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Insurance | Auto

edited March 2019 in Banking and Finance
Im about to get a car, and I was wondering, are we required by LAW to have car insurance?

Pwede bang wala?


  • Only the TPL is required if 2nd. But it's better to have an insurance for peace of mind. Pag brand new ata kasama na sa cost ng car.

    Bakit pala ayaw mo ng insurance?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Maliit lang ang coverage ng CTPL. If you don't buy (additional) insurance for the car, that means you are taking on all the risks yourself. Kung talagang mayaman ka, bakit hindi?
  • I dont know much about insurance, especially "(compulsory) third party liability"

    "Only the TPL is required if 2nd." if 2nd what? 2nd hand?

    Yeah, this is a 2nd hand vehicle

    So, the only insurance required by law is CTPL? (if its second hand?)
    CTPL would protect me from another person damaging my property, correct?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    The only insurance required by law is CTPL, no matter what "hand" you vehicle is. ;)

    CTPL protects you from liabilities arising from bodily injury to other people as a result of operating your car. The amount of coverage is P100,000. So if you are driving your car and hit a motorcyclist, for example, and you need to pay for medical bills to have him checked and treated at a hospital, CTPL will pay for that up to P100,000. However, you will have to pay out of your own pocket the costs to get his motorcycle fixed. If he decides to sue you for lost income because he cannot go to work while his injuries are healing, and you lose the case, you'll pay for that, too.
  • Also, CTPL does not cover pag nacarnap or nabangga ka and nadamage vehicle mo even if hindi mo kasalanan.

    IMO, its better to get comprehensive insurance.
  • thanks for the clarification and answers

    Please dont delete this thread :D
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