This type of insurance is designed to protect owners from loss or damage to their motor vehicles and from legal liability that may arise in connection with the use of such vehicles.
Our Standard Motor Car insurance policy offers the following coverages:
• Compulsory Third-Party Liability (Section I) – requirement by the Land Transportation Office (LTO) prior to the registration of a vehicle. This cover protects the vehicle owners from legal liability to third parties caused by bodily injury with a limit of Php100,000.00 per accident and subject to Schedule of Indemnities for bodily injury and/or death.
• No Fault Indemnity Cover (Section II) – is an automatic part of the Compulsory Third Part Liability coverage required under the law. The policy coverage will pay any claim for bodily injury and/or death to any third party without the necessity of proving fault or negligence of any kind by the Assured.
• Loss or Damage Cover (Section III) – will indemnify the Insured against loss or damage to the Scheduled Vehicle including accessories and parts attached therein as a result of:
a. Accidental collision or overturning consequent upon mechanical breakdown or consequent upon wear and tear;
b. Fire, external explosion, self-ignition or lightning, or burglary, housebreaking or theft;
c. Malicious act
d. While in transit (including the process of loading and unloading) incidental to such transit by road, rail, lift or elevator.
Coverage may also be extended to secure protection against acts of nature which includes loss or damage due to earthquake, typhoon, flood and volcanic eruption subject to payment of additional premium.
• Excess Liability Insurance (Section IV) – protects the Insured against legal liability for third party bodily injury in excess of the Compulsory Third-Party Liability Insurance under Section I and II (and not subject to schedule of indemnities) and legal liability for third party property damage.
• Unnamed Passenger (including driver) Personal Accident Insurance – provides benefits due to accidental injury or death to unnamed passengers and driver, subject to payment of additional premium. The cover applies to passengers and driver while on board the insured motor vehicle.