When you're looking to apply for car insurance, what coverage are you looking for? Do you even know what other car
insurance coverage there is besides the Compulsory Third Party Liability
(CTPL)?
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!
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 Insurance
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!
Collision Coverage
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!
Medical Coverage
Medical coverage in a car insurance helps
cover your medical costs related to an accident, regardless of who is at fault.
This also covers medical expenses for your passengers, as well as any third
party. It even complements your personal health insurance since it can help
bridge the gap that your health insurance doesn't cover, such as nursing care
and other chiropractic services related to injuries caused by the accident.
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!
***
Do
you want to open an account/plan for your:
- Life Insurance to protect your family
- Critical Illness fund to protect your finances
- Insurance with Investment for your income protection PLUS retirement/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: jacquinoynay@gmail.com / jacquinoynay@styleyourfinance.com
Twitter: @jacquinoynay
You managed to answer all the questions I had regarding car insurance. I have been meaning to get insurance for the car I bought recently and now that I know everything I needed o know. I'll be applying for the insurance. Thank you for the great post!
ReplyDeleteAwesome blog. I enjoyed reading your articles. This is truly a great read for me. I have bookmarked it and I am looking forward to reading new articles. Keep up the good work. benefits of general accident insurance
ReplyDeleteExceptional post however , I was wanting to know if you could write a litte more on this subject? I'd be very thankful if you could elaborate a little bit further. Thanks! yahoo mail login
ReplyDeleteNice to know about all types of car insurance policies. You can visit California Auto Insurance where you will get the best and affordable car insurances.
ReplyDeleteEach member in my family has a personal car, so we have multiple vehicles in home. Therefore, we wanted to go beyond car insurance, and found it worthwhile to click Comparefleetinsurance.co.uk to know about the best fleet insurance quotes that suits our needs. ~ Eamonn
ReplyDeleteNice informative article on car insurance. Visit Cheap Car Insurance California where you can affordable car insurance quotes.
ReplyDeleteIt is a fact that auto insurance policies from different companies are not designed equally, so I just decided to get the learner insurance from Myfirstuk.com that helps the newbie drivers like me to stay safe while driving.
ReplyDeleteWow! Great Post. This is really helpful. Keep up the good work. Car Insurance in Fort Saskatchewan
ReplyDeleteNice blog thanks for shareing instersting information about selfdriving .
ReplyDeletecommodity trading tips
Wow! Thanks for sharing such an useful article. Really Helpful. Auto Insurance quotes
ReplyDeleteSo, what is the insurance for a car accident where you did hit someone not by choice? Like this one from the post from NDV.
ReplyDelete