Worst Case Scenarios Driving Without a Car Insurance in the Philippines
Driving in the Philippines is already stressful. Given the poor implementation of traffic rules, not to mention ill-informed motorists, it isn’t surprising why there’s an average of around 227 road accidents daily.
Given this scenario, you either drive defensively or end up in trouble. For defensive drivers, not only do they tend to be careful about their driving habits, but they even take the necessary precaution by updating their car’s gadgets. Dashboard cameras are now sold in the market to record everything that happened during your time on the road. However, no matter how defensive you are as a driver, it is still the best practice to have your own car insurance.
The sad reality is that even the top names in car insurance in the Philippines agree that there are a lot of car owners who don’t have car insurance while driving. According to the top insurance companies, car insurance companies only have a 3% penetration rate in the Philippines.
There are many reasons behind these poor numbers on the part of car insurance firms. For some, they argue that it is an expensive option that you will most likely not use. For others, the vehicles that they purchased can’t even be covered. For a lot of car insurance companies, they only cover cars that are less than 10 years old.
What are the worst-case scenarios that are bound to happen sooner or later when you drive without even affordable car insurance to provide protection?
Spend a lot of money on damages
If you will compare car insurance policies in the Philippines today, a one million peso car can be insured for an average of P20,000 for the entire year. For car owners who opted to drive without this policy, then they’d have to shoulder expenses related to the accident. Could you imagine the need to have thousands of pesos ready not only for the damage to your car but even for the other people’s car?
Depreciate the value of your car
The worst thing that could happen to your car is to lose its shine and its overall value. With damages, you are putting your car at risk of depreciation. Ever wondered why posts in OLX will have descriptions such as “lady owned”? It is because of the fact that they are careful with how they drive. And with fewer scratches and bumps, the higher your car’s expected value is.Injuries that occurred from the accident
In an event of an accident, there is a chance that someone is going to get injured. When you drive without car insurance, this is a death wish on your part. Not only are you going to have the car fixed, but you will also have to deal with expensive Philippine healthcare.
Auto personal accident policy covers your injuries, as well as those passengers in your car. Given the things that could happen on the road, it is possible that some undisciplined PUV driver hits your car and injure you.
Theft
What if you encountered some goons on the road? What if they forcefully robbed your car? Or what if you parked your car somewhere, and the next thing you know, it is already gone? Reporting the event to the police is the most logical thing in mind. Without affordable car insurance, and if nothing prospers from the police, say goodbye to your investment.
Injuries and damages to your car can be scary. With the help of a site like iChoose.ph, the leading car insurance comparison in the Philippines, you can minimize these fears by learning a thing or two about insurance policies. You can compare which product is right for you so you don’t have to be in these worst-case scenarios. Choose from a variety of affordable car insurance policies tailor-fitted to your needs.
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