Frequently Asked Questions
What Is Car Insurance?
Car Insurance provides protection against losses incurred as a result of accidents, theft or damage to your vehicle. Motor insurance can be seen as a legal contract between you and your insurer, defining each party's rights and responsibilities in the case of an accident.
Do I Need Car Insurance?
Yes. It's the law. It legally binds all motorists to take out insurance against their liability for injuries to drivers and passengers and for damage to others property. The minimal legal requirement is Third Party insurance, this insures against loss and injury to others. Remember, driving without insurance is a big mistake.
There are two main types of car/motor insurance:
1. Third Party Only (TPL)
- This covers Third Party Liability (cTPL or TPL) for bodily injury and death and Third Party Property Damage.
- Protects individuals against liability should they injure a third party or cause damage to a third party's property.
Most importantly, be aware that TPL does not cover the driver for damage, loss or theft to his or her car and property.
2. Comprehensive (Fully Comp)
- Comprehensive cover can offer protection for accidental damage, theft, fire, as well as liability towards third parties. Importantly, Fully Comp can pay for damage to the driver's vehicle and property no matter whose fault the accident is.
- This covers Loss or Damage to the vehicle insured (Own Damage) in addition to the Third party cover.
- This covers Third Party Liability (cTPL or TPL) for bodily injury and death and Third Party Property Damage.
- Protects individuals against liability should they injure a third party or cause damage to a third party's property.
Most importantly, be aware that TPL does not cover the driver for damage, loss or theft to his or her car and property.
2. Comprehensive (Fully Comp)
- Comprehensive cover can offer protection for accidental damage, theft, fire, as well as liability towards third parties. Importantly, Fully Comp can pay for damage to the driver's vehicle and property no matter whose fault the accident is.
- This covers Loss or Damage to the vehicle insured (Own Damage) in addition to the Third party cover.
What is Bodily Injury coverage?
if you are the cause of a car accident in which other people are injured, bodily injury coverage protects you against claims for their damages such as medical expense, lost wages, funeral costs, and pain and suffering.
Body Injury coverage is usually required by most insurance company as part of the car insurance policy.You need enough insurance to protect your assets from claims resulting from a serious car accident.
Bodily Injury coverage can also serve as a safeguard against potential law suits. You should not reduce this coverage over time even though your car ages and declines in value.
Body Injury coverage is usually required by most insurance company as part of the car insurance policy.You need enough insurance to protect your assets from claims resulting from a serious car accident.
Bodily Injury coverage can also serve as a safeguard against potential law suits. You should not reduce this coverage over time even though your car ages and declines in value.
What is Property Damage Coverage?
Similar to bodily injury coverage, property damage coverage will cover the cost of any property damage to another person's property. Property damage can range anywhere from a crushed fender, broken glass, or a damaged wall or fence which is damaged due to a car accident. Property damage can even include significant damages to another person's car.
Because certain instances of property damage may vary, coverage tends to vary depending on the car insurance company.
Property damage coverage is considered to be one of the most important aspects of a car insurance policy. It protects you in the event of a lawsuit. Property damage coverage also safeguards your assets.
That is why some sort of property damage policy is usually mandatory or required. Make sure that you
Who is covered under my car insurance policy ?
Generally, your car insurance policy covers you, your spouse, family members,anyone driving the car with your permission, and anyone who reasonably believes he or she is entitled to drive your car.
When I buy a new car is it automatically covered?
Not yet, You may also need to purchase a new car insurance policy for your car as well. A car must be insured before you drive it
When is an endorsement required?
An endorsement is a written evidence of an agreed change to a policy. It is a document that incorporates changes in the terms of the policy. If
there are any alterations to be done in the policy the customer needs to approach the Insurance Company to effect the change in the policy. This is done by way of an endorsement.
An endorsement may be issued at the time of issuing the policy to provide additional benefits and cover (e.g., legal liability to driver) or to impose restrictions (e.g., accidental damage deductible). The wordings of those endorsements are provided in the tariff.
An endorsement may also be issued subsequently to record changes such as change of address, change of name, change of vehicle etc
What are the documents required for renewing the policy?
- OR / CR of the unit
- Premium Cheque / PDCs / Credit Card
- Application with signature
- Renewal Reply Form / Notice
Is it legal to drive without car insurance?
No. Accidents do happen, and the law states that you must be able to compensate any person you injure or any damage you may cause. The cheapest form of car insurance is third party , which only covers any damage that you may cause. the most popular policy sold would be comprehensive cover , which will cover you for any damage to your own vehicle as well as anyone else.
How can i iNSURe my car?
Just leave it to us, all we need is the car details thru your OR/CR, you can fax
the copy or email it to us.
How can I pay for my car policy?
There are a number of options. Annual premiums can be paid by cash, credit
card, cheque, and thru Bank Deposit to company's account. For full details, ask mikel
How long does it take to get car insurance?
In most cases, assuming you request a policy now, for brand new car, You should have at hand details of your assigned car or arrangement to your agent, policy must be delivered before scheduled release of the unit to your dealership. You can be insured the day you
requested it or call and take out a policy, or you can choose a later date for your cover to begin.
(deliver and pick-up for special arrangement) and it won't take long at all.
Car Insurance Carrier: Federal Phoenix Assurance Co., Inc.
Since 1958, we at Federal Phoenix Assurance Co., Inc. have been the risk and insurance expert chosen by companies and individuals because of our customer focused approach, financial capability, and prompt claims settlement. Through the years, we have nurtured our customers' trust by continuously providing them with only the best protection and service - Makati City.
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