Paramount Direct Launches Its Motor Vehicle Insurance
Paramount Direct is the direct marketing arm of Paramount Life & General Insurance Corporation, an insurance company established in 1950 and licensed with the Insurance Commission of the Philippines.
September 21, 2015 (FPRC) -- According to the World Health Organization (WHO) Philippines Office, more than 7,000 Filipinos die every year (19 Filipinos daily) and thousands more are either injured or disabled because of road accidents. Motorcycle and two-wheel bicycle riders are more susceptible to such accidents than individuals driving or riding closed vehicles. Neck and head injuries are the leading causes of death.
Further, the Metro Manila Development Authority (MMDA) and Philippine National Police (PNP) also identifies the leading causes of the accidents. These are drunk driving, overspeeding, mechanical malfunctions, lost brakes, overtaking, abrupt maneuvers, and bad turns and reverse.
With all these, the importance of an insurance cannot be emphasized enough. Paramount Direct completely understands such a necessity. Thus, it launched its own motor vehicle insurance, which is a flexi car insurance, last August 1, 2015. Under it are CTPL and CTPL Plus. CTPL stands for compulsory third-party liability. CTPL is required by the Land Transportation Office (LTO) before any vehicle can be registered.
Adhering to the conditions set forth by the Insurance Commission of the Philippines (ICP), Paramount Direct's CTPL insurance plan will provide ₱100,000 total death benefit to the passenger-victim and ₱100,000 for third-party victims for public utility vehicles (PUVs). For the private-use vehicles, the policy will provide ₱100,000 for third-party victims only.
Further, the complete schedule of indemnities covers death, bodily injuries and fractures and permanent disablement. Maximum reimbursable fees cover hospital rooms, surgical expenses, anesthesiologists, operating room, medical, drugs and medicine and ambulance.
A pre-inspection of the vehicle is required and with a ₱75.40 verification fee.
CTPL Plus is the flexible and customizable insurance plan. Aside from the CTPL coverage, the amount of coverage can be customized as 20%, 30% or 40% based on the fair market value of the vehicle. It includes Own Damage Cover for a car-to-car collision as well. This plan requires no pre-inspection of the vehicle.
Riders of CTPL Plus include excess bodily injury, property damage, auto passenger personal accident and roadside assistance through Paramount Assist. Paramount Assist provides 24/7 road assistance to any and all policyholders in case of emergency situations.
To be eligible for CTPL Plus, Paramount Direct requires that the vehicles are private-used only such as sedans, vans, and pickups; the vehicle's should not more than 8 years old; and the insurance term must coincide with the ending number of the license plate.
Vehicle owners may apply for up to 3 months before registering the vehicle to the LTO. Notably, one of the main conditions of CTPL Plus is the aggregate limit. Being subject to such, all claims made by the policyholder are deducted to the sum insured.
Paramount Direct offers online application through its website – paramountdirect.com/apply-now.
Send an email to Paramount of Paramount Direct