If I sell my vehicle, will the insurance transfer to the new owner?
No. The policy is attached to the person and not the insured vehicle. In order to make a change of ownership, the person must request to transfer the policy to the new owner. Those requests are subject to the approval of the insurance company.
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What are the coverages under comprehensive vehicle insurance?
Own Damage / Theft (OD/T) – covers collision (accidental), fire, external explosion, self-ignition, lightning, overturning, theft, burglary, or malicious act as stated in your policy. Excess Third-Party Liability (BI/PD) – Covers cost for bodily ...
Does vehicle insurance cover vehicle accessories?
The accessories which are standard to your vehicle will be covered. However, other non-standard/factory accessories are not covered unless it was declared prior.
What is Vehicle Insurance?
Vehicle Insurance, also known as Auto, Motor, or Car Insurance, protects individuals from financial losses as caused by accidents related to operations of vehicles.
Is vehicle Insurance required in the Philippines?
The Philippines law dictates that every vehicle licensed for use on highways must be insured with CTPL coverage.
To whom will the Insurance Company pay the benefits?
This will be paid to you, the insured, and not the hospital.