CTPL or Comprehensive Car Insurance? What is the difference and why should I get both?

Car owners know this.  They need to present a Compulsory Third Party Liability coverage (CTPL) in addition to their comprehensive car insurance coverage before they can register their vehicles.  Why? First, let’s understand what these two are.  CTPL provides compensation to the third party in case of a car accident. Comprehensive car insurance can also be purchased for extra protection, but isn't required by law.  Some comprehensive car insurance policies do not cover personal injury or death of the insured, or any injuries or death of family and employees.  The Car Protect Package from Standard Insurance does.

Car Protect provides seven (7) major benefits:

1. CTPL – this is the mandatory requirement of the government in the registration of your vehicle.  As earlier mentioned, it compensates the third party in case of an accident.
2. Own Damage/Theft – accidental collision, overturning, falling, fire and third party malicious acts caused by a car accident are covered under this feature.
3. Excess Bodily Injury – this supplements the CTPL because it covers bodily injury or death by the assured.
4. Voluntary Third-Party Property Damage – damage to property owned by one or more third parties arising from a car accident caused by the assured’s vehicle is covered by a Car Protect comprehensive car insurance .
5. Personal Accident Rider – medical treatment, dismemberment, permanent disability or even death arising from bodily injuries caused by a car accident will be covered by Car Protect of Standard Insurance.
6. Acts of Nature – loss or damage to the insured vehicle or its accessories and spare parts caused by earthquakes, typhoon, flood, volcanic eruption, fire and other natural events.
7. Loss of Use cover – beginning on the 4th day the vehicle is of no use, this cover will pay P500 per day for a maximum of 15 days to cover transportation allowance to the insured.