5 Misunderstood Concepts of Cheap Car Insurance
Car insurance in the Philippines is a must for several reasons. For one, without car insurance, you are at risk of using your own funds whenever faced with an accident. Given the traffic situation, and the attitude of our motorists, do you really think that it is a wise idea to ride your car minus motorcar insurance? Next, most Pinoys are looking for not just any auto insurance but cheap car insurance that they can depend on. However, just like any other insurance in the country, cheap car insurance that is dependable at the same time remains a grey area for so many Filipino car owners. So what are some of these misconceptions that we have to debunk?
You Have to Get Your Car Insurance from The Same Dealership
This is a common mistake committed not only by first-time car owners but even by those who purchased their second or third car. A lot of car owners don’t shop around for the best deals out there. And in effect, they spend more than they should. We have mentioned in previous articles that you could save thousands of pesos if only you just perform your research.
The Car Insurance Covers Lost Items In Case of Theft
Ok, you parked your car in some sketchy part of town. As a result of your carelessness, you had your valuables inside the car including your bag, and some other personal belongings were stolen. Now, does your car insurance cover for such things? Despite having comprehensive auto insurance, this will not cover anything lost inside the car. For the damages made in your cars such as broken locks or windows, you will definitely get funds for this. Take note however that your car stereo is most likely covered by the insurance company.
Comprehensive Car Insurance Covers Mechanical Repairs
Comprehensive car insurance will only cover damages caused by car accidents, theft, or even natural disasters (if you include the act of god coverage). However, damages resulting from wear and tear are not covered by your car insurance company.
Not All Insurance Companies Cover “Act of God”
During the Ondoy floods, we woke up to a reality that accidents are not only caused by our carelessness while driving the car. In fact, even if you already parked the car safely, there is still a chance that it could get damaged via floods and other natural calamities. During this time, it was a wake-up call for so many car owners when they realized those car insurance policies in the Philippines does not offer “Act of God” as standard coverage. On the bright side though, it is possible to have it for the cost of an extra premium.
