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• Factors to Consider When Selecting Your Car Insurance Provider

Factors to Consider When Selecting Your Car Insurance Provider

Life is never without risk, and the saying often goes that a life without risk is a life lived unfulfilled. But what do you do when life throws you a curveball?

This is where an insurance policy comes in. You’ve read about them, you’ve seen a ton of commercials selling one insurance company or another. At this point, you’ve got choices. But how do you actually pick, be it for a life or non-life insurance plan?

Upfront costs

With information at everyone’s fingertips these days, one of the first things that come to mind is “What fits my means?” The cost that you would have to deduct from your monthly or yearly income or the amount you will pay to the insurance company or insurer. Ask yourself which insurance company provides you with the best rates at the best plans and coverage as aligned with your financial health.

Read more: What Happens If I Stop Paying My Car Insurance?

Company stability

Consult an insurance professional, agent, broker or comparison sites. Read reviews and research on the yearly ratings. Which companies topped the list in terms of net worth the past fiscal year?

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Compare different car insurance companies, their features, and your options from the list below. Learn how an online broker like Moneymax can help you get the best auto insurance deal.

Car Insurance Company	Features
MAPFRE Insular	10 years of casa eligibility 366 accredited repair shops PHP 5,000,000 maximum total sum insured Overnight accommodation - Yes, up to PHP 3,000 Towing - Yes, up to PHP 5,000 Vehicle removal crane services - Yes, up to PHP 10,000
Malayan Insurance	3 years of casa eligibility 58 casa repair shops PHP 7,500,000 maximum total sum insured Overnight accommodation - Yes, up to PHP 1,000 Towing - Yes, up to PHP 4,000 Vehicle removal crane services - Yes, up to PHP 8,000
New India Assurance	10 years of casa eligibility 30 accredited repair shops PHP 3,500,000 maximum total sum insured Overnight accommodation - Yes, up to PHP 1,500 Towing - Yes, up to PHP 4,000 Vehicle removal crane services - Yes, up to PHP 10,000
Prudential Guarantee	10 years of casa eligibility PHP 3,000,000 maximum total sum insured Overnight accommodation - Yes, up to PHP 2,000 Towing - Yes, up to PHP 5,500 Vehicle removal crane services - Yes, up to PHP 15,000
SGI Philippines	5 years of casa eligibility 36 accredited repair shops PHP 5,000,000 maximum total sum insured Overnight accommodation - Yes, up to PHP 2,000 Towing amount - Yes, up to PHP 5,000 Vehicle removal crane services - PHP 10,000
Stronghold Insurance	10 years of casa eligibility 167 accredited repair shops PHP 3,000,000 maximum total sum insured
The Mercantile Insurance Corporation	10 years of casa eligibility 77 accredited repair shops PHP 5,000,000 maximum total sum insured Overnight accommodation - Yes, up to PHP 2,000 Towing - Yes, up to PHP 5,000 Vehicle removal crane services - Yes, up to PHP 10,000

Claims processing

Once you’ve selected the plan and the coverage that suit your needs and costs, acquiring compensation – or indemnification – will mean several things. Even before you select an insurance provider, you must know how well their claims processing system is.

Let’s use filing a claim for a car insurance policy, for example. Auto insurance usually covers you, your spouse, any dependents, and people you may allow driving the car, along with damages to the car itself.

The process begins once the damage to the car is assessed, and you will need to contact the police, then your insurer to report the incident and the parties involved. Your next step should be acquiring the other party’s information. In the case of another vehicle, acquire their driver’s license number, license plate number, and contact information. Having the contact information of on-scene witnesses is also ideal.

When making the report, make sure to get the claim number and the contact information of the adjuster (the person in charge of investigating the claims on behalf of your insurer) – to follow up when you may be able to get the payout estimate, and to know how you can limit your own personal costs. Your adjuster will also be your go-to should there be any dispute in the payout, or if you need any further information regarding the investigation.

Read more:

• How to Get Car Insurance for Second Hand Vehicles
• Participation Fee in Car Insurance: What Is It and Why Is It Needed?

This long process may even be longer and tougher for some car insurance providers. They may require some documents more than usual, and may even take weeks compared to providers that can release an approval within three days. The key is to ask around and consult third-party entities.

Having an insurance policy to cover you and yours is beneficial in the long term, and finding the best insurers to help you with it is easy enough.

Moneymax

With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.