This kind of insurance guarantees the financial protection of the owner of the motor vehicle due to loss or damage; legal liability to third parties or passengers in the nature of death, bodily injury or damage to property, which arise from the ownership and operation of the vehicle.

KINDS OF MOTOR CAR INSURANCE:

1. Private Car Insurance
2. Commercial Vehicle Insurance

NATURE OF COVERAGES:

COMPREHENSIVE COVERAGE (OWN DAMAGE & THEFT)

Pays for loss and/or damage to insured’s vehicle, including accessories duly declared and caused by:

1. Collision or overturning due to accident or consequent upon mechanical breakdown or wear & tear;   
2. Fire, external explosion, self-ignition or lightning;
3. Malicious acts;
4. Burglary, housebreaking or theft;
5. Whilst in transit by road, rail, inland waterway, lift or elevator.

COMPULSORY THIRD PARTY LIABILITY (CTPL)

Pays all sums necessary to discharge all liability of the insured with respect to bodily injury and/or death to a third party in an accident, caused by or arising out of the use of the covered vehicle. This coverage is a mandatory insurance requirement for vehicle registration purposes.

EXCESS THIRD PARTY LIABILITY-BODILY INJURY (ETPL-BI)

Coverage is similar to that of compulsory third party liability but this cover is only in excess of what is mandated by law.

VOLUNTARY THIRD PARTY LIABILITY-PROPERTY DAMAGE (ETPL-PD)

Protects the insured against liability in respect to a third party’s property, in an accident caused by or arising out of the operation of the insured vehicle.

MOTOR VEHICLE PASSENGER PERSONAL ACCIDENT (PPA)

Covers accidental death or bodily injury to the driver and the passengers, caused by an accident whilst riding in, boarding or alighting from the insured unit.

ACTS OF NATURE (AON)

Pays for loss or damage to insured’s vehicle, directly or indirectly, proximately or remotely occasioned by, contributed to by, traceable to, arising out of, or in connection with flood, typhoon, hurricane, volcanic eruption, earthquake or other convulsions of nature.