Imagine driving down the road, enjoying your favorite tunes, and feeling at ease. Life seems great, but it’s essential to remember that unexpected events can occur at any moment. An accident, theft, or even a minor collision can leave you in a difficult situation. Having good auto insurance can provide peace of mind and ensure that you and your vehicle are protected. But how do you find the best car insurance, and what questions should you ask your agent? The first step is to understand the importance of car insurance and the different policies available.
Keep in mind that car insurance is not just a convenience but a legal requirement in many countries, including the Philippines. For example, Compulsory Third Party Liability (CTPL) is a mandatory policy covering damages you may cause to others in an accident. However, relying solely on CTPL might not be sufficient to protect you from financial loss. This is where finding the best car insurance tailored to your needs becomes crucial.
When searching for the best car insurance, don’t hesitate to inquire about the various types of coverage and their specific benefits with your agent. It is essential to know what each policy includes and how it can help in case of an accident or incident. By asking the right questions and making informed decisions, you’ll be on your way to securing an insurance plan that suits your needs and keeps you safe on the road.
Questions You Should Ask Before Buying Car Insurance
How Does Getting Car Insurance Help Me?
Car insurance provides several benefits that contribute to your overall financial security. Here’s a more in-depth look at how car insurance can help you:
Financial Protection – Having car insurance means that you won’t have to pay for damages to your vehicle or others’ property out-of-pocket in the event of an accident. It also covers medical expenses for injuries sustained by you, your passengers, or third parties involved in the accident.
Legal Compliance – In the Philippines, the Land Transportation Office (LTO) mandates that all registered vehicles must have at least a CTPL policy. This requirement ensures that you’re legally compliant and avoid penalties or fines.
Personal Accident Coverage – Some car insurance policies offer personal accident coverage, which provides financial assistance for medical treatments, disability, or death resulting from an accident.
Additional Services – Many insurance providers offer add-on services such as roadside assistance, towing, and emergency repairs. These services can be invaluable during unexpected situations like breakdowns or accidents.
What Is Covered by Different Types of Insurance Programs?
Understanding the coverage offered by different types of insurance programs is crucial when choosing the right policy for your needs. Here are some common insurance programs and their coverage:
CTPL Insurance – This is the minimum coverage required by law in the Philippines. CTPL covers the legal liabilities towards third parties for property damage and bodily injury caused by your vehicle.
Comprehensive Insurance – While the coverage may vary depending on your specific policy, comprehensive insurance typically covers damages to your vehicle due to accidents, theft, fire, and vandalism. It also includes liability coverage for third-party property damage and bodily injury. Some comprehensive policies may include optional add-ons like personal accident coverage and roadside assistance.
What Are the Possible “Out of Pocket” Expenses?
The amount of money you will shell out for accident-related expenses depends on your policy limits, coverages and deductibles, and the specific circumstances of the incident. If you did not cause the accident, the liable party— and their insurance company—is typically responsible for paying for any resulting damage or injury.
However, suppose you are at fault for an accident. In that case, your insurance would usually cover repairs, medical, legal, and other related expenses up to your policy limits once you pay your deductibles. Either way, it’s critical to ask your insurance agent what you can do to ensure your policy will protect you in these situations.
What Documents Should I Furnish When Filing a Claim?
Being involved in a car accident is already tedious as it is. When dealing with these situations, you must be relieved of the hassle of handling additional expenses. That’s why it is vital to have auto insurance from the best insurance companies.
Filing a car insurance claim ensures you’ll receive assistance and compensation for the damage your vehicle will sustain in an accident. When you file these claims, you must know what documents to prepare. Here are some of the basic requirements for making car insurance claims in the Philippines:
- Police report
- Accomplished insurance claim form
- Pictures of the damaged or lost parts of your vehicle and the full view of the car showing the plate number
- Car repair estimate
- Photocopy of driver’s license with official receipt (OR)
- Photocopy of certificate of vehicle registration with MVRR number
How Long Does the Claim Settlement Process Take?
After submitting all the requirements, the insurance provider will inspect and evaluate your car. The duration of the auto insurance claim process may vary from days to months, depending on the extent of the damage. It’s best to follow up regularly with your insurance company regarding the status of your claim.
Find the Best Car Insurance Providers in the Philippines
Choosing the right car insurance company can be challenging. With many companies offering cheap car insurance for young drivers and seasoned motorists, finding the best policy that fits your needs is important.
Cebuana Lhuillier offers some of the best car insurance policies in the Philippines. Our team provides you with two types of auto insurance that are affordable and reliable. The first policy is the Cebuana CTPL, which covers insurance for bodily injuries and death to victims of vehicular accidents besides the driver and passengers.
Our second car insurance policy is AutoCARE Insurance, which provides comprehensive benefits that cover first- and second-party liabilities. This vehicle insurance also includes coverage for theft, bodily injury, and Acts of God.
Purchasing car insurance ensures financial protection and peace of mind as a vehicle owner. It’s not only an investment in your vehicle but also a safeguard against unexpected incidents that can lead to significant expenses. As a first-time buyer, asking the right questions and conducting thorough research are essential in finding the most suitable policy for your needs.
Cebuana Lhuillier provides you with affordable auto insurance policies in the Philippines. We offer two types of vehicle insurance, so you can choose one that fits your needs. Contact us today to purchase your very own car insurance!