Having auto insurance provides several benefits to policyholders. It gives them peace of mind as they are financially protected from expenses that might arise should they ever get involved in a vehicular accident. Depending on the purchased policy, the car insurance can cover vehicle repairs and replacement, medical bills, and even funeral costs if the mishap leads to an individual’s demise.
Moreover, owning a car insurance policy enables vehicle owners to comply with registration requirements and relevant laws and regulations in the country. All public and private vehicle owners must have at least a Compulsory Third Party Liability (CTPL) insurance before registering their cars.
Additionally, automobile owners can also purchase comprehensive car insurance PH. In contrast to CPTL insurance, comprehensive car insurance is not required by the government. It protects the owner, car, and passengers from a list of risks and hazards associated with driving.
Still, even with the advantages of having car insurance, some might refrain from acquiring one because of misconceptions that premiums are expensive investments. However, there are several ways to purchase car insurance in the Philippines without shelling out too much cash from one’s pockets. Car owners have to be strategic when using these methods to get the best insurance policy that fits their budgets and needs.
One way to reduce auto insurance costs is by maximizing discounts offered by the insurer. Many companies offer various deals, including driver discounts, claims-free discounts, safe driving discounts, and low mileage discounts. Some also provide discounts for multi-policy purchases.
Furthermore, choosing a bi-annual or annual billing plan can also contribute to lower premium rates. Although numerous car owners prefer monthly payments, especially when they are running on a strict budget, they often have to pay convenience fees and other additional expenses, which might not be practical.
For more tips on smartly reducing car insurance premium costs, below is an infographic from iChoose.ph.