Having a car insurance is a real money saver.
Most governments around the world make it a requirement as part of motor vehicle registration. But not too many people realize how much cash they could save by having appropriate insurance coverage for their car.
In general, having good car insurance offsets the often stress-inducing costs of paying for vehicle repairs. A minor fender-bender or worse, a total wreck will surely create havoc on one’s wallet. It costs thousands of pesos to pay for body dent repair, vehicle repaint, and replacement of car parts damaged in a car accident. Of course, the financial cost of replacing a broken car engine and other major internal parts is another burden no one wants to carry. But with car insurance, you can save yourself from a lot of stress and payments by making the insurance company foot the bill.
Another clear benefit of having a car insurance is when your policy covers compensation for stolen vehicles. Thus, it is imperative to protect yourself from whatever situation your vehicle may be put at risk with car insurance.
Surely, the benefits do not stop there. In every car accident, there is a very high likelihood that people will get hurt. If you are the one responsible for the accident, then the hospital bills – from the initial doctor’s consultation, emergency treatment, hospital room charges, and medicines are to be charged to you. You can also expect additional costs for physical rehabilitation sessions for the car accident victims. All these expenses will be paid for with your hard-earned money. Again, if you have good car insurance, the problem is as good as solved and most of the hospital bills will be paid for by the insurance company.
In case that your financial capacity is large enough to cover repairs for the car and hospital expenses of car accident victims, you must remember that everything could turn for the worse once a court case is filed. Naturally, you would have to go to court and eventually settle with the complainant (assuming you take full responsibility for the car accident). Aside from the indemnities that must be paid to the complainant, one must also factor in the litigation expenses, including the lawyer’s fees which could easily cost you thousands of pesos. Having car insurance that covers part or the entire cost of litigation and other related court or lawyer’s fees is surely an advantage.
While nobody wants an accident to happen, there might be a severely unfortunate case when a victim dies. When this tragedy occurs, the one responsible for the accident would naturally seek to make amends and help out the family of the victim or victims to the fullest extent possible. This again would entail a huge amount of cash for payments for the memorial services and other forms of assistance to the family of the car accident victim. For these reasons, having car insurance covering death benefits in favor of car accident victims is another advantage. The car insurance would also take care of the benefits that would be received by family members of the insurance policy holder, in case it is he or she that passes away due to the accident. In this situation, it is the family of the deceased that will save money.
In summary, being prepared for accidents is a good thing. Having good car insurance offered by a reputable company saves you money during times you and your family would need it most – in this case car accidents and other vehicular incidents.