Buying a car is a very tough decision because it has many options and complications that you can run into. You would have to decide which model you want to buy and see if you want one that is brand new or previously owned. Besides these factors, you also have to weigh in your insurance cost. Getting insurance is a crucial and essential step when buying a car. This assures you that you are financially protected in case an unfortunate accident happens to you, resulting in the loss of the car.
In the Philippines, the cost of car insurance will ultimately depend on the brand or model you are getting. There are also other factors, such as its purpose and whether or not it is mortgaged. Most insurance companies will base the cost of an insurance policy on crash and theft statistics. With the wide range of car models available today, prices will surely differ greatly from one another.
The more expensive a car is, the more you will have to pay for its insurance plan because its market value increases. The market value can be affected by the parts of the car. High-end cars use parts that are made from materials such as carbon fiber, making it hard to replace. A good example of high market value cars is sports cars. Before purchasing one, you must research their insurance rates to know if you got the best deal possible.
Types of Insurance and Included Coverage
Filipino drivers are required to have what is called Compulsory Third-Party Liability insurance or CTPL. While this may be okay for some drivers, it is advised to get comprehensive car insurance even though it may cost more. Comprehensive insurance covers things such as thefts, damages, third-party bodily injury, and other such things. These additional coverages from full car insurance can be customized by the car owners to fit only what they need. This ensures that they are only paying for what they have to.
Getting A Quote from Car Insurance Companies
To get an accurate estimate, it is best if car owners will compare different quotations from different insurance companies like car insurance in Las Piñas. This ensures that you get the best deal for you. To learn more about what to do when getting an estimate for your car, check out this infographic by iChoose.ph, the company that cares for you, and for your car.