The only time we really come face to face with insurance dealing with automobiles is when we renew our registrations. Renewing your registration means you also have to renew your coverage. But there is a big difference in what is regular auto insurance and CTP or compulsory third party insurance.
Auto policies in general covers your automobile. It protects your pocket in terms of exorbitant damages should you figure in an accident and need to have it repaired or even replaced. CTP on the other hand deals with something much more valuable.
Not all accident damages are relegated to property damage or automobile damage alone. Very few accidents are reported in which there is no injury at all. Most accidents will always have situations where people get injured, whether slightly or seriously.
In an event therefore of an accident, a regular auto policy will only cover damages to your car or the cars involved in an accident. It will not cover injuries to persons, no matter how small or minimal it may be. Thus a CTP coverage will be much needed if injuries do occur.
In looking for the right provider for this type of compulsory third party coverage, are two points to keep in mind. One, the provider should have a good track record and recognized in the industry. Two, they should have the reputation of being very responsive and work fast in honouring claims.
Another point to consider in choosing the CTP policy is its provisions for those who caused the accident. Most policies do not cover or award any claims made on behalf of the person who caused the accident. However, some policies do provide this option, it is just a matter of doing the proper research and consultation.
Auto policies in general covers your automobile. It protects your pocket in terms of exorbitant damages should you figure in an accident and need to have it repaired or even replaced. CTP on the other hand deals with something much more valuable.
Not all accident damages are relegated to property damage or automobile damage alone. Very few accidents are reported in which there is no injury at all. Most accidents will always have situations where people get injured, whether slightly or seriously.
In an event therefore of an accident, a regular auto policy will only cover damages to your car or the cars involved in an accident. It will not cover injuries to persons, no matter how small or minimal it may be. Thus a CTP coverage will be much needed if injuries do occur.
In looking for the right provider for this type of compulsory third party coverage, are two points to keep in mind. One, the provider should have a good track record and recognized in the industry. Two, they should have the reputation of being very responsive and work fast in honouring claims.
Another point to consider in choosing the CTP policy is its provisions for those who caused the accident. Most policies do not cover or award any claims made on behalf of the person who caused the accident. However, some policies do provide this option, it is just a matter of doing the proper research and consultation.
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