Philippines auto insurance is a mandatory requirement for driving. Philippine law requires minimum third party insurance for all vehicles. This ensures financial cover to a third person who may suffer bodily injuries or personal losses due to an accident caused by the policyholder’s fault. Driving without proper insurance is considered a serious crime and attracts hefty penalties in the Philippines.
Types of Philippines Auto Insurance
Basic third-party insurance is the cheapest Philippines auto insurance plan. An individual has the freedom to buy extended insurance coverage plans, such as collision cover, comprehensive cover and uninsured motorists insurance. Other popular forms of insurance cover are breakdown insurance, liability insurance and medical coverage.
Essential Tips for Buying Philippines Auto Insurance
The very first step to buying Philippines car insurance is to decide on the coverage. An individual has to define what all s/he wants to cover under the policy. It helps in buying a cost-effective insurance policy tailored to one’s individual needs. One can always buy value added benefits to the insurance policy and delete unnecessary cover.
Contact potential sources for buying a Philippines insurance policy. Using the Internet is the fastest and most inexpensive medium to search for insurance quotes. One can also contact an insurance broker or agent for detailed information about the policy.
Philippines auto insurance companies offer group discounts. So, if possible try to join a group to earn added benefits on the insurance policy.
As per the rule, when an individual files a claim, s/he is required to pay deductibles before the insurance company pays for the damage. Many people keep deductibles low, so that they have to pay a minimum amount in case of an accident. However, by raising the deductibles, one can earn good profits on the premium amount.
The traffic and road conditions in the Philippines are bad. One faces several risk factors, including road accidents and vehicle theft. Thus, buying Philippines auto insurance is a good idea.