Smart Ways To Reduce The Cost Of Your Car Insurance
Having auto insurance is essential among Filipinos. It serves as financial protection against injuries or damage incurred in a car accident or other risks like natural disasters and theft. With the right car insurance, owners do not have to worry about expensive out-of-pocket costs for vehicle repairs and replacement and hospital bills. Furthermore, in extreme cases where the accident results in a person’s demise and depending on the policy’s inclusions, car insurance can also cover funeral expenses.
Apart from providing financial protection, auto insurance is an essential mandate in the country’s laws and regulations. For example, the Land Transportation Office (LTO) requires all vehicle owners in the Philippines to secure, at least, a Compulsory Third Party Liability (CTPL) insurance before they register their automobile.
However, even if having auto insurance provides peace of mind to car owners and enables them to comply with vehicle registration requirements, several misconceptions still surround it. One of which is that insurance premiums are costly investments when it is not usually the case.
Many insurance providers offer a variety of deals so that vehicle owners can purchase premiums at lower rates. For example, a car owner can inquire their insurer if they are eligible for driver discounts, claims-free discounts, safe driving course discounts, and low mileage discounts. They can also research which insurance provider offers multi-policy discounts.
Another way that Filipinos can reduce premium costs is to opt for a bi-annual or annual billing plan. Car owners often prefer monthly payments, especially if they are on a tight budget, but this method might be costlier because of additional fees.
There are several ways vehicle owners can save up on the cost of their car insurance Philippines. To know more about these intelligent strategies that can help reduce car insurance expenses, refer to the following infographic provided by iChoose.ph.