A Beginner’s Guide to Car Insurance


We are all aware that people nowadays are apprehensive in getting a car insurance because of the premiums to pay monthly and the uncertainty that that you could not be able to use it. Nevertheless, we don’t guarantee our safety every time we are inside a vehicle.

Being involved in a car accident could be a tedious and costly process, but with the right policy it could serve as your safety net over finances when your car obtain damages or caused damages to other vehicles.

Why do you need a car insurance?

  1. It’s mandated by the law

In the Philippines, every registered vehicle requires at least a Compulsory Third Party Liability (CPTL) car insurance. As it covers you against legal and financial obligations toward a third party, it is also a requirement to register your vehicle on the LTO.

  1. There are no abrupt expenses

Car insurance saves you a lot of money from possible repair and medical cost in an event of an accident. Depending on the insurance company, it could cover the insured vehicle’s passengers and their medical expenses or the vehicle’s damage only. If you experience any vehicle trouble, you just need to call your insurance provider.

  1. Protection from vehicle damage, theft, and natural disasters

As stated by the Road Safety Facility in 2019, there are 12,000 Filipinos who dies in a road accident, 4.6 cases of private car theft per 100,000 population, and an average of 20 tropical storms entering the Philippines every year. Without a certain type of coverage, you would pay the outcomes of these damages from your own pocket.

  1. Avoid devaluation of your vehicle

There are some policies that helps you to prolong the value and life of your vehicle. Natural disasters cannot be avoided and the damages it incur to your vehicle could cost a lot of money and headaches. But having a comprehensive insurance can help you lower your losses and save you the money in the long run.

  1. Financial liability and legality protection

Having an insurance helps you have a peace of mind that the vehicle, passengers, and others on the road are protected. If there’s an instance that an accident occur, your insurance ensures to protect you from monetary losses. There are also policies that protects you from lawsuit complains, even if you cause a consequential damage to someone’s property, safeguarding you and helps you cover legal costs.

Conclusion

The market has so many car insurance policies and it could be, at times, hard to decipher what is the right company to choose. Determining the right insurance policy have the following considerations:

  • Know what you need
  • Do a research online
  • Compare different policies and ask around
  • Look up the company’s car insurance benefits and additional features
  • Find an insurance provider that ranges with your budget and offers flexible payment methods

To help you find the right insurance provider Malayan Insurance provides you free quotation online ensuring a right and complete car insurance philippines policy and provider that helps you maintain a peace of mind. While no one wants to be in a car accident, it’s better safe than sorry.


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Gabriel

Introvert, wanderer, blogger, foodie, a hip-hop music writer, and one of the co-founders of a tech start-up company called GigsManila.