Congratulations on taking your first steps on the tricky but satisfying road to responsible car ownership! Now you’re probably wondering how you can save money on your car insurance.
Indeed, having your very own car is very convenient. However, it also comes with a lot of responsibilities—managing your finances is one of them. 카지노사이트
If you’re a responsible vehicle owner, then you’ll definitely insure your vehicle as a protection for yourself and your hard-earned ride. But you might be wondering: what kind of car insurance do I need?
Luckily, buying car insurance can be a breeze, especially with one-stop platforms offering convenient application and processing. However, you still need to know and decide on which type of car insurance coverage works for best for you.
In this post, we’ve prepared some great auto insurance coverage recommendations and tips to help you easily choose the best policy for you and begin you’re driving adventure with complete peace of mind.
The one type of car insurance must have and three that are good to have
- Compulsory third-party liability (CTPL)
Every year, car owners have to renew their vehicle registration with the Land Transportation Office (LTO). Apart from the documentary requirements you have to bring, one thing you have to secure before you get your registration renewal is compulsory third-party liability.
As it is part of the documentary requirements of LTO prior to registration, you cannot skip this. In fact, driving without CTPL coverage is a violation of the law.
To break it down, these are the crucial components of this type of insurance:
Compulsory. As previously mentioned, all car owners who renew their vehicle registration must secure this before they complete their application. 안전한카지노사이트
Third-party liability. This is a type of auto insurance that covers you from damages and injuries you incur to third parties. By third party, it means anyone involved in an accident except for the driver and other passengers of the vehicle. If a driver gets involved in a collision with another driver, neither of them are considered the third party.
Under CTPL, the maximum coverage claimable is P100,000.
While CTPL offers valuable financial insulation to car owners in case of an unfortunate incident, it does not cover the cost of repairs of the vehicle and other expenses related and hospitalization of you and your passengers.
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- Comprehensive car insurance
After CTPL, what is the minimum car insurance you need? This is pretty much it. It is the bare minimum coverage you can get that offers adequate safety and security to you and your investment.
Although comprehensive car insurance coverage does not offer a complete shield against the perils faced by everyday driving, it offers a substantial amount of protection for you and your car.
With this type of car insurance, your insurance company will pay for the repair or replacement of your vehicle due to the following events:
Theft or vandalism
Robbery or carnapping
Collision or overturning
Other malicious acts of a third party
Fire damage due to either self-ignition or external sources
Comprehensive car insurance may be valuable to car owners, even if you have to shell out an additional amount for another level of safety. Although this type of insurance is optional, it pays to be ready for different events that can undermine your investment and your life. 카지노사이트 추천
(Read : A Quick Guide To Available Non-Standard Car Insurance Inclusions)
- Additional coverage
If you feel like comprehensive car insurance is not enough, you can still supercharge your comprehensive car insurance coverage with additional coverages on your policy.
In the Philippines, the following add-ons are available to car insurance buyers:
Acts of nature coverage
Comprehensive car insurance does not include protection against natural disasters. To protect your vehicle from the likes of a flood, typhoon, earthquake, volcanic eruptions, landslides, and other natural phenomena that can damage your car, you need to augment your comprehensive car insurance with acts of nature coverage.
Auto personal accident
this coverage is already included in your standard comprehensive insurance. However, the maximum coverage per person is only P50,000 and only five persons are covered under it. If you have a bigger vehicle and you want to make sure everyone will receive adequate support, you should purchase this additional coverage.
These additional coverages are completely optional. Ask yourself if you need these extra coverages.
Four essential tips to save on car insurance
It’s not hard to gauge how much car insurance is enough. With a simple assessment, you can be certain that you’re getting enough coverage for your car. To maximize savings without skimping on the quality of your coverage, here are some tips you can do when shopping for car insurance.
- Shop around.
Comparing car insurance is no longer tedious, thanks to financial supermarkets allowing you to see all the quotes from different providers. By not shopping around, you are doing yourself and your finances a disservice.
- Don’t auto-renew your car insurance.
If you decide to lock yourself with your previous insurance provider, you won’t be able to check if there are better deals out there offered for a cheaper price.
(Read : Save On Car Insurance By Asking These Four Questions)
- Assess if you need the add-ons.
Do you live in an area that is prone to flooding or landslide? Or do you have a family and you want everyone to be insured whenever they ride your vehicle? These are just a few questions you have to ask yourself before you decide to get extra coverage for your vehicle.
- Ask for a discount on cash payments.
Car insurance companies make it easier for drivers to pay for their premiums through installment programs. However, it won’t hurt to ask if settling your premiums in full will warrant you a little incentive.