How to buy car insurance for an OFW
How to buy car insurance for an OFW? Filipinos who buy cars have different needs. But one thing is for sure, buying a car in the Philippines can be a bit expensive. Unlike in other countries, car prices are way higher in the Philippines. This is why a lot of people who purchase cars are either from individuals with a decent amount of income, or the vehicle is going to be used for commercial purpose.
One of the most common dreams of Filipinos is to go abroad and earn foreign currencies which could equate to a higher income in the Philippines.
According to statistics, Overseas Filipino Workers (OFW) provides remittances contribute as much as 13.5% of the country’s GDP. And if you account for the number of Filipinos abroad, 10 million is a conservative estimate.
Given the buying power of Overseas Filipino Workers, it is a common scenario to see their families purchase both private and commercial vehicles. For some OFWs, they make use of their income abroad in order to sustain a better lifestyle for their family. This is why cars are among the most common purchases of people abroad.
One of the most common things that an OFW doesn’t anticipate is the cost of repairs especially when something unexpected happens on the road. If you’ll look at the number of car problems that could occur due to accidents, there is always that possibility wherein you’ll either spend money on repairs or rely on your car insurance.
Buying car insurance for OFWs
Typically, OFWs don’t have a say on what type of car insurance they end up with, given the reality that they are not physically present in the country. This could easily be a problem. The car could easily be in a situation wherein it is not covered by the insurance purchased by the family member.
So how do you buy car insurance if you are an OFW located in a different country? The simplest solution is to take the online comparison websites. Online comparison websites for car insurance products allow users to have an easier time comparing car insurance policies.
What makes online comparison websites a good idea for an OFW is that you will be able to see what is included in the policy.
Aside from getting the inclusions, you will also be able to compare different car insurance companies. You can easily determine which company offers the best deal for you in just five minutes. Here, you don’t have to call their office just to know the details and jot down all the things that the company offers you.
And of course, you also get the best price for the car insurance products using online comparison websites. Unlike getting individual quotes, using online comparison websites can make a huge difference because of the presence of competition among companies.
In terms of payment, you can find different options on how to pay for the car insurance premium. You can either pay via online banking, which is convenient even if you are located abroad, or you can also have the payment deposited by your loved ones in the Philippines.
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