Driving involves great responsibility, as you will be sharing public roads with hundreds of drivers at the same time. Part of this responsibility is securing car insurance on your part. We hope everyone is aware that it is mandated by the law to acquire third-party liability insurance. Then, there are also comprehensive car insurances that you could avail apart from the Compulsory Third-Party Liability insurance.
In case you don’t have a clear idea of how important and insurance is, be it CTPL or comprehensive insurance, just imagine a soldier advancing to enemy lines with nothing but his boots. The analogy is simple, entering a battlefield with no weapon is a disaster (even worse, a suicide), which is quite similar to driving with an uninsured car, as it is like asking for serious troubles. Luckily, it is mandated by law to have, at least, the CTPL. But, what does CTPL really covers?
Compulsory Third-Party Liability insurance
CTPL is like the most basic car insurance you need in able to drive in the Philippines. However, this type of insurance can only cover things up to some extent – and that excludes you, the insurance holder. CTPL will cover your financial obligations to the third party involved. That includes bodily injuries or even death.
Expenses will be out from your own pocket
Yes, CTPL will not cover you, the insurance holder – meaning you’ll be paying for your expenses out from your own pocket. With comprehensive car insurance, your expenses will be covered, depending on the coverage of insurance you have. Insurances that cover what’s commonly known as “Acts of God” cover damages caused by natural calamities such as a flood.
You’ll be facing charges or even jail time
Of course, if you can’t pay for the damages you’ve caused, you’ll be dealing with legal matters. If you’re the root of the accident and you can’t cover the damage you’ve done, the least charge you may face is reckless imprudence resulting to damage to property. Imagine if someone is killed, that could be more problematic. Are you now convinced that your life would be so much easier with comprehensive car insurance? There’s more.
Inconveniences you’ll face in repairing your car
If you’re rich and you can pay for an instant repair job in a matter of days, good for you. However, the real-life situation isn’t always convenient. If you find yourself short of budget, you wouldn’t be able to use your car any time soon, as your car may end up stuck in the garage or the repair shop. This could cause a domino effect in various daily activities.
It’s only logical for you and the other party who’s involved to conduct more than one meeting to find the most convenient solution. This may take days and that means less productivity and more stress. Also, if the car you got in an accident with is utilized for business, it could affect generating profit, which will add to more stress. Aside from those, you’ll also waste more time dealing with the aforementioned legal matters you may face.