Insurance can help individuals ensure that they are financially secure and ready to face unforeseen situations in life. There are various insurance policies that people can get, depending on what they need.
For instance, people can get life insurance to protect the financial future of their loved ones in case of unfortunate events. They can also get health insurance to ensure that they are covered in the event of medical emergencies. They can purchase home insurance to financially protect themselves against loss or damage of home or personal belongings due to perils.
Moreover, vehicle owners must buy a car insurance policy to comply with regulations and protect their investment. A compulsory third-party liability (CTPL) insurance policy is one of the requirements that car owners must present at the government’s regulating agency for land transportation, Land Transportation Office (LTO), before registering or renewing their vehicle registration.
Vehicle owners can choose CTPL insurance to get the essential protection required mandated by the law. In this type of auto insurance, car owners can acquire financial coverage for third-party persons involved in an accident for up to 100,000 pesos.
Besides the basic car insurance, vehicle owners can also avail of comprehensive car insurance Ph to get a more advanced range of insurance coverage. This type of car insurance can protect vehicle owners against risks like loss, theft, property damage, accidental collisions, personal accidents, malicious acts by third parties, fire, explosions, and Acts of God (injuries or damages caused by natural disasters).
With the various benefits of car insurance, it is wise and sensible for car owners to get one to ensure the financial protection of their vehicles. Still, some owners believe that an auto insurance policy is an expensive investment. This thinking comes from several misconceptions regarding insurance.
Although some car insurance offers have high premium rates, vehicle owners need to understand that these policies have extensive coverages. They need to look at more policies from different insurance providers and conduct car insurance comparison Philippines to determine which insurance plan fits their needs and budget. By doing so, they can ensure adequate protection at an affordable premium.
To know more information about this matter and the other common mistakes that car owners make when deciding to buy car insurance, see the infographic from iChoose.ph provided below: