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Car Insurance Glossary

This glossary will help you understand the technical terms that you will encounter when you compare auto insurance policies in the Philippines.

Looking for answers to general questions about getting car insurance? Then you might want to head on over to our car insurance FAQ page.


Any unexpected incident that causes undesirable events such as death

Anti-Theft Device

Any device used to prevent theft and extreme damage to a vehicle. It can be in the form of alarms


A voluntary legally binding agreement between two or more parties wherein rules and terms are properly defined and obligations are enforceable by law.


The detailed list of benefits and protection that insurers are required to deliver to the policy holder in the event of a claim.


A request for payment to compensate for damage

Comprehensive Cover

An insurance component that is an extension of third party property coverage to your own vehicle and property. This coverage pays for car loss or damage resulting from an accident

Compulsory Third Party Liability Insurance (CTPL)

Car insurance that is a minimum mandatory requirement for owning and driving a vehicle in the Philippines. CTPL covers third party liability in respect to bodily injury


Loss or harm to a person or property.


A proportionate deduction from your premium if you and your car satisfy certain conditions that are deemed to reduce the insurer's expenses in the event of a claim.

Driving Record

An official record given to every driver. This is determined by the driver's experience


The amount you are required to pay upon a claim. The balance of the loss shall be paid by the insurer in respect to the policy limits.


Refers to additional coverage options on top of the protection provided by your main policy.

Fire and Theft (Cover)

An extra feature or a coverage component of an auto insurance policy. This coverage compensates for losses incurred from fire and theft.


An organization or company that offers insurance products. Most of the insurance products they offer can protect your assets in any untoward incidents that may cause loss

Market Value

The valuation of your vehicle which is determined by market demand and sales. It is defined as the cost that is used for replacement of your vehicle in case of an accident or loss

No Claim Bonus

If you have not made a single claim through a year


Policy is a general term that refers to a contract of agreement between a potential insurance holder and the insurance provider.

Policy Term

Policy term refers to the amount of time of a policy?s validity.


The amount of money paid to the insurer in return for insurance protection. For auto insurance

Car/Vehicle Replacement

Car/vehicle replacement is a feature of car insurance policies which requires the insurer to replace the registered vehicle or pay the insurer an amount equivalent to the original value of the vehicle.


A quantifiable probability or threat of injury

Third Party

An individual person or group of persons not directly involved in a situation or agreement

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