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Vehicles owned by consumers are financially protected by motor insurance, a sort of insurance coverage. Financial protection is offered for the policyholder’s automobile or two-wheeler against losses due to accidents and other dangers.
It shields you from legal responsibility in the event of a collision, along with your car and other drivers. It offers monetary compensation for any harm brought to persons or their property.
TPL stands for “third party liability,” although in the Philippines, it is also sometimes used to refer to mandatory third party liability insurance. TPL protects you from obligations in the event of an accident that injures or kills a third party, as the name suggests.
The Philippines motor insurance market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
A cutting-edge new product has made it possible for low-income families in the Philippines to obtain reasonably priced accident insurance.
According to The Philippine Star, regional fintech company TrueMoney has joined together with local insurer Bankers Assurance Corp to introduce the “Tunay Mag-alaga,” an accident plan designed exclusively for low-income households.
An accident-related loss of life (accidental death) or bodily injury (medical reimbursement) is covered by the Tunay Mag-alaga insurance. For a premium of just PHP 25, the microinsurance plan will offer policyholders three months of accident coverage, with the option to extend the plan to four, six, or twelve months.
A large percentage of Filipinos lack accident insurance. Consequently, many families experience financial hardship as a result of an accident because of the unanticipated costs related to the disaster, in addition to the grief and mental weight.
