Some car owners comply with the minimum government requirement when it comes to protecting themselves against financial repercussions of car accidents. Unfortunately, by nature, we can’t tell when and where accidents will happen and how severely it will affect us, our cars and our passengers. This is why a comprehensive car insurance policy is still your best option. Many car insurance policy holders fail to understand the full benefits of their coverage and this lack of awareness discourages them from renewing their policies properly. What we have here are critical information about car insurance policies that you should know about and ask more about from your Malayan Insurance agent:
CAR INSURANCE COVERS
Compulsory Third Party Liability (CTPL)
This is a government requirement. Its cover ends together with your vehicle’s annual registration. This covers you against liability for death or bodily injury involving the insured car and a third party (the other car involved) from car accidents due to your own fault or negligence, or that of your authorized driver.
Own Damage and Theft (OD/Theft)
Insures the car from accidental loss or damage due to your own fault or that of your authorized driver. or the loss of the vehicle due to carnapping. The Fair Market Value (FMV) is the basis for arriving at the vehicle’s cost estimate or the car’s insured value. The FMV or insured value is the limit of the non-life insurance company’s liability for loss/damage cover.
Fair Market Value (FMV) is the price that the car would sell if it were to be sold in the open market at the time that the policy proposal was created and issued. Usually, cars’ fair market value depreciates overtime.
Voluntary Third-Party Liability (TPL)
Is your buffer or additional coverage to the CTPL required by law. There is TPL for bodily injury and properties. This is to make sure that you are financially ready, through your insurance, for more severe accidental damages that you or your authorized driver caused using the insured car.
Commonly known as “Acts of God”, insures your vehicle against loss or damage caused by acts of nature such as flood, typhoon, hurricane, volcanic eruption, earthquake or convulsions of nature for as long as you did not intentionally cause the car to be lost or damaged by these acts of nature.
Personal Accident Cover (PA)
This insures car occupants or individuals riding in, boarding in or alighting from the insured car. Financial cost of car accidents resulting to death, disablement and medical expense reimbursement of the car occupants are covered by this benefit. Malaya Insurance provides Personal Accident Cover for 5 persons for private vehicles and 8 persons for commercial vehicles (including driver).
Loss of Use (LOU)
In case of accidental damage, you will have your car repaired. Whether the accident was your fault or of the other party, you will be inconvenienced by lack of transportation. Loss of Use allows you to reimburse transportation cost per day for a maximum of 10 days, from Php 500 to Php 1,000 (your choice) while your car is undergoing accident-related repairs.
Riots, Strikes & Civil Commotion Coverage
This protect your vehicle against the perils of social unrest and lawless elements. This cover will respond to loss or damages to your vehicle arising out of riots, strikes, or malicious damage done intentionally or unintentionally by third parties.
CAR INSURANCE POLICY EXCEPTIONS
Before you agree to buying the car insurance policy, it’s important that you are aware of its exceptions or conditions under which you may not be able to make a claim. For example, if the accident or liability caused or incurred took place outside the Republic of the Philippines. Another exception is if the accident or liability happened while the car is being used outside of its limitations such as total weight it can carry or if declared as private vehicle but was being used for Uber or Grab. It’s best to talk to a Malayan Insurance representative at (02) 628-8628 / csc[at]Malayan[dot]com to know more about this. You may also ask your accredited Malayan agent.
CAMILLE (Call Malayan Insurance Live Line) is a FREE membership roadside assistance program exclusively to Malayan Comprehensive Motorcar Insurance Policy Holders. When you get into an accident or any type of car emergency, you just call the hotline and CAMILLE will be there to assist you for FREE. Free benefits include emergency towing due to mechanical breakdown or accident, minor roadside repair and other assistance and services such as hospital admission arrangement, emergency medical transportation, map locator assistance, etc. There are limits to the corresponding expenses of the free benefits. To know more about this and applicable areas, visit CAMILLE at Malayan.
GETTING YOUR CAR INSURANCE POLICY
Prepare the following when getting your car insurance policy:
For brand new cars: Sales invoice and images of the car on all 4 sides
For non-brand new cars: Images of the car on all 4 sides, OR/CR and if applicable, copy of the existing insurance policy and deed of sale
You have several options to get your car insured:
- You can do it ONLINE by clicking on this link. You will just have to fill-out your personal and vehicle information to get your car insurance quotation via email. If you are amenable to the quotation, you can click through the email to help you complete the government-required information then submit car’s
- You may contact a friend, family member or acquaintance who is also an ACCREDITED MALAYAN AGENT to ask for a quotation and to help you secure your car insurance policy.
- You may visit or contact any of our BRANCHES by clicking on this link.
- You may call our CUSTOMER SERVICE at (02) 628-8628 or email us at email@example.com.
MAKING A CLAIM
The most important thing is to keep a copy of your policy handy. Malayan will need your policy number as reference for checking your records and the coverages of your car insurance policy. When you get your car insurance policy from Malayan, it’s important that you know what to do in case of an accident. It’s best that you read through this helpful material first which gives you a step-by-step guide on what to do and list of accredited repair shops. It’s in PDF form so you can download it too! In case of an accident, you may also call CAMILLE and/or fill-out this car insurance claim form to inform our Claims Department directly about the details of your accident and extent of damage.
You should be more than ready to take on the road with your car insured by Malayan Insurance. To know more about getting your car insurance policy in the Philippines from Malayan Insurance, go to www.malayan.com.
Written by Kristina Relampagos
Image by ReadersDigest.ca