Unfortunately, CTPL insurance only covers death or bodily injury to a third party, so you'll have to pay for your own injuries and automobile repairs. Having comprehensive car insurance provides top-up protection to cover those losses.
The inclusions on this policy, however, may differ depending on your car insurance provider. For example, theft coverage may be limited to the parts required for the insured vehicles to function correctly, as some insurance companies may refuse to cover stolen components or accessories found within the vehicle. If your car is stolen, you can be reimbursed for a set amount depending on its fair market value and depreciation.
When your car sustains damage that is not caused by normal use, such as a collision with another vehicle or being struck by falling debris, your insurance provider will shoulder the costs of repairs or replacement. If your vehicle is stolen or robbed, the same rules apply.
Another benefit of having comprehensive car insurance in the Philippines is that it can protect you from very costly obligations, especially if you hit a pedestrian or damage property such as other cars. Rather than paying for these costs out of pocket, car insurance allows you to file a claim with the insurer for your own damage, subject to the limits of your policy.
In the case of natural disasters which are beyond human control, there is an inclusion of coverage that is known as “Acts of God” or “Acts of Nature”. Natural disasters such as earthquakes, floods, typhoons, tornadoes, hurricanes, hail, tsunamis, or wildfires can cause damage to your automobile. This kind of inclusion is extremely beneficial, especially in the Philippines, where natural calamities are often.