Costly Mistakes in Choosing Your Car Insurance
Using Waze, a mobile navigation app developed to determine the road’s traffic situation; it is common to see Metro Manila’s roads filled with red lines indicating jam-packed traffic conditions. According to a recent study, the average commuting time from Quezon City to Ortigas can reach up to 2 hours simply because of the hellish EDSA traffic. To think that this only covers less than 12 kilometers, it shows the problem we face with the volume of both public and private vehicles we have to deal with.
This brings the question to every car owner to evaluate their car insurance policy. Is your car insurance policy doing its job in protecting you from untoward incidences? Or perhaps, you simply lack the technical knowledge to know what the real score is about? Given every car owner’s exposure to other vehicles, there is a high probability you could get in an accident.
Unfortunately, despite this reality in the Philippine highway, it is common either to see car owners with no car insurance policies or end up getting the wrong one. This could simply be explained by the lack of financial literacy in the country.
For car owners to get car insurance policies that will get the job done, it is important to get the right information. However, this isn’t always a reality. Here are some costly common mistakes that they’ll commit.
Not fully understanding every detail in the policy
Did you purchase a particular insurance policy because some of your friends have it? Or maybe, you’ve seen in some Facebook group or forum that this makes a practical move? If these are your reasons for purchasing a car insurance policy, you are already making a huge mistake. Though suggestions and feedback from friends and family do wonders in selecting the best company, you still need to ensure that you are knowledgeable of the coverage that you just purchased on your car insurance.
The belief that it is a 100% protection
Once you get car insurance companies to cover for your needs, this shouldn’t be mistaken for complete protection for every accident that you’ll be involved in. For instance, for mishaps like stolen property inside the vehicle, expect that not everything can be covered.
Decisions made simply on the price
Another costly mistake is to only consider the price of the product. There are many things you’ll need to do before you decide to get car insurance deals on paper. Try to evaluate what they can offer to the table as well. Is the company reputable? Does the company offer any add on coverage to better suit your needs?
Impulsive purchases
One of the most common mistakes car owners make is to purchase car insurance policies without comparing other products out there. And how exactly do you compare car insurance policies efficiently? With the help of car insurance comparison websites, you’ll be able to see which offer works well for your situation. These car insurance comparison sites allow car owners to get car insurance deals not only meant for their budget but also for their needs.
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