Third Party Liabilities

We already mentioned in our previous blog that having a Compulsory Third Party Liability (CTPL) is mandated by the Land Transportation Office (LTO) since the purpose of this insurance is to protect the public to the inevitable dangers brought by vehicles.

But what exactly is a CTPL? This type of insurance will pay the necessary amount which that is within the limits of the insurance policy. This is to relieve the insured vehicle owner from any liability and to assure the third-party victim that there will be financial assistance.

In other words, if you were a victim of a CTPL insured vehicle, you and your loved ones can claim compensation based on a CTPL policy under these conditions:

  • You are a third party to the owner of the insured car
  • The car that is insured caused you to sustain an injury or resulted in death
  • The injury you sustained requires hospitalization and/or may result in disability or death

We would also like to give you a few tips on how to file a CTPL insurance policy:

  1. Read the fine print. Of course, there is a standard generic CTPL policy. However, it is still important to read and to be familiar with the fine print of the said policy. All insurance policies may not contain the same fine print regarding limitations so better check every detail.
  2. Always keep calm during times of panic. God forbid that you met an accident with your vehicle. It’s a scary thought, right? The first thing you must do is the necessary first aid to the injured individual and call the authorities for proper assistance, medical attention and investigation.
  3. Always be honest and consider an amicable settlement
  4. Give the right information to the other party. You will have to exchange information regarding the names, address and contact details of the other party and witnesses; the name of the registered owner of the other motor vehicle, his address and his contact number; the name of the of the registered owner of the other motor vehicle, his/her address and his contact number and lastly, the details of the CTPL policy of the other vehicle.
  5. Take pictures of the car, scene of the accident and where it all took place. Always document everything that occurred at the scene of the accident and the extent of damage to the vehicles and property. Do not forget to show the plate numbers of the vehicles to easily identify the respective vehicles. If you have a dashcam installed in your car, it is better to preserve the video evidence for your reference.

Lastly, when filing a claim, wouldn’t it be great to get what is rightfully yours in such a short time?

So when availing a CTPL, why not get yours from the best? Get it from AA Guaranty Assurance Co., Inc.!

Visit AA CTPL to know more!

Because here in AA, #IkawAngBida

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