Do you plan to buy a new vehicle but you don't know if you need auto insurance for your vehicle, or do you have the interest to get auto insurance for your old vehicle? Then you have come to the right page because on this page I will share some bits of information regarding auto insurance. But if you are looking for the best car insurance in the Philippines, try Malayan's Automaster Insurance. They have the best value of coverage compared to other auto insurance providers.
The main purpose of auto insurance is to protect you the owner of the vehicle from an unexpected event that might result in vehicle damage, such as vehicle accidents or cause of natural calamity damage. Also, it will provide an assistant if ever you may cause damage to other people's cars. Over the past years, insurance companies get better and better providing auto insurance services to their clients.
What kinds of vehicles the auto insurance can cover?
The insurance companies can cover motorbike, car, van, pickup, jeepney, truck, bus, or any land vehicles. But excluding the train, electronic bike, monocycle, bicycle, or bicycle sidecar. But I'm not sure with the exclusion, its better ask or inquire with the insurance company concerning this matter.
Types of auto insurance coverages:
Liability: damages that you cause to others, which is bodily injuries and property damage.
Collision: Damages that are crash related to public property or buildings.
Comprehensive: damages that out of your control or outside your influence, such as calamity damage.
For more details or example of auto insurance coverage such as Malayan's automaster insurance, please refer below...
Malayan's Automaster covers the following benefits:
- Automobile Loss/Own Damage
Malayan takes pride in its claims settlement reputation. Protect yourself from automobile damage or theft. With the Automaster, you'll be back on the road in no time.
- Third Party Liability
Driving is a big responsibility; you always run the risk of accidentally hurting someone or damaging another person's property. Malayan's car insurance in the Philippines shoulders these risks to keep you on the move. Enjoy coverage for Excess Bodily Injury of up to Php 500,000.00 o Property Damage of up to Php 500,000.00.
- Auto Personal Accident
Protect yourself and your passengers from expenses arising from vehicular accidents. Automaster will provide Accident protection of up to Php 50,000.00 and Medical Reimbursement of up to Php 5,000.00 per person. Whichever package you choose, Automaster provides Personal Accident protection for 5 persons (including the driver) for Private Vehicles and 8 persons (including the driver) for Commercial Vehicles.
- Acts of God Protection
Secure your vehicle against the forces of nature. This car insurance policy in the Philippines will protect your vehicle against damages directly caused by typhoon, flood, hurricane, volcanic eruption, earthquake or other convulsions of nature.
- Riots, Strikes & Civil Commotion Coverage
Protect your vehicle against the perils of social unrest and lawless elements. This cover will respond to loss or damages to your vehicle arising out of riots, strikes, or malicious damage done intentionally or unintentionally by third parties.
- Standard Automobile Accessories Protection
We provide free protection for your vehicle's standard accessories such as mags, audio and components, and aircon.
- Optional Valuable Accessories Protection
Automaster can be enhanced to cover special accessories like bullbar, CD Changer, spoilers, customized magwheels, etc. All you need to do is declare the values, and flow the formula to complete your advantage.
- Loss of Use
Gear up for the extra-mile advantage our car insurance policy provides. With the Loss of Use, you can get as much as Php 500.00 reimbursable transportation allowance per day for a maximum of 15 days, while your car is undergoing accident-related repairs. Reimbursements will be counted on the fourth day of surrendering your vehicle to the repair shop!
- Accredited Repair Shops
Accessibility of repair shops is a must to keep you on the lead. That's why we have over 160 accredited repair shops all over the country.
Does an insurance company have different rates for auto insurance?
All insurance company has the same rates because the tariff is regulated by insurance commission. The only difference is the quality of service, such as the value of coverage provided and quality of services.
If the bank finances my new vehicle will they provide or require me to have auto insurance?
The bank will not provide you auto insurance for your vehicle, but some banks might offer you auto insurance as extra service from their partner insurance company, or let you choose which insurance company you prefer to cover your auto insurance. Most banks will not finance the vehicle loan if you don't have auto insurance. Because the car is your collateral, and you still have to pay the remaining debt even your vehicle got stolen or lost. While with auto insurance, the insurance company will guarantee the payment of your vehicle loan in case a car lost or stolen. Therefore, if ever your car got stolen or lost, you won't have a problem paying the debt to the bank, and you will be able to collect your previous payments from the bank. Since the insurance company will shoulder the full payment for your auto loan.
Why does the vehicle registration office require me to have a CPTL Insurance for registering my vehicle?
CPTL (Compulsory Third Party Liability) Insurance or liability insurance, is to protect the owner to third party bodily injury or an injury you might have cause to anyone while driving your vehicle. But does not cover the damage you have cause to third party vehicle or property damage, including your vehicle and yourself.
Having auto insurance for my vehicle is beneficial?
Just think this way and always remember, the general purpose of auto insurance is to assist you from the financial inconvenience by providing you a helping hand when the unexpected event does occur, such as damage to your vehicle and/or bodily injury to other people. In common terms of a vehicle owner, just like the spare tires that you always carry to help you with the replacement of the flat tire, or a helmet that protects you from crashing your motorbike.
I hope I was able to answer some of the common questions for deciding whether to get auto insurance for your vehicle. If you have more questions, inquiries, or suggestions concerning this topic, just comment below and I will add the answer in this page.