How to Make the Most of the Competition Among Auto Insurance Firms
Registered cars in the Philippines are in an all-time high in July of 2013. 137,726 registered cars were recorded during that month. Despite this number, only a small number of cars will be insured. There are many factors involved as to why this is happening.
The car insurance industry is struggling to keep up with its saturated market. For instance, just how many car insurance companies are listed today? Also, if you factor the mentality of Filipino car owners, it is a challenge to sell car insurance to the Pinoy motorists. Filipino car owners are typically reactive than preventive in their problems, thus seeing the need to get the best car insurance policy as an unnecessary task.
Facts
The sale of insurance in general in the Philippines is relatively low. Depending on who you ask, only 12% to 18% of the 88 million population of Pinoys have bought insurance. This makes the Philippines among the lowest buyers of insurance in the Asia Pacific region.
By the end of 2004, there were already 97 non-life insurance companies. Despite this growing number of non-life insurance companies, the auto insurance industry simply has a 3% penetration rate in the Philippines. Given the 7.4 million registered vehicles in the Philippines, this is a small number.
In fact, it took Ondoy to flood a number of cars in order for car owners to realize the value of calamity insurance coverage on their policy. From 3%, it rose to 5% during that year. However, it remained low. You could blame a number of factors why only a few people are getting car insurance these days. You could blame the number of old models that are still running on the road, not to mention the attitude of car owners towards being preemptive in nature.
As a car owner, you can make the most of the competing car insurance firms. Now is the best time to be able to purchase the cheapest car insurance premium that has everything you need. Yes, there will be opportunities for you to get the best bang for your buck.
Competition
Alpha Insurance Surety, Company, Asia Insurance Corporation ATI, and AXA Philippines are among the top car insurance providers in the Philippines today. Given this number, expect them to adjust the premium to get the attention of car owners. How do you make the most of this competition? What you can do today is to compare car insurance companies and what they can really offer.
Compare Car Insurance Online
Getting a quote from companies is no longer that difficult compared to before. All you need to do is to go to sites like iChoose.ph. You’ll be given a list of cars that are covered by insurance companies on their list. Here, you could already get the quote delivered in your email. You could already compare car insurance policies within 10 minutes.
How do you pick the right one for your needs? You have to first understand your needs. If you have special concerns, then it is usually imperative that you make the call to a number of car insurance companies. This way, you could have tailor-fitted car insurance for your needs. You could even haggle for discounts and another add ons especially if you are running your own business and it involves vehicles.
Tags:
