Many people who own cars in the Philippines would wonder whether car insurance is needed or is it just an added expense. The short answer is YES, car insurance is required but it also has other perks.
Firstly, car insurance is a mandatory requirement for car registration. Under Republic Act 10607:
Per Sec. 387 of the Omnibus Amendments to the Insurance Code
“It shall be unlawful for any land transportation operator or owner of a motor vehicle to operate the same in public highways unless there is in force in relation thereto a policy of insurance or guaranty in cash or surety bond issued in accordance with the provisions of this chapter to indemnify the death, bodily injury, and/or damage to property of a third-party or passenger, as maybe, arising from the use thereof.”
As mandated by law, this type of insurance coverage is called Compulsory Third Party Liability (CTPL). It is a very basic insurance coverage that only covers the death and/or bodily injury of a Third Party victim in an accident caused by the Insured Vehicle.
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| Yes! Car Insurance is needed and should be desired. |
Asides from abiding the law, the perks of having car insurance is being able to save money, time and having the peace of mind that your car is covered in case of any accidents that may occur.
So it is advisable to have car insurance, that in case of any fender benders that you might encounter in the future, you will be secure knowing you've got insurance to take care of the damages as well as you'll be able to save time and money in having your car repaired with us or in any accredited auto repair shops in Cebu and around the country.
Next week, we would talk about the different types of insurance coverage and other add-ons to make sure that you have your car covered in any situation that may arise. To learn more and not miss out on any automotive information like us on Facebook here.
Photo Courtesy: moneymax.ph
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