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(CTPL) Compulsory Third Party Insurance
Compulsory Third Party Insurance (CTP), also known as Compulsory Third Party Liability Insurance (CTPL), is a type of insurance that provides coverage for bodily injury or death resulting from a motor vehicle accident. It is mandatory in many jurisdictions for all motor vehicles to have CTP insurance before they can legally be driven on public roads.
CTP insurance typically covers the cost of compensation for personal injuries sustained by individuals involved in a motor vehicle accident, including drivers, passengers, pedestrians, and cyclists. This coverage helps ensure that victims of accidents receive necessary medical treatment, rehabilitation services, and financial compensation for their injuries.
Auto Liability Insurance
Auto liability insurance is a type of insurance coverage that helps protect a driver if they’re found legally responsible for causing injury or property damage to others in an automobile accident. It’s typically required by law in most states and is designed to cover the costs associated with bodily injury or property damage sustained by others due to the insured driver’s actions.
Auto liability insurance usually consists of two primary components:
Bodily Injury Liability Coverage: This part of the policy helps cover the costs associated with injuries sustained by other people in an accident for which the insured driver is at fault. It can include medical expenses, lost wages, pain and suffering, and legal fees if the injured party decides to sue.
Auto Care Services
Auto care services refer to a wide range of maintenance and repair tasks performed on automobiles to ensure their optimal performance, safety, and longevity. These services are typically offered by automotive service centers, garages, dealerships, and independent mechanics. Here are some common auto care services:
Routine Maintenance: This includes services such as oil changes, tire rotations, fluid checks and replacements (e.g., coolant, brake fluid, transmission fluid), and filter replacements (e.g., oil filter, air filter).
Brake Services: Brake inspections, brake pad replacements, brake fluid flushes, and repairs to the brake system, including calipers, rotors, and brake lines.
5 of the most popular automobile brands in the Philippines
Toyota is still the best in the business.
Sales of automobiles in the Philippines are expected to be down slightly in 2020 as a result of the COVID-19 outbreak. Force majeure forced all kinds of enterprises, from automotive to the tiniest sari-sari shops, to suffer in the wake of the global economic downturn that began in late 2018.
Toyota Motor Philippines sold 33,095 vehicles between January and March. As a result, it continues to be the most popular car brand in the Philippines. Compared to the first quarter of 2020, this is a 1.46 percent increase.
11.788 units were produced by Mitsubishi.
Mitsubishi Motor Philippines came in second on this ranking, selling 11,788 vehicles between January and March 2021. The Japanese-marque sold 12,235 units in the same quarter last year, resulting in a year-to-date loss of 3.7%.
Five thousand eight hundred and twenty-eight
With a total of 5,198 units sold in the first quarter of this year, Nissan Philippines Inc. came in third place. As compared to the 8,517 units sold in the first three months of 2020, this is a 39 percent decrease for the brand.
Following in fourth place with 5,194 units sold in the first quarter of this year is Ford Motor Company Philippines. This is a 33.4 percent increase in growth from January to March 2021. The Blue Oval’s first quarter of 2020 sales of 415 passenger cars and 3,479 light commercial vehicles are a far cry from this level.
In total, Suzuki sold 4,695 vehicles
In the first three months of 2021, Suzuki Philippines came in fifth place with a total of 4,695 units sold. Like Ford, the Japanese small-car specialist has seen a lot of growth in this period of time. In fact, the brand saw a 21.4 percent increase. Since Suzuki was also the top-performing brand for passenger cars in January and February of 2021, this came as no surprise.