INSURANCE PROTECTION FOR MOTORCYCLES
The new MotoMAX is a motorcycle insurance policy that covers the liability of the insured in respect of the bodily injury and/or death of any third party.
It will also indemnify the policyholder for loss of or damage to the insured vehicle that can be result of accidental collision or overturning.
It also includes moto personal accident insurance for the authorized driver/rider.
1. Compulsory Third Party Liability (CTPL)
• This is required by law when you register your vehicle with Land Transportation Office (LTO).
2. Total Loss of Motorcycle (due to Accidental Damage only)
• Indemnifies the Policyholder/Assured against total loss (TLO) due to accidental collision or damage of the insured’s motorcycle.
• MotoMax is a “valued policy” and no depreciation shall apply.
• Valued Policy: Sum Insured is based on Declared Value, not subject to appraisal upon claim. It preserves the value of the motorcycle.
3. Moto-Personal Accident Insurance (Accidental Death, Dismemberment & Disablement w/ Medical Reimbursement)
• The moto-PA coverage will provide compensation for and shoulder medical expenses arising from death or bodily injury sustained by the authorized driver/rider.
4. Burial Benefit (following accidental death)
• Provides financial assistance for burial expenses in the event of death due to accident of the insured.
MOTOMAX SUMMARY OF COVERAGE
*For motorcycle with Fair Market Value of PHP 40,000
Compulsory Third-Party Liability (CTPL) 100,000 Total Loss of Motorcycle (due to Accidental Damage only) 40,000 Moto-Personal Accident Insurance - Accidental Death, Dismemberment & Disablement 20,000 Moto-Personal Accident Insurance - Medical Reimbursement 2,000 Burial Benefit (following accidental death) 5,000