You’re a young adult and also a new driver who just completed the driving lessons and now holds your driver’s license. As exciting as it may sound, with great coolness and perks come also great responsibility. Before hitting the road with the steering wheel in your hands, make sure that you have the right car insurance for your needs. Nowadays, insurance coverage awareness is being increased, which by the way is good. It teaches us to save, have a plan, and continually be responsible for uncontrolled future situations that may arise.
As a new driver, here are the important factors you must consider in getting your first car insurance.
Choose the right car
Important factor that determines the cost or premium of your car insurance is the vehicle price, type, and safety. Which is why luxurious cars are way more expensive in premiums rather than the regular sedan or SUV brands.
Identify what is Insurance and what are the Insurance Coverages
Insurance is called ‘policy’ that covers both life and non-life interest. Car is a sample of a non-life insurable interest because it has a value. Insurance policy is an agreement between a company and an individual who agreed to pay for the premium in compensation for a specified loss, damage, illness or death.
There are several car insurance coverages available in the market. It is important to educate yourself with these types of coverages and when are these going to be claimable from the insurance companies.
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- Compulsory Third-Party Liability (CTPL) Insurance – this is the type of insurance is mandated by the Land Transportation Office (LTO) for all drivers in the Philippines. This coverage is triggered first when accidentally hitting a pedestrian, for instance, and will be liable to pay for the third party’s medical or funeral expenses on your behalf.
- Comprehensive Cover – as CTPL is only liable for Third Party Liability, for instance your car gets stolen or damaged due a collision, fire, or any incident that is beyond the policy holder’s control, your comprehensive cover insurance will be liable for the damages.
- Personal Accident or Bodily Injury – this covers the policy holder’s personal accident which provides medical assistance in case of an accident, as well as death benefits and permanent disability benefits for worse case situations due to accident of the insured vehicle. The claimable amount will depend on the amount you agreed to be insured of and the premium you are subject to pay.
- Acts of God – For natural disasters that are totally out of man’s control like typhoon, floods, and earthquakes.
- Roadside Assistance – in case you experience a car breakdown in the middle of the road, getting into an accident is a nightmare. Roadside Assistance coverage will help you with the flat tire change, towing, ambulance and hospital admission.
- Third Party Property Damage – in case you are responsible for damaging someone else’s vehicle, or property, the insurance provider will also be the one to pay in behalf of you on certain terms and conditions.
Get Insurance quotations from different insurance companies and Compare.
It’s important to figure out the type of plan and payment terms you are going to get for your car insurance that’s why it is wise to compare their costings, benefits, and terms from one another so you can decide which of them fits your budget and lifestyle.
Make sure you understand your policy before signing it.
Being streetwise nowadays saves up a lot of corrections and time in the future.
Make a commitment
Commit to pay your insurance policy premiums on your agreed payment terms and timeline. Failure to oblige may cause a lot of trouble in the future.
And for your car care and accessory needs visit Blade Auto Center outlets nationwide or shop online at www.blade.ph
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