Avoid stress on the road & Live worry-free driving your dream car by getting the right car insurance
Car insurance Tuesday, May 29, 2018
Let's face it, transport system in the Philippines can be really difficult and at times a nightmare for everyone. The option of having to choose between bus, MRT/LRT or ride hailing apps can be truly exhausting in addition to traffic. Some people who has savings and have means have a better option in mind and that is having their own car so that they can go wherever they need to be at any time without the hassle of commuting specifically if they have a family of their own.
The moment you bought a car and register it with the Land Transportation Office, you are required by law to get basic Compulsory Third Party Liability (CTPL) car insurance to protect against possible liabilities to third parties. According to the Insurance Code of the Philippines, a third party is defined as any person other than a passenger, family member, or household member of the vehicle owner.
In other words, CTPL protects pedestrians from potential damages or injuries that arise from the use of the insured car. This is compulsory and covers any bodily injuries or deaths caused for of up to P100,000. However, CTPL does not cover loss or damages to property, and is very limited in this regard.
Many non-life insurance providers also provide comprehensive car insurance. Essentially, comprehensive car insurance has a wide coverage and insures you against damage, car theft, liabilities caused by collisions, fire, malicious acts, acts of God (and nature) and personal accident insurance of the passenger. While this is not mandatory, it provides some measure of financial security by covering car repairs and other damages should any unfortunate incidents occur.
Aside from checking out what's the perfect car for you whether you are single or have a family, you only need the perfect car insurance policy to guarantee that you and your car will be safe. Thankfully, car insurance in the Philippines is really considered because most of the time, there are circumstances that we can never really tell, so how do we choose the perfect car insurance policy in the Philippines?
Assess What You Really Need
Consumers are becoming smarter and smarter these days that they don’t want to overspend on anything. When getting a car insurance, it is also just as bad to overlook the important things.
Always have a budget for small repairs
Don't make your insurance shoulder everything for you, if you have small repairs needed to be done and you have some extra cash on hand, then shoulder it on your own.
Are there any deductibles?
Discounts are important since this could save car owners thousands of pesos. Deductibles come in either a fixed or a percentage basis.
Lowest Rates Don’t Always Make the Best Insurance
The purpose of having an insurance policy is for you to have lesser expenses in case you get into trouble. As rule of thumb, don’t always settle for the lowest rate in the market but the best in the market.
If you're unsure what is the perfect car insurance in the Philippines, you should consider Malayan Insurance since they have a comprehensive protection that fits your lifestyle. You can definitely live worry-free and avoid stress on the road while driving your dream car with Malayan Insurance. Know that A single accident can just as easily drain out your hard-earned savings in one blink of an eye—and it doesn’t matter whether it’s your fault or not. In the end, it’s always better to be safe than sorry so pick the perfect car insurance here in the Philippines.
