Car insurance, also called auto insurance, is a contract that protectsagainst possible financial losses the vehicle owner might acquire. In addition, through this contract or arrangement, the insurance provider guarantees compensation in the event of unexpected or unfortunate circumstances.
Benefits of Car Insurance
You can get various benefits from car insurance Philippines. A compulsory third-party liability (CTPL) insurance policy enables you to comply with the registration or renewal of registration requirements set by the country’s regulating agency for land transportation, Land Transportation Office (LTO). In addition, it also lets you get the essential protection mandated by law, which is 100,000-peso financial coverage for third-party persons involved in an accident.
Accordingly, a comprehensive car insurance Ph policy can provide you financial and legal liability protection and cover the medical expenses of everyone involved in the accident. It can also further protect yourself against lossand damages from fire, theft, and other perils.
Smart Ways to Select the Best Car Insurance Policy
It is worth noting that various factors can affect your insurance premium. Such factors include driving record and habits, make and type of vehicle, age and gender, and type and amount of insurance coverage. Your insurance provider will be using these pieces of information to calculate the amount of coverage you need as well as your policy’s premium rate. Hence, to get the best insurance policy from them, you need to share accurate information. Failure to do so can cause your insurance company to void the policy you plan to buy or give you a higher premium.
Moreover, you also need to understand that certain practices when purchasing a car insurance policy can hinder you from getting the insurance policy that fits your needs and budget. Two of these are buying a policy with the lowest premium and not comparing policy inclusions and rates from different insurance providers.
You need to compare policies and look at the amount of coverage you will be getting from them to determine the best car insurance plan for you. To know more information on what you need to avoid when purchasing a car insurance policy, read the infographic from iChoose.ph provided below: