It is sensible to purchase car insurance Ph, considering the inherent risks of driving along the country’s highways. It comes as the number of car accidents only seems to increase over time – exposing drivers and their passengers to certain dangers that they have no control over in their daily commute.
A compulsory third-party liability or CTPL insurance policy is the car insurance that vehicle owners are required to have to register their vehicle or renew its registration. This type of car insurance only covers death indemnity, permanent disability, bodily injury, and medical expenses of third parties involved in an accident – and only up to a specific limit.
On the other hand, a comprehensive car insurance Ph offers more financial protection to vehicle owners. This provides them protection against loss, theft, property damage, accidental collision, personal accident, fire, explosions, injuries caused by natural disasters, as well as malicious acts by third parties.
However, despite the various benefits of car insurance, many people still have second thoughts about purchasing one. This is primarily because of the misconception that insurance policies are expensive investments and are only additional liabilities.
Car insurance is only expensive if vehicle owners fail to understand the factors that affect the premium cost of an insurance policy. No insurance plan has fixed premiums as various factors can affect the price, including driving record, make and type of vehicle, age and gender, and type and amount of insurance coverage.
An insurance policy is only an expensive liability if vehicle owners buy a policy with the cheapest premium and do not get enough coverage. This can cause them to have little financial protection from their insurer, which means they will have to fork out money to pay for repairs if they get into a vehicular accident.
Furthermore, not comparing insurance policies and purchasing a policy without understanding the specific terms and conditions of the insurance contract can also lead them to have insufficient coverage.
Ideally, vehicle owners must shop around and look at the insurance coverage and cost of premium of each policy they encounter. And when they have decided which to select, they need to thoroughly examine and understand every detail printed on their contract to know what insurance coverage is included and the terms and conditions of the insurance company regarding claim settlement.
Here is an infographic by iChoose.ph, which further discusses the common mistakes that car owners need to avoid when purchasing an auto insurance policy.
