Every driver in the Philippines knows that when they register a motor vehicle, they are required by law to have car insurance. The mandated insurance coverage is the Compulsory Third-Party Liability (CTPL).
Beyond this, most drivers will have to choose any other covers to add to their policy. Given the number of additional covers that can be extended onto a policy, have you ever wondered which would be best? If you have, here are 5 tips on picking insurance coverage for your car.
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Research your Provider
There are a number of providers out there. Some offer better add-ons to a policy than others and seeing as these insurance providers do have websites, it’d be to your advantage to look through providers and pick according to your budget.
Shopping around allows you to compare rates and check which providers suit you best. There are also comparison websites that you can visit to do a side-by-side of your available providers and covers.
Choose your cover based on need
There is such a thing as being over-prepared. While certain covers like “Acts of Nature” may seem like a smart idea, given the kind of flooding experienced in the country, choosing too many optional covers can lead to overpaying on premiums for a cover that you may not necessarily need.
Choose your covers based on the way you use your vehicle. Off-roaders may want covers that insure against damage incurred while navigating rough terrain. Urban drivers may want comprehensive coverage or collision coverage.
Reduce your Premiums
As above, choosing multiple covers adds to the premiums you need to pay on your policy and the covers you’ve chosen. Apart from the fact that choosing your additional covers well, there are other ways to lower your premiums.
Check on any discounts you qualify for when you get your vehicle insured. You can also get discounts depending on the safety features already installed in your vehicle, and any you may choose to add.
Choose your cover based on your driving habits
Your driving habits can help when it comes to putting together your policy and the covers it comes with. Those who drive less are more likely able to get discounts on their premiums as opposed to those who drive often. Check with your provider on the matter of your policy and make any adjustments if necessary.
Review the Fine Print
This should come as no surprise, but as with any contract, always be sure to check the fine print on your policy, and how much you may need to pay out of your pocket for any other accidents or incidences beyond the coverage you already have.
Reading the fine print of your policy also ensures that you know the ins and outs of your covers; the limits, your participation fee, and the like.
As always, knowing is half the battle. When picking your insurance cover, knowing precisely what you need is paramount. More often than not, your insurance agent will be able to answer the questions you may eventually have about your policy and coverage.
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