Buying a vehicle is a huge investment, and one that you need to protect. One way to do this is by having reliable car insurance that protects your vehicle as well your loved ones from harm and third party liabilities. It will also have more financial benefits for you in the long run, and with the recent oil price hikes, we don’t want to add more unnecessary expenses.
As the world starts to open up, Filipinos are now enjoying more mobility – more people are returning to onsite work, traveling to provinces, and visiting their hometowns, among others. This means that more people are spending time on the road again more often. Total car sales also reached 292,842 units in 2021, an increase from the 244,274 units sold in 2020, according to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Association of Vehicle Importers and Distributors Inc. (AVID).
If you are considering buying a car soon or renewing your insurance policy, OT Monzon of AXA Car Insurance shares some common mistakes to watch out for:
Not getting enough coverage
Every vehicle owner is required by law for the registration of any vehicle to get a Compulsory Third Party Liability or TPL Insurance, which only covers bodily injury, permanent disablement, medical expenses, and death indemnity of third parties involved in an accident. However, it’s best to check for other optional coverage as this can help you get more protection for not just your vehicle but also yourself and your family members. Consider getting a Comprehensive Car Insurance, which offers complete protection against risks such as accidental collision, theft, third party bodily injury and property damage, personal accident, and damages caused by natural calamities.
Failing to research
With any purchase, research is highly encouraged to ensure you get the best deals. First and foremost, do research on the insurance company and verify their legitimacy. Once you have chosen a provider, understand how their rates are determined and their rating systems regarding claims frequency to make sure you are being charged with the right premiums. Monzon also suggests studying the impact of deductibles or participation fees, which is an amount you pay out-of-pocket to your car insurance provider every time you make a claim before the insurer releases the rest of the claim value. Make sure you are comfortable that you will be able to pay the agreed deductible amount in the event of a claim.
Settling for the cheapest premium
It’s good to check out all your available options and see what’s out there to make sure you are getting the right auto insurance for yourself whether in terms of coverage or budget. So before settling, shop around first and check out the competition. Another savings tip from Monzon is to ask about discounts or even a Bulk Rate if you want to insure several vehicles.
Withholding information
Some individuals actively withhold or falsify information in order to get a lower premium. However, this can only cause more problems for the owner in the long run as you will not have all the protections you need. It can also save you time and money because providing inaccurate information may cause your future claims to be denied.
Buying without understanding the contract
When purchasing car insurance, make sure to thoroughly read the terms and conditions of the policy and make sure the right coverage and premiums are stated. Remember that your insurance provider should be guiding you and answering any of your questions throughout the process to ensure you understand what you are agreeing to.
Given all these tips, it is most important to find the right insurance provider for you. AXA Philippines, one of the country’s leading insurance providers, is offering AXA Car Insurance Online, a Comprehensive Car Insurance that can protect you and your vehicle from damage, theft, bodily injury, third party property damage, personal accident, and acts of nature. It also gives you access to Rescue Line on the Emma by AXA PH app, which gives you a wide range of emergency services available nationwide with just a few taps on your phone.
You can also enjoy accessible services through the Easy Claims feature in the app, wherein you can simply take a photo of the damage on your vehicle and the required claims documents, upload it on the Emma by AXA PH app, and wait for an SMS or email confirmation within 48 hours. The app also gives you access to services such as 24/7 Roadside Assistance and LTO Registration Assistance.
“Ensuring the physical and financial protection of yourself and your family is more important than ever as we spend time on the road more often once again. AXA Philippines strives to provide that peace of mind in a more accessible way wherever your destination may be, so you can worry less and further enjoy life’s moments,” said AXA Philippines chief marketing officer Nandy Villar.
To know more, visit https://www.axa.com.ph/motor.