
One of the greatest ironies of Metro Manila is probably the increasingly competitive cost of owning a car, despite the heavy traffic we’re into. Nowadays, an entry-level FUV (fuel-efficient vehicle) and a decent compact sedan like the Vios — yes, the one you always get when booking an UberX or GrabCar — can be bought at a Php 40,000 to Php 50,000 initial payment and monthly fees of not less than Php 18,000 for 36 months (3 years). A little expensive than getting one on an outright cash/check basis, but hey! This isn’t a bad deal after all. The truth is, when you register a car at the Land Transportation Office (LTO), you will encounter something called the Compulsory Third-Party Liability Insurance (CTPL). Also known as the Compulsory Motor Vehicle Liability Insurance, CTPL protects the insured from indemnity or financial obligations to any third party who is injured or killed by the insured vehicle. All vehicle owners in the Philippines are required to get CTPL coverage before they can register their vehicle with the LTO. This is the minimum car insurance coverage needed to legally drive in the Philippines. The law requires this for the registry of all types of vehicles. More so, driving without insurance entails hefty penalties as it is considered a serious crime. Getting your car insured can be confusing, especially for first-time owners, so we at COCOGEN came up with this handy list of things you should know when it comes to getting car insurance: