Cheapest CTPL Insurance for Motorcycle

Compulsory Third Party Liability (CTPL) is also known as compulsory motor vehicle liability insurance. It protects the owner of the vehicle from financial obligations to anyone who is injured or killed by the insured vehicle. Owners of cars and motorcycles are required to get this coverage before they register their vehicle to the Land Transportation Office (LTO).

Before you get a CTPL, you need to know the fundamentals of this insurance. This includes a couple of misconceptions.

One misconception is that the CTPL covers the driver of the insured vehicle. The CTPL only covers third parties, and that does not include the driver. Third parties mean anyone aside from a passenger who is not a member of the insured’s family or employee.

A CTPL is different from a comprehensive car insurance, and some owners think that this can substitute what a car insurance offers. A comprehensive car insurance offers more coverage than a CTPL, and covers the following: loss and/or damage of vehicle, excess bodily injury, property damage, no-fault indemnity cover, and auto passenger personal accident.

With this said, you can get a CTPL insurance from any licensed nonlife insurance provider. CTPL insurance rates from different providers do not differ so much from one another.

The CTPL insurance isn’t that expensive, compared to the problems you might face on the road. If you plan to get a one-year coverage, you’ll need to pay PhP560.00 for private cars and PhP250.00 for motorcycles. If you opt for a three-year coverage, private cars can pay PhP1,610.00 and motorcycles PhP720.00.

The CTPL only covers injury or death of a third party. It does not cover the damages of the insured vehicle and the driver, or any damages to the property of the third party.

With the CTPL, the insurance company agrees to pay for a third party’s hospitalization, bodily injury, or death in a vehicle-related accident. They, however, do not pay for loss or damage of property.