Stop paying more than you need for car insurance. MoneyMax.ph gives you the power to compare premiums from different insurance companies so you can choose the best one for you. Whether it’s for personal or commercial cars, finding the right car insurance doesn’t have to be complicated. Read on for more information on car insurance, how it works, and how you can benefit from it.
What is Car Insurance?
Car Insurance is a contracted policy purchased by a vehicle owner where the insured pays a certain amount of premium in exchange for coverage given by the insurance company. The scope of coverage depends on the policy purchased. It can be as simple as coverage for bodily injury and death of a third party, to more complex protection against loss of property, personal injury, theft, and more.
Where Did Car Insurance Come From?
The concept of insurance was built to support society in times of unexpected and unforeseen events. It provides assistance in rebuilding homes, refilling food rations, or reimbursing merchants for gods lost at sea or along the road. Insurance has long been present in shaping civilizations and business.
Protect Your Hard Earned Money by Insuring Your Car
Accidents can happen regardless of how skilled a driver is. Having car insurance is the best way to manage risk. Its main purpose is to protect you from unexpected expenses in case your car gets damaged or stolen, or in case anyone riding your car gets injured. With car insurance, you don’t have to spend thousands on repairs or hospital bills. The extra protection gives you peace of mind every time you hit the road.
How to Claim Car Insurance
In cases of a vehicular accident, you can file a claim with your insurance provider for repairs or other forms of indemnification. Learn more about the steps and requirements for claiming car insurance at this page.
How Does Car Insurance Work?
Car insurance provides financial protection for vehicle owners, especially in cases where cars are involved in accidents, bodily injuries, and theft. Learn more about how car insurance works at this page.
What is Compulsory Third-Party Liability insurance?
Compulsory Third-Party Liability insurance (CTPL) is an insurance cover required by the Land Transportation Office (LTO) for all vehicle owners when they register a vehicle. Learn more about what CTPL insurance covers at this page.
What is Comprehensive Car Insurance?
Comprehensive insurance offers greater protection than CTPL insurance. It protects your cars from accidents that are not the result of a collision, such as flooding, theft, or fire. Learn more about comprehensive car insurance at this page.
Save Money on Car Insurance
It may be tempting to save money by sticking to CTPL insurance. But getting comprehensive coverage will keep you from spending thousands of pesos on repairs if your car gets damaged. Here some basic tips to help save you money when getting a policy:
· Choose a cheaper car
Insurers consider the make and model of your car as indicators for repair and replacement costs. The more expensive your car is, the higher you pay for your premiums. If you are yet to buy your own car and wish to lower insurance cost, you might want to consider buying a more economic vehicle.
· Keep a good driving record
Insurers partially base your risk level on your claims history and your driving record. If you’ve kept a good driving record, you are automatically entitled to discounts on car insurance rates. To make it simple, inexpensive car insurance can be a reward for careful driving.
· Install safety equipment in your car
Get substantial insurance discounts by fitting your car with safety features such as driver alarm and anti-theft devices.
· Pay your premiums annually
Paying your premium in an annual lump sum may reduce the cost of your insurance. Some insurers often charge you with additional fees if you choose to pay your premium on a monthly basis.
· Shop Around! Compare Car Insurance Rates in the Philippines
MoneyMax.ph has all the information you need from leading car insurance companies the Philippines. Our powerful comparison platform lets you compare different premiums and spot the right one for your needs and budget. Click below to start comparing prices now. (Add call to action button below to go back to top)