COMPREHENSIVE MOTOR INSURANCE

1.WILL MY PREMIUM INCREASE IF I FILE INSURANCE CLAIMS?

One insurance claim will probably not affect the rate but will surely increase / adjust the premium.

2.WHY DID MY RATE CHANGE AFTER I RECEIVED A QUOTE?

Several factors could influence why your rate changed between the time you received your quote and the time you decided to purchase the policy. If it’s been a few months since you received your quote, it’s possible that the rates will be revised, which could decrease or increase the price you pay for auto insurance. Inspection results could also affect the acceptance of coverage.

3.I FORGOT TO PAY MY AUTO INSURANCE PREMIUM LAST MONTH, WILL MY POLICY BE CANCELED?

If you fail to pay your premium on time, your insurance company has the right - after providing you with the legally required notice - to cancel the policy. It is likely also that you will not be covered for any accident or loss that may happen in the course of the coverage.

4.IF SOMEONE BORROWS MY CAR, ARE THEY COVERED UNDER MY AUTO INSURANCE?

As a general rule, motor insurance coverage actually follows the vehicle, not the driver. So if your car is involved in an accident, the car receives the full coverage provided by the insurance policy, regardless of who is driving.

5.WHO CAN I ELECT AS BENEFICIARY ON MY PERSONAL ACCIDENT INSURANCE PROCEEDS?

Your immediate family member. If the beneficiary is below 18 years old, it is advisable that you elect as an Administrator.

6.IS THE VEHICLE COVERED WHILE BEING TRANSPORTED?

Coverage continues during transit by land, inland waterway, lift or elevator. Coverage does not extend to transit by inter - island vessels navigating on open seas or by aircraft.

7.IS THE VEHICLE COVERED WHILE BEING TOWED?

Coverage continues during transit by land, inland waterway, lift or elevator. Coverage does not extend to transit by inter-island vessels. The vehicle continues to be covered while being towed provided that the damage is due to accidental collision. Note that collision damage should be accidental. Thus, if the damage is due to improper towing, this is not covered. navigating on open seas or by aircraft.

CTPL (Compulsory Third-Party Liability)

1.WHAT IS COMPULSORY THIRD-PARTY LIABILITY OR CTPL?

CTPL is coverage required by law for the registration of any vehicle licensed for use on the public highways. It covers the death and/or bodily injury of a Third-Party victim in an accident caused by the Insured Vehicle. The limit of liability for CTPL is Php 100,000.

2.DOES THE THIRD-PARTY BODILY INJURY LIABILITY COVER INJURIES OR DEATH OF ANIMALS?

Except in case of emergency medical expenses, this procedure should be avoided as it may lead to problems if the Insurer finds out that the Insured is not legally liable or that the amount settled is excessive.

3.IN CASE OF AN ACCIDENT CAN THE INSURED ADVANCE PAYMENT TO THE THIRD-PARTY ASK FOR REIMBURSEMENT EXPENSE?

4.WHAT IS COC? IS THIS DIFFERENT FROM CTPL?

This means Confirmation Of Cover. It refers to the document presented to the Land Transportation Office for registration of the vehicle as evidence of a CTPL policy.

FIRE INSURANCE

1.WHAT IS THE COVERAGE OF FIRE INSURANCE?

The coverage of the Fire Insurance is extensive and includes generally fire outbreak, lightning and the loss and damage resulted from extinguishing the fire.

2.WHAT ARE THE OTHER RISKS CAN BE INSURED AGAINST?

Earthquake, Typhoon, Flood, Extended coverage (Smoke / Vehicle Impact / Falling Aircraft / Explosion), Riot Strike, Malicious Damage, other named perils the Insurance Company may agree to cover.

3.WHAT TO DO IN CASE OF CLAIMS?

Report the claim the soonest possible time and reporting should not exceed 14 days after the date of loss. Make sure that damaged and undamaged properties are kept safe for inspection by our claims representatives. Submit all necessary documents to Paramount i.e. Police & Fire Dept. reports, photos of damaged properties, quotation from a contractor for repair works and restoration, other general requirements.

PERSONAL ACCIDENT

1.WHO MAY APPLY FOR PERSONAL ACCIDENT INSURANCE COVERAGE?

Any individual of legal age and actively working may apply for a Personal Accident Insurance.

2.WHAT ARE THE REQUIREMENTS?

Simply fill-up the application form and submit it to the company through fax or e-mail.

3.WHO CAN I ELECT AS BENEFICIARY OF MY INSURANCE PROCEEDS?

Your immediate family member. If the beneficiary is below 18 yrs. old, it is advised that you elect an administrator.

4.WHAT IS DISABILITY INSURANCE BENEFIT?

It provides financial support in the event the policy holder or assured is unable to work because of total and permanent disability caused by an accidental injury.