Car insurance is a contract between you and an insurance company that protects you from financial losses in case of accidents or theft. In exchange for a premium, the insurance company agrees to pay for the repairs or replacement of your vehicle, as well as any damages to third-party vehicles or properties.

There are several types of car insurance coverage in the Philippines. Loss and Damage, Acts of Nature and Third Party Property Damage Insurance are protection against damage caused to your vehicle or property, while Compulsory Third Party Liability (CTPL), Excess Bodily Injury and Auto Personal Accident Insurance are protection against damage caused to people may it be your driver, passengers or the person you bumped.

CTPL insurance is the requirement of the LTO to register your vehicle and provides limited protection against caused to other people, both medical and death. Comprehensive insurance on the other hand covers damage to your own vehicle and another’s vehicle. It also includes damage caused by theft and natural disasters, as well as medical or death of your driver and passengers.

The process of filing a car insurance claim in the Philippines usually involves reporting the incident to the insurance company, providing evidence of the damage or loss, and filling out a claim form. The insurance company will then investigate the claim and determine the amount of compensation you are eligible for.

Yes, you can cancel your car insurance policy at any time but the company may charge a cancellation fee.