Do you know what CTPL entails?
There’s a lot to know before you buy a car and insure it! Knowing which coverage does what can help you make sure that your car is well-protected. A comprehensive car insurance policy may be too costly for some, so all the more reason to know about different types of coverage and what it does for you. Be sure to read the following before you decide to buy car insurance!
Probably the most basic car insurance coverage you will ever need, liability coverage helps cover expenses from damaging a vehicle or injuring a person in a car accident. Third party liability therefore is insurance against injuries, damages, and/or death of any person other than a passenger. Third party liability, however, doesn’t cover loss or damage to property.
Uninsured Motorist Protection
Just what it says on the tin, this is coverage or insurance that protects you if you get in an accident caused by an uninsured motorist. That means, it pays your cars damages when the motorist responsible for the accident doesn’t have liability insurance. This coverage can cover you when you’re not inside your vehicle and an uninsured motorist hits you.
Underinsured Motorist Protection
Unlike uninsured motorist protection this one helps pay your car’s damages when the vehicular accident is caused by someone who has inadequate insurance. It protects you in two ways: property damage and bodily injury. These can also help pay for you and your passenger’s lost wages and medical expenses due to the accident.
To help explain further, if the damages caused by the underinsured motorist totals PHP150,000. The underinsured motorist can only cover PHP 50,000, so you will have to cover the remaining PHP100,000. Having underinsured motorist protection can help you pay the remaining expenses.
Comprehensive means complete, or including all or nearly all elements of insurance. When you have comprehensive insurance, you’re also covered on vandalism, weather damage, flood, and even theft. Of course, the features of comprehensive car insurance varies depending on the insurance provider you select, so be sure to compare the different comprehensive insurance plans offered by all insurance providers available to you!
This coverage helps pay for damages to your vehicle in the event of a vehicular accident. What sets it apart from liability insurance is that collision coverage includes expenses when you’re the one at fault in the accident. It helps you pay for repairs and other out-of-pocket expenses. Just be sure to ask your provider how much the deductible is so you won’t be paying too much!
Personal Injury Protection
This coverage is more in-depth. Personal Injury protection covers lost wages due to the auto accident, rehabilitation services, and even funeral costs and services. Unlike medical coverage, however, Personal Injury Protection has deductibles, so be sure to clear that up with your insurance provider!
Got all that? Then you’re ready to get your brand new car the car insurance it deserves!
– Life Insurance to protect your family
– Critical Illness fund to protect your finances
– Insurance with Investment for your income protection PLUSretirement/health fund
Do you need Financial Planning consultation? This is absolutely free of charge and no obligation.
You may contact Jacqui, who will journey with you towards a secured financial future, through the following:
Mobile number/viber: (+632) 933-2014898 (sun)
Email address: [email protected] / [email protected]
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