What does TPL Insurance mean in the Philippines? TPL Insurance vs. Comprehensive Car Insurance

You are having trouble on the road and car insurance is essential for you right now. We're here to help you know what IPL insurance means and how important it is.

When the driver makes a mistake, it can cause an accident at any time. In any car collision, you do all that you can to forestall damage because accidents regularly come along with procedures and claims.

There are many types of insurance to protect your vehicle. The most fundamental vehicle protection plan you have to get is Compulsory Third-Party Liability Insurance (or CTPL).

In this post, we will help you know What does TPL Insurance mean in the Philippines? as well as some guide about TPL insurance in the Philippines.

1. What is TPL Insurance?

TPL (or CTPL insurance for others) is common vehicle insurance that any car owner in the Philippines must have before registering their vehicles with the Land Transportation Office ( LTO). TPL stands for "third party liability," and may also be referred to as Compulsory Third Party Liability insurance.

TPL insurance protects you from the liability that you will incur in the case of an accident that has injured or killed a third party. This is a basic mandatory for all types of vehicles, from private to commercial, and also including trucks and motorbikes.

2. TPL Insurance LTO cost

TPL insurance has a fixed rate and is moderately less expensive than Comprehensive car insurance. It can range from PHP 650 - for private vehicles, to PHP 1,200 - for big trucks, depending on the type of vehicle you have. 

The Insurance Commission (IC) sets the costs of all insurance providers in the Philippines to ensure that car owners around the country can afford to cover their cars. Here are the annual TPL rates imposed by the IC:

• Motorcycles: PHP 340.40
• Private Vehicles: PHP 650.40
• Light and Medium Trucks (not exceeding 3,930 kg.): PHP 700.40
• Heavy Trucks (more than 3,930 kg.): PHP 1,290.40

3. How Can I Get TPL Insurance in the Philippines?

As referenced, accident coverage is your assurance of protection against misfortune. On the off chance that something untoward happens to your vehicle. Here are the required steps to apply for IPL insurance in the Philippines:

Step #1: Present all these necessary documents. 

• Original receipt of the vehicle 
• Certificate of Registration of your vehicle 
• Driver license 
• A valid government ID 
• 2 photocopies for each document 

Step #2: Select a non-life insurance provider and buy your TPL insurance from them. 

Step #3: Upon request, you will receive a Terms and Conditions agreement along with a Cover Confirmation or COC. Remember to make copies of all documents you get.

Step #4: Send these documents to the LTO upon registration to verify that your car has insurance coverage from a third party.

4. TPL Insurance vs. Comprehensive Car Insurance

You can protect yourself and your car better with a variety of insurances. One of which is Comprehensive Car Insurance. Let us compare the differences between TPL Insurance and Comprehensive Car Insurance:

• Car Accident Law Philippines: Essential For Every Driver
• Traffic Enforcer in the Philippines