Looking for a car and buying one is an exciting stage for any person who wants to end up getting behind his own steering wheel. However, owning a car also translates to tons of responsibilities, with auto insurance becoming one of the most important types. As accountable car managers, we must make sure that the vehicle we got from our hard-earned cash can be protected at all times from diverse elements.
While car insurance in the Philippines may be unnerving at first, there are numerous institutions out there ready to assist car owners in any way they can. Banking institutions, insurance firms, and comparison websites-these are just a few of the entities that help car owners with regards to selecting the most appropriate plan.
As clients however, we have to be equipped with the proper experience with regards to choosing the right insurance provider. So what are some of the conditions that can affect your insurance policy greatly? Here are a few blow-by-blow conditions that you might want to remember.
When investing in a vehicle: loan vs. cash
When you’re scouting to get a vehicle, look over and above regular showrooms for new cars and go to used car dealers and find that sweet ride for you. For second hand cars, the most mode of payment is cash basis-and that affects how you should approach your car insurance whether you like it or not.
If you acquired your vehicles from used auto hub or direct sellers, you might want to start shopping insurance on your own, as the dealer does not have an obligation to help you in the process of getting insurance. However, purchasers who got their vehicles through an auto loan may be required by their creditor to get insurance for his or her new car. Some financial creditors can include the premium on their monthly dues.
How are you going to use the vehicle: personal or business
Will you use your vehicle as personal mode of transportation or as a business vehicle? Because the two possess different uses, the policies for them changes also. That is because of the fact that vehicle used for business have higher dangers and liabilities in the kind of civilian passengers.
For business vehicle owners however, some insurance companies usually do not offer insurance meant for vehicles designed for public usage. To learn what insurance firms provides different insurance deals to commercial transportation owners, you can check eCompareMo.com website or talk to one of their insurance professionals and they’ll assist you in every way they can.
What type of insurance you will need: comprehensive or compulsory third-party liability only
Aside from the required third-party liability (CTPL) insurance plans that is mandated by the Land Transportation Authority, you can choose between two fundamental varieties insurance: comprehensive and total-loss-only insurance. Apart from having different prices, they also have different types of protection that set them apart.
Thorough insurance policies, also known as all-risk, covers most damages and losses incurred to the policyholder and his vehicle. Regardless of how big or small the damage is or total destruction of your vehicle, the insurance company you have f got it covered for you. While settling only for the CTPL could be cheaper, but the risk of own damage is not covered.
Choosing the right plan could be difficult, but by taking advantage of the experts, you’ll be set to get the best balance between affordability and dependability.
While his background is mostly related to trading stocks, he recently gained interest in real estate crowdfunding with Fundrise.