What is comprehensive insurance in the Philippines?

Meanwhile, a comprehensive insurance provides financial protection to you and your car by covering car repairs and insuring you against damage, liabilities caused by collision, car theft, floods, and landslides, among many road mishaps.

What is an example of comprehensive insurance?

Comprehensive insurance coverage, also known as “other than collision” coverage, is a car insurance coverage that can help pay the costs of damage to your car for non-collision related claims. For example, it can help pay for damages caused by hail, theft, fire or hitting an animal.

What does it mean by comprehensive insurance?

A comprehensive car insurance is an extensive motor insurance plan that covers the insured person against both, own damages and any third party liabilities. … A comprehensive car insurance covers any unforeseen incidents such as an accident, fire, theft or natural calamity.

Is it compulsory to have comprehensive insurance?

Please note that having a comprehensive cover for one’s vehicle is not compulsory (but recommended), however, carrying at least a third party car insurance is mandatory as per this act. While the Motor Vehicles Act is the most important reason to hold car insurance while driving in India, it is not the only reason.

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What is the difference between TPL and comprehensive insurance?

In general, a comprehensive car insurance policy will cover you for a wide range of damages, injuries, and loss to your passengers, your vehicle, and other property. Third party car insurance is more restrictive, covering damage to other vehicles and their passengers, but typically not much else.

What comprehensive insurance does not cover?

Physical Damage Coverage

Comprehensive covers damage to your car caused by something other than a collision. For example, comprehensive can cover damage from fire, theft, vandalism, windstorm, flood, falling objects, etc. It does not cover mechanical breakdown, normal wear and tear, or maintenance.

Is comprehensive full coverage?

No, comprehensive insurance is not full coverage, but it is often referred to as full coverage insurance when purchased together with collision insurance and any state-mandated types of coverage. Comprehensive insurance covers non-accident-related vehicle damage caused by things like vandalism or a natural disaster.

Which type of car insurance is best?

Which is a better Car Insurance? Taking a comprehensive car insurance cover is always advisable as it provides complete protection of not only someone else’s car like a Third-Party car insurance, but also the Own damages to your car, as well as any injury to the owner driver.

Does comprehensive insurance include zero depreciation?

Zero Depreciation is an ‘Add on’ cover, in other words, an added benefit that can be bought with Comprehensive Insurance. Basically, Zero Depreciation is part of Comprehensive Motor Insurance !

How many sections are in comprehensive insurance?

5 Key Sections of Comprehensive Car Insurance Policy Wordings | Bajaj Allianz.

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Is comprehensive insurance mandatory in Philippines?

What is Comprehensive Insurance for Cars in the Philippines? True to its name, a comprehensive insurance for cars in the Philippines or “compre” is a more comprehensive type of policy compared to CTPL. It’s not mandatory, but it is highly recommended to buy one, especially if you use your vehicle everyday.

Which type of insurance is mandatory?

Mandatory General Insurance a User Should Have

The general insurance cover that is mandatory is third-party liability car insurance. This is the minimum coverage that a vehicle should have before they can ply on Indian roads.

How do I know if my car is third party or comprehensive?

​We all know one thing that the primary difference between third-party car insurance and a comprehensive car insurance one is that of coverage. The third-party insurance as clear with the name only covers for third party liabilities, while the comprehensive one covers for damages done to own vehicle as well.

What is IDV value?

What is Insured Declared Value (IDV)? The term ‘IDV’ refers to the maximum claim your insurer will pay if your vehicle is damaged beyond repair or is stolen. Suppose the market value of your car is Rs. 8 lakh when you buy the policy. That means the insurer will disburse a maximum amount of Rs.

Can I drive someone else’s car with comprehensive insurance?

The car you want to drive must be covered by an existing insurance policy and you must have permission to drive it. Driving other cars cover is usually only available on a comprehensive car insurance policy, so if you have third party (or third party, fire & theft) cover, you won’t be covered to drive any other cars.

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What is LTO TPL?

TPL (or CTPL insurance for others) is a basic car insurance that every car owner in the Philippines should get before registering their vehicles to the Land Transportation Office (LTO). TPL means “third party liability,” but can sometimes be referred to as compulsory third party liability insurance in the Philippines.