Know Why Car Insurance is So Important

Published On By Priyajeet Surana at CarBay

It’s a lovely Monday morning and you're all set to kick start your week ahead. You get all decked up, pounce on the keys of your car and hit the freeway you take daily to work. You turn on the radio and guess what? Your favourite track is playing. You pump up the volume and zooms through the traffic until suddenly a speeding car comes out of nowhere and dashes right into your car. BOOM!! Everything turns upside down in a jiffy.

Let’s admit, the moment you start your engine and hit the road, you are exposed to infinitive risks which can be as small as a skid down the road or as huge as a fatal accident. As they say “The streets are full of idiots”, so no matter how safely you drive certain things are inevitable and road crashes are one of them. One of the major impacts of a car accident is the financial burden pressed on the owner of the vehicle.So what should one do to dodge this financial hazard which can strike you when you least expect it? The answer is simple - Get a Car Insurance

We don’t think that you should have the slightest of the doubts on whether you should get your car insured or not. But if you do have any doubts, let’s clear them out by highlighting the importance of having a car insurance.

Driving in the Philippines: Absolute chaos & mayhem

It’s not really pretty to drive on The Philippines roads. EDSA alone accommodates nearly two million vehicles every day and don’t forget that if you take EDSA for work, your commute is under a constant threat provided by nearly 27,000 public utility vehicles, which play major roles in the most horrendous traffic accidents. These factors clearly indicate the potential risk that a vehicle and its driver face while on the roads, thus making auto insurance an absolute necessity.

unsafe Philippines roads

Trust us, the car repairs are costly

Well if you think that getting your car repaired is a cheap affair, then you are sadly mistaken. It’s your car and you are financially liable towards the wear and tear of the vehicle. An accident can leave your car in a state of a wreck and you have no option other than getting it up and running again even if it leaves a deep hole in your pocket. The car insurance comes to your rescue in this situation as it will cover all the damage and repair costs, hence protecting you from bankruptcy. Some insurance policies even cover the own damage (damage caused by the owner himself to his vehicle). So, think from a long term perspective and add to your savings.

Costly car repairs

Do you think CTPL is the only thing you need?

First, let us understand what is CTPL? CTPL stands for Compulsory Third-Party Liability. It is mandatory to get a CTPL at the time you register your vehicle at the Land Transport Office. It covers the damages caused to pedestrians from the insured vehicles (both injuries and deaths up to PhP 100,000). However, there is no coverage in terms of property damage, driver or blood relatives of the driver. CTPL is a necessity and has its own benefits but it is definitely not sufficient. You can opt for comprehensive car insurance plans, which can provide you protection from theft, fire, malicious acts, collision damage, and an act of God.

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Mother nature is not so pleasing in our country

Let’s admit, we live in that part of the world which is not really blessed with pleasant ecological conditions and natural disasters like floods, typhoons, volcanic eruptions, and earthquakes are frequent visitors in our country. Here are a few fun facts (Not really funny though) - The Philippines experience on an average nine tropical storms every year and approximately 90 typhoons develop over the tropical waters out of which 19 hit The Philippines every year. One should definitely have a comprehensive car insurance, which can cover the damages caused by these natural disasters.

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Loads of other perks related to car insurance

Who doesn’t like a few extra toppings over and above the real deal? When you opt for a car insurance, most of the insurance companies offer a few add-ons over the regular damage covers, which cover you financially. Almost all the insurance companies provide facilities like 24x7 Roadside Assistance and also FREE towing facility to customers round-the-clock in case of a breakdown. These additional services certainly boost the level of customer satisfaction.

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Getting your car insured is much more than securing yourself financially. It provides a sense of satisfaction and frees your mind from the worries connected to your beloved possession. With that being said, it is also very important to understand, which kind of car insurance is best suited for you as not every product available will be a perfect match for your requirements. Stay tuned to this section as we will be covering a lot more about car insurances and will enlighten you about all the available options so that you can make a wise selection.


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