Motorcar

Motorcar

Motorcar is an insurance against loss, damage and/or liablity incurred by the Insured resulting from accidents arising from the ownership and operation of his motor vehicle.

A Motor Vehicle is any vehicle propelled by any power other than muscular power, using the public highways, used mainly for the purpose of transporting people and cargo from one place to another. This excludes vehicles used for purposes other than transportation such as bulldozers, road-rollers, etc.



Classification of Motor Vehicles:



1. Private Car

A private car is one of a "private type" (sedan,coupe, liftback, etc.) used for social, domestic and pleasure purpose, as well as business or professional purpose (including the carriage of goods) of the insured. It includes the used by the insured's employees for such purposes. This shall not include cars being hired out to other parties for a fee.


2. Commercial Vehicle

A commercial vehicle is a vehicle used mainly for commercial (business) purposes such as those transporting goods or products from one place to another. These do not include vehicles used for transporting passengers for compensation. (Example: cargo trucks, pick-ups, vans.)


3. Motorcycle

A motorcycle is a two-wheeled automobile vehicle having one or two saddles, except those transporting passengers for compensation


4. Land Transportation Operator's (LTO) Vehicle

An LTO vehicle is a motor vehicle used to transport passengers for a fee or compensation. (Example: public bus, taxi, tricycle, rent-a-car, school bus, tourist bus, etc..)


Coverage Available for Motor Insurance

The coverages available can be classified into 2 categories: the compulsory and the voluntary coverages. The compulsary coverage is required by law. Vehicle owners can only have their units registered if they have secured this compulsory cover. The Compulsory Coverages are: CTPL(Compulsory Third Party Liability Insurance) required of all vehicles and CPLL(Compulsory Passenger Legal Liablity Insurance) required of LTO vehicles only.