Things to Consider Before Getting a Car Insurance
When it comes to picking car insurance, sometimes it’s just easiest to go with what your friends use, or the company whose you’ve seen a couple of times in the newspapers. Like any business, insurance companies all have different rates, plus they can vary greatly in everything from their coverage to their office hours to the speed of their claims service.
If your planning to get one for your vehicle, (you should), don’t walk into the process blindly.
You have to know what questions to ask when you’re shopping around because not every agent you speak with will give you in-depth info on their coverage and all of your options. The good ones will do that, but the not-so-good agents will only cover the basics. It’s up to you to ask a wide range of questions so you can truly compare plans.
Here are some things to think about before buying car insurance:
Types of Insurance
In the Philippines, the law requires car owners to purchase and have a Compulsory Third Party Liability (CTPL) insurance policy before they register or renew their vehicles. CTPL provides compensation to the third party in case of an accident. Comprehensive car insurance can also be purchased for extra protection but isn’t required by law.
Don’t worry, there are a lot of websites online which explains the things you should know about insurance. Everyone might feel a little bit intimidated when they talk to insurance agents, so having a little background about what you might discuss on will be helpful.
Understanding Insurance Jargon
One of the reasons why many people are still thinking about getting insurance for their car is the policy itself. Admit it: insurance policies are confusing and boring documents filled with legal jargon that can be an absolute nightmare to read.
While it is important that it sounds formal. After all, it is a legal contract binding the insurance company to perform specific actions under certain circumstances for an agreed-upon price. Policies should be very specific, down to dissecting different scenarios.
However, understanding your insurance policy is as important as getting one. It can help you dodge from costly coverage gaps or frustration with your insurer after an accident. Insurance policies and related documents usually entail a lot of terms and phrases that may be confusing, but it is important that you understand each of them before you sign the contracts.
Although car insurance can really be expensive, some companies offer reasonable payment options which can help you afford what you need. Make sure to inquire about your options if you know it will be problematic to pay annually.
Getting into a road accident is stressful, even if no one is injured. Make sure the insurance company you will choose will be there to help you—even on a Saturday night.
Plenty of insurance companies now offer 24/7 claim reporting, both by phone and online, so make sure you select one that does.
Which companies should I consider buying insurance from?
Of course, everyone would recommend that you opt for the big names, but, it’s still up to you. You have to research the companies you are considering and make the choice depending on your gathered data. It would be helpful to check insurance comparison sites to make the data gathering process easier for you.
iChoose PH is a website the compares the pros and cons of car insurance to make the decision of which one to get easier for you.
Insurance is, undoubtedly, a necessity for all car owners. Not only is it mandated by law to have one, but it also saves you a great many headaches when it comes to the financial woes of accidents, repairs, and the like. However, they can be costly for some, and it might be a little discouraging to purchase more than the absolute requirement.
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