPL is the most basic and cheapest car insurance. This insurance is purchased by all car owners as this is one of the requirements by LTO upon Car Registration.
This insurance will help car owners from any financial obligations to the third-party person involved in the accident. The coverage of CTPL will cover up to Php 100,000 for any damages to the victim or the third-party person involved in a car accident caused by the insured car.
Another common car insurance is Comprehensive Car Insurance. Even though this insurance is not required by the government, this insurance is helpful to all car owners. This car insurance covers a wide range of inclusion which will vary on the policy you choose from your car insurance provider.
The common coverage of comprehensive car insurance are own damage/theft, property damage, personal accident, acts of nature, accidental collisions, fire, and explosions. This insurance is optional but getting this is a wise move as it will surely help you in future expenses which can cost you some money.
How much is CTPL Insurance?
A lot of car owners have the notion of car insurance as an expensive cost. However, with the benefits and protection, it can provide, having this will surely be beneficial in the future.
But not all car insurances are expensive, there is an affordable yet useful, and that is CTPL insurance. CTPL insurance is the most basic and cheapest car insurance a car owner can get. Its price range is from Php 650 to Php 1,300. This amount will vary from the vehicle type you have.
Listed below are the annual CTPL insurance premiums according to vehicle type.
1. Private vehicles – Php 650.40
2. Light and medium trucks (not exceeding 3,930 kg.) – Php 700.40
3. Heavy trucks (more than 3,930 kg.) – Php 1,290.40
4. Motorcycles – Php 340.40
The CTPL premiums listed above are based on the regulation provided by the Insurance Commission (IC) that are said to be the same to all models of the same vehicle type. These premiums cover a maximum amount of Php 100,000.
Where to get CTPL insurance?
Since CTPL is required by LTO upon car registration. All car owners need to purchase this. There are several ways to get CTPL insurance. Here are some of the places where you can get CTPL insurance.
1. Insurance Company – This is one of the most common places where you can purchase CTPL insurance. A lot of insurance companies offer this which will allow you to choose who offers the best policy.
2. Car dealership where you purchase your car – Some car dealership offers CTPL insurance as a bundle to your newly bought car. What you just need to do is to check the policy they provide.
3. Companies who offer CTPL online – Nowadays, a lot of companies are offering CTPL insurance online. This is the most convenient and hassle-free way to purchase CTPL.
How to claim CTPL insurance in the Philippines?
Anything can happen on the road. Even the most cautious driver can be involved in an accident. Having this type of insurance will protect the car owner involved in a specific expense filed by the third-party person in terms of death and injury.
After purchasing CTPL car insurance, a car owner should know to file a claim of the insurance. Listed below are the steps on how to file a CTPL claim.
1. Don’t Panic and Stay Calm
2. Gather all the important details of the incident
Make sure you have the details of the following:
a. Date and time of the incident
b. Personal contact details
c. Policyholder’s name
d. Policy number
e. Nature of claim
3. Contact your car insurance provider and report the incident.
Upon filing a CTPL insurance claim, you will be needing the following requirements:
1. Police report that contains information about the incident
2. Accomplished CTPL insurance claim form
3. Police sketch of the accident
4. A notice of third-party claim that can be obtained from the victim or from the insurance company
5. Photocopy of your driver’s license
6. Photocopy of your car’s original receipt (OR)
7. Photocopy of your car’s certificate of registration (CR)
Other additional documents will depend on the level of damage caused in the accident.
An injury caused by the accident; the following requirements will be needed:
1. Medical certificate
2. Official receipts of doctor’s fees, medical services, and medicines used for the treatment
Death caused by the accident; the following requirements will be needed:
1. Death certificate
2. Official receipts of funeral expenses
3. Photocopy of valid ID of the deceased’s heirs or claimants
Documents above are only the basic requirements upon CTPL car insurance claim. However, its best to contact your car insurance provider for the requirements and details as there are chances, they will be needing different requirements.
Knowing the steps on claiming CTPL car insurance as well as the requirements is important. Being knowledgeable will allow you to process the claim efficiently.
CTPL insurance online
Nowadays, a lot of companies are providing CTPL insurance that can be processed online. Getting this as an option to purchase your CTPL will save you a lot of time. You will be able to have the convenience of getting a CTPL from the application process, payment and even filing of claims. These activities can be done online. You won’t need to leave your house just to do all of these.
Now that CTPL car insurance is available online. Car owners won’t experience the hassle of processing one. beepbeep.ph is the right provider who can give the most convenient process and the best policy at a fair price.
To know more about beepbeep.ph’s latest services this 2019, read this article.