What is Car Insurance?
Car Insurance is a contract between the vehicle owner and the insurance company. The vehicle owner receives financial protection against unforeseen events to their covered car from the Insurer. In exchange, the insurance company collects a premium. These unforeseen events covered include third-party coverage, fire, theft and damages/loss caused by natural or manmade calamities.
Why Do You Need Car Insurance?
According to the Philippines law, Compulsory Third-Party Liability (CTPL) is a must have. It provides coverage against injury, death or property damage to a third party caused by the insured vehicle. That being said, it does not cover damages to your own vehicle.
That is why we recommend purchasing a Comprehensive Car Insurance. Such a policy will provide CPTL, plus will cover damages to your own vehicle. It also has the option to choose Add-Ons to customise and improve coverage to your car. The bottom line is that driving under the protection of a Car Insurance Policy will ensure that you drive stress-free, knowing that your insurer has your back.
Types of Car Insurance Policies
As far as Car Insurance is concerned, there are broadly two types of coverages
Compulsory Third-Party Liability and Comprehensive. In this section, we will discuss both options in detail.
Comprehensive Insurance
Comprehensive Insurance, as its name implies, offers comprehensive financial protection for your four-wheeler. Not only does it provide the mandatory Third-Party coverage, it also covers damages to your own vehicle. The coverage for your own car includes accident-caused damage, fire, theft, natural/manmade disasters and total loss. Furthermore, it enables provision to opt for Add-ons to further customise coverage.
Compulsory Third-Party Liability
Third-Party Insurance, also known as “Compulsory Third-Party Liability” (CTPL), is the most basic Car Insurance coverage available. Moreover, as its name suggests, the Land Transportation Office (LTO) of the Philippines deems it compulsory for cars to legally drive on Philippine roads. Its inclusions are injury, death or property damage caused to a third party by an insured vehicle.
Compulsory Third-Party Liability vs Comprehensive Car Insurance
Criteria | Compulsory Third-Party Liability | Comprehensive Insurance |
Coverage | Coverage is only for injury, death, or property damage to third parties. | Coverage for Third-Party Liability and damages/losses to your own car. |
Add-on Covers | It does not have the option to include Add-ons. | It provides the option to choose Add-ons based on your insurance needs. |
Legal requirement | It is legally mandatory as per the Land Transportation Office (LTO) of the Philippines. | It is not mandatory, but provides broader cover and fulfils the legal requirement. |
Premium | The cost is generally lower than a Comprehensive Car Policy. | The pricing is typically higher than that of a Third-Party Car Policy. |
How to choose the right Car Insurance Policy?
Choosing the right Car Insurance Policy provides financial protection and peace of mind. Some of the most important points to follow while opting for the right Car Insurance are as follows.
Consider your needs
Consider your car type, usage and personal requirements. Check what type of car insurance will be suitable for your vehicle and if you require add-ons for more better coverage.
Research and compare
Research different insurance providers and policies. Compare their coverage options, premiums, deductibles, claim settlement process and customer reviews.
Buying policy online
Buying car insurance online offers convenience to the car owners by checking on competitive prices and also saves time by reducing the hassle of visiting the branch.
Add on covers
Check for all the add-ons before purchasing a Car Insurance Policy. As they would give extra coverage to your car when needed.
Read the policy document
Before finalising the Car Insurance purchase, take time to read and understand the policy document. Ensure that you check for the exclusions and terms & conditions. This knowledge will come handy while raising a claim.
Why Choose SGI Philippines for Your Car Insurance Needs?
You can buy affordable and reliable Car Insurance from Shriram General Insurance. Our Comprehensive Car Insurance coupled with the Add-ons we provide will give you the necessary financial protection you need to drive peacefully on Philippine roads. We have a user-friendly and easy to navigate website. If you head there you can buy policies, raise claims and renew your existing insurance policy. Also, if you raise a claim you can rest assured that your request will be settled in a timely manner.
What’s Covered Under Car Insurance Policy by SGI Philippines
SGI Philippines offers complete protection for both private and commercial cars. We provide essential coverage like third-party liability, property damage, bodily injury, personal accident, and acts of nature. You can also receive compensation if your car is stolen, lost or damaged beyond repair.
Car Insurance Add-on Covers
If you buy a Comprehensive Car Insurance Policy, you can opt for a Zero Depreciation Cover. This cover is also called, Nil depreciation or bumper-to-bumper cover and provides the total cost of replacement in case of vehicle damage. If you don’t have this add-on you will be compensated only with the depreciated value of the damaged car parts. In such a case, you will end paying a part of the repair and replacement cost out of your own pocket. So, purchase this Add-on to ensure that you are fully compensated after vehicle repair.
Benefits of buying Car Insurance
Financial Protection
It covers expenses arising from accidents, natural disasters, and more. It also provides financial protection in case your car is damaged, stolen or wrecked beyond the scope of repair.
Compulsory Third-Party Liability Coverage
It helps you be compliant with the legal mandate of requirement of driving with CTPL. This policy covers damage caused to a third party in case of an accident and can help you avoid financial and legal liabilities.
Peace of Mind
With Shriram Car insurance, you can drive with confidence, knowing you're protected against unforeseen events on the road. Buy our Car Policy to say goodbye to fears and hello to freedom!
How to Buy Car Insurance
01.
Decide where to buy Car Insurance
02.
Figure out how much auto coverage you need
03.
Fill out an application form
04.
Choose a policy, pay the applicable premium and get insured
05.
Cancel your old Car Insurance Policy (if applicable)
Documents Required for Filing a Car Insurance Claim
The following documents are required while filing a Car Insurance claim.
- Copy of Police Report (if available) or Notarised Affidavit or SGI Accident Report Form
- Photocopy of Vehicle’s Registration Certificate and current Official Receipt
- Photocopy of Driver’s License and official receipt of authorised driver
- Preferred shop estimate (if available)
How to File a Car Insurance Claim at SGI Philippines
01.
Secure the accident scene
02.
Document the accident scene
03.
Notify your Insurance company
04.
Submit required documents
05.
Letter of Authorisation and repair
Motor Insurance Terms Explained
Claim
An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.
Premium
Premium is the amount of money an individual or business pays for a Motor Insurance Policy. In exchange, the insurance company provides financial protection to their insured vehicle.
Deductible
Deductible is the amount of money that the insured person must spend before their insurance policy starts paying for covered expenses.
Insured
Insured is a person or organisation whose vehicle is covered by an insurance policy. The insured’s loss results in the insurer’s obligation to pay the proceeds of the insurance policy.
Insurer
Insurer is the party in an insurance contract that promises to pay compensation by underwriting the insured risk. By contrast, the insured is a person or organisation whose life, health or property is covered by an insurance policy.
Benefits of buying Car Insurance
Financial Protection
It covers expenses arising from accidents, natural disasters, and more. It also provides financial protection in case your car is damaged, stolen or wrecked beyond the scope of repair.
Compulsory Third-Party Liability Coverage
It helps you be compliant with the legal mandate of requirement of driving with CTPL. This policy covers damage caused to a third party in case of an accident and can help you avoid financial and legal liabilities.
Peace of Mind
With Shriram Car insurance, you can drive with confidence, knowing you're protected against unforeseen events on the road. Buy our Car Policy to say goodbye to fears and hello to freedom!
How to Buy Car Insurance
01.
Decide where to buy Car Insurance
02.
Figure out how much auto coverage you need
03.
Fill out an application form
04.
Choose a policy, pay the applicable premium and get insured
05.
Cancel your old Car Insurance Policy (if applicable)
Documents Required for Filing a Car Insurance Claim
The following documents are required while filing a Car Insurance claim.
- Copy of Police Report (if available) or Notarised Affidavit or SGI Accident Report Form
- Photocopy of Vehicle’s Registration Certificate and current Official Receipt
- Photocopy of Driver’s License and official receipt of authorised driver
- Preferred shop estimate (if available)
Why Choose SGI Phils for Your Car Insurance Needs?
You can buy affordable and reliable Car Insurance from Shriram General Insurance. Our Comprehensive Car Insurance coupled with the Add-ons we provide will give you the necessary financial protection you need to drive peacefully on Philippine roads. We have a user-friendly and easy to navigate website. If you head there you can buy policies, raise claims and renew your existing insurance policy. Also, if you raise a claim you can rest assured that your request will be settled in a timely manner.
What’s Covered Under Car Insurance Policy by SGI Phils
SGI Philippines offers complete protection for both private and commercial cars. We provide essential coverage like third-party liability, property damage, bodily injury, personal accident, and acts of nature. You can also receive compensation if your car is stolen, lost or damaged beyond repair.
Car Insurance Add-on Covers
If you buy a Comprehensive Car Insurance Policy, you can opt for a Zero Depreciation Cover. This cover is also called, Nil depreciation or bumper-to-bumper cover and provides the total cost of replacement in case of vehicle damage. If you don’t have this add-on you will be compensated only with the depreciated value of the damaged car parts. In such a case, you will end paying a part of the repair and replacement cost out of your own pocket. So, purchase this Add-on to ensure that you are fully compensated after vehicle repair.