What is Motor Insurance?
Why choose SGI Philippines?
Why should you buy motor vehicle insurance?
Protecting Your Investment
Buying a motor vehicle was probably one of the most significant financial decisions you have ever made. Therefore, you would want to ensure that your costly investment is adequately safeguarded from potential mishaps. Purchasing Motor Vehicle Insurance is the best way to accomplish that and guarantee financial security.
Legal Compliance
As per the rules put forth by the Land Transportation Office (LTO) of Philippines, it is compulsory for all vehicles to be insured with Third- Party Insurance. Thus, not having this coverage will incur legal penalties. Compulsory Third Party Liability (CTPL) provides financial protection against injury, death or property damage to a third party caused by your vehicle.
Peace of Mind
Everyone makes mistakes when driving or is the victim of another person's mistake. Thus, the knowledge of potential mishaps on the road can create a fear to drive a vehicle. Fortunately, this fear can be overcome from knowing that you are financially safeguarded from vehicle-related accidents/losses.
Types of motor insurance
Private Car Insurance
For most, a car is more than just a means to an end. To some it is a precious asset, to others it shares equal status to a family member. But what cannot be denied is that a car is probably one amongst a person's most valuable possessions. And like all precious things, it requires protection. At SGI Philippines, we are committed to protecting your four-wheeler financially against third-party liabilities, accident-induced damages, and other potential losses.
Motorcycle Insurance
Motorcycles are a preferred mode of transport for many. Unfortunately, they are easier to steal and are more prone to encounter accidents. But worry not! With our motorcycle insurance, you can ride your two-wheeler with the assurance that you are financially secure from a wide range of mishaps. For instance, we offer the legally required third-party liability coverage and coverage against damages to your own vehicle. Not only that, but we also cover theft, natural and manmade calamities. So, if you are looking for Motorcycle Insurance, you have come to the right place!
Commercial Vehicle Insurance
Commercial vehicles are an integral part of a business. Hence, it comes as no surprise that they require financial safeguarding. There are broadly two types of commercial vehicles, namely, Goods Carrying Commercial Vehicles (GCCV) and Passenger-Carrying Commercial Vehicles (PCCV). SGI Philippines offers multiple insurance options for both these types of commercial vehicles. Our key offerings include coverage against fire, theft, natural and man-made disasters, and total loss in addition to third-party liability insurance.
Types of Motor Insurance Coverage
Compulsory Third Party Liability
Compulsory Third Party Liability (CTPL) cover is a mandatory for all the car owner. It is considered as mandatory insurance before the LTO registration. This car insurance covers injuries of the third party in case of accident.
Third party Liability covers the legal liability for the damage you caused to the third party ie. injury. death or other damages. This liability only covers the other person. It won't pay for repairs to your own car or injuries to yourself or your passengers. It ensures you can help cover the costs if you cause an accident, giving you peace of mind and protecting others. It is wise to consider additional insurance options to protect your own vehicle and passengers.
Comprehensive Insurance
As its name suggests, Comprehensive Insurance provides a broad range of coverages for motor vehicles. Not only does it offer the Compulsory Third-Party Liability coverage, it also provides coverage for damages to your own vehicle. A Comprehensive Policy's coverage includes fire, theft, total loss, accident-caused damages and damages caused by natural/man made calamities. Furthermore, it gives you the option to choose Add- ons to enhance vehicle coverage.
Personal Accident Rider
SGI Philippines provides a rider called Personal Accident Rider. The rider provides compensation to the insured individual during unfortunate events like accidental death and disability.
If the insured individual is affected by any disablement, the expense of the policyholder will be taken care of by SGI Philippines. In case of unfortunate demise of the insured individual occurs, a predetermined amount will be provided to the policyholder's family. So during these unfortunate times, the policyholder's family will have financial protection.
How does Motor Insurance Work?
Motor Vehicle Insurance provides protection against unforeseen circumstances arising from road and motor vehicle accidents. In the event of an accident or damage to your vehicle, inform your insurance provider promptly. File a claim by providing necessary documents such as the police report, vehicle registration, and claim form. The insurer will assess the damages and process your claim accordingly.
What’s Covered Under Motor Insurance Policy by SGI Philippines?
SGI Philippines offers complete protection for both private and commercial vehicles. Essential coverage like third-party liability, property damage, bodily injury, personal accident, and Acts of Nature, are included. SGI Philippines’ commercial vehicle insurance applies to buses and trucks.
What’s Not Covered Under Motor Insurance Policy by SGI Philippines?
Normal wear and tear to the vehicles by usage and passage of time is not covered, as well as expired warranties and regular and periodic maintenance repairs needed. Damage to vehicle due to driving under the influence of liquor and while committing a crime are also exclusions of the Motor Insurance policy.
How to Calculate Motor Insurance Premium?
Motor Insurance premiums are computed by multiplying the applicable rate per thousand, as to type of usage of the vehicle, which should always be compliant to the Tarriff Rate prescribed by the Insurance Commission to the current Fair Market Value of the vehicle. Expanded coverage and add-ons can be included by paying additional premiums.
Motor Insurance Add-on Covers
01.
Following are the add-ons for motor insurance
02.
Auto Personal Accident Insurance and Towing Service
How to choose the right motor insurance?
Identify your requirements
Before purchasing a Motor Insurance, evaluate your vehicle type, usage and other requirements. Apart from your needs, consider the type of coverage- Comprehensive or Compulsory Third Party Liability.
Try to read the policy document
Before finalising the purchase, read and understand the policy document. The policy document will contain inclusions, exclusions and terms and conditions, which will help you make an informed decision.
Research and compare
Research online about the different policies and insurance providers. Compare policies based on premium, coverage options, reputation, customer reviews and claim settlement process/ratio.
Try to purchase online
By purchasing online, you increase your chances of purchasing Motor Insurance at a competitive price. You can also avoid the hassle of visiting a branch and save time.
Benefits of buying motor insurance
Financial Protection
Our policies cover a wide range of perils including accidents, natural disasters, and more. Insure with us to ensure financial protection in case of any damage/loss to your vehicle.
Third-Party Liability Coverage
This cover is mandatory as per Philippines road laws. It covers damage caused to a third party incase of an accident. Thus, purchasing this cover can help you avoid legal and financial liabilities.
Peace of Mind
Road accidents are unpredictable and can cause anxiety to vehicle owners. However, if you have SGI Philippines Motor Insurance, you can drive on the road with confidence knowing that you are financially protected.
How to buy motor insurance
01.
Decide where to buy Motor Insurance
02.
Figure out how much auto coverage you need
03.
Fill out an application form
04.
Compare motor insurance quotation
05.
Choose a policy and get insured
Documents Required for Filing a Motor Insurance Claim
- Copy of Police Report (if available) or Notarized Affidavit or SGI Philippines Accident Report Form
- Photocopy of Vehicle’s Registration Certificate and current Official Receipt.
- Photocopy of Driver’s License and Official Receipt of Authorized Driver.
- Preferred shop estimate, if available.
How to File a Motor Insurance Claim at SGI Philippines ?
01.
Secure photos of the accident scene
02.
Document the accident via a Police Report or Notarized Affidavit
03.
Notify your SGI Philippines at once
04.
Submit required documents
05.
Submit Letter of Authorization and repair estimate
Motor Insurance Terms Explained
Claim
When the insured raises a request to their insurance company to compensate them for policy covered damages/losses to their vehicle, it is called a “Claim”.
Deductible
It is a portion of the claim amount that the insured agrees to pay. Generally, the higher the deductible amount selected, the lower the premium payable.
Premium
It is the fee that the insured pays to the insurance company in exchange for a specific financial protection.
Insurer
This term is used to refer to insurance providers/companies.
Insured
This term refers to the individuals who are covered under an insurance policy.
Benefits of buying motor insurance
Financial Protection
Our policies cover a wide range of perils including accidents, natural disasters, and more. Insure with us to ensure financial protection in case of any damage/loss to your vehicle.
Third-Party Liability Coverage
This cover is mandatory as per Philippines road laws. It covers damage caused to a third party incase of an accident. Thus, purchasing this cover can help you avoid legal and financial liabilities.
Peace of Mind
Road accidents are unpredictable and can cause anxiety to vehicle owners. However, if you have SGI Philippines Motor Insurance, you can drive on the road with confidence knowing that you are financially protected.
How to buy motor insurance
01.
Decide where to buy Motor Insurance
02.
Figure out how much auto coverage you need
03.
Fill out an application form
04.
Compare motor insurance quotation
05.
Choose a policy and get insured
How to File a Motor Insurance Claim at SGI Philippines ?
01.
Secure photos of the accident scene
02.
Document the accident via a Police Report or Notarized Affidavit
03.
Notify your SGI Philippines at once
04.
Submit required documents
05.
Submit Letter of Authorization and repair estimate
Motor Insurance Terms Explained
Claim
When the insured raises a request to their insurance company to compensate them for policy covered damages/losses to their vehicle, it is called a “Claim”.
Deductible
It is a portion of the claim amount that the insured agrees to pay. Generally, the higher the deductible amount selected, the lower the premium payable.
Premium
It is the fee that the insured pays to the insurance company in exchange for a specific financial protection.
Insurer
This term is used to refer to insurance providers/companies.
Insured
This term refers to the individuals who are covered under an insurance policy.
Frequently Asked Questions
Unfortunately, the answer is NO. TPL as discussed at length here, provides coverage against Third Party Bodily injury only and will not respond to expenses for damages on your own vehicle.
In SGI Philippines, we have a large network of reputable car dealer service centers and accredited repair shops, nationwide, that you can choose from. Your satisfaction and quality of service is our priority, hence we prefer that you engage the services of our accredited shops to ensure quality of repairs.