Questions to Ask Car Insurance Companies

Having car insurance is important not only because it is mandatory in the Philippines, but it can also provide you with a lot of benefits including financial assistance and protection against liabilities.

What if your car is flooded? What if a tree falls on your car due to a typhoon? What if some parts of your car are stolen? Or worse, what if it’s your whole car that’s stolen by some crooks? Quelle horreur! Just imagining the repair expenses for your vehicle is bound to send some shivers down your spine.

Fortunately, we have the inventor of insurances to thank for, because this is where it comes swooping in to help us. While it will vary on the type of policy and coverages, having car insurance can help you save money on repairs and other expenses for the damages and liabilities you might incur. That’s why choosing the car insurance that’s tailored for your needs is extremely important.

It’s recommended that you shop around for the best deals that insurance companies can give you. In doing this, you will be able to compare prices and choose the one that will best suit your needs. Now, if you already have your heart set on one company, there are several things that you should ask your insurance provider to make sure that the policy is indeed the right one for you. Here are some questions to ask car insurance companies when shopping for car insurance in the Philippines.

## What level of car insurance coverage do I need? What are the different insurance coverage option that I can add to my policy?

You must first know what the minimum requirements for car insurance are mandated by the law in your area. Here in the Philippines, the law requires all car owners to have Compulsory Third Party Liability insurance, which is the most basic insurance that anyone can get. This provides protection to the insured persons from certain liabilities arising from the death, bodily injury, and medical expenses of third party victims because of a vehicular accident which is the fault of the insured car.

However, the CTPL only covers the expenses until one hundred thousand pesos (P100,000). Any excess will be shouldered by the insured individual. And of course, this only covers third party persons, which is defined by the Insurance Code of the Philippines as anyone inside or outside the car who isn’t related to the insured within the second degree of consanguinity or affinity, isn’t his employee, or isn’t a member of the household.

After knowing the required car insurance, you can ask your insurance provider what are the inclusions or coverages that they are currently offering. If you want wider coverage on top of the required insurance, there’s an optional type of insurance called Comprehensive Car Insurance, which includes several additional insurance inclusions or coverages that you can choose to add. Some of the common coverages the comprehensive insurance can offer include loss, damages, or liabilities caused by natural disasters, accidents, theft, and other malicious acts by third party persons.

## Can other drivers of my vehicle be covered by the insurance?

Accidents can happen anytime, anywhere, regardless of who is driving your car. You need to know who else will be driving your vehicle and make sure that they will be covered by the insurance.

## How much will a higher deductible affect my insurance premium?

The deductible is the fee that you have to pay first before the insurance company covers the expenses when you file a claim. Increasing your deductible can lower your insurance premium, however, you must make sure that you can afford to shoulder the fee when you file a claim.

## Will I get any discount? Am I eligible for any discount?

There are a lot of ways to lower your insurance premium. Discounts and other promos are some of the ways to get a good rate or save cash on your insurance. Don’t be afraid to ask for discounts and their requirements to know if you are eligible.

## What are the factors that can affect my insurance premium?

Ask your insurance provider what makes your premium at that amount. Knowing the reasons why can help you negotiate with your insurance provider to make your premium less harsh on your finances.

## What are some of the ways that I can pay my premium?

Getting a car comes with a lot of financial responsibilities. Aside from your living expenses, you have to make sure that you have a budget for the maintenance, repairs, and other expenses that involves your car. This also includes getting car insurance. Ask your insurance provider about their payment options and choose the best one that will suit your finances. How you choose to pay off your car insurance can help your wallet in a lot of ways.

## How can I file a claim?

The increase of automobiles in the road these days can mean a higher chance of you getting involved in a car accident. Road mishaps can happen at any time anywhere. That is why you have to ask your insurance provider every detail about filing a claim, including the available times that you can do it.

## Can you explain the terms further?

You may have researched all about auto insurance terms beforehand, but asking your insurance agent to clarify the terms for you will help you understand your policy better. Knowing the meaning of the terms on your policy, including the hidden clauses, is extremely important so that you can avoid being sprung up with unexpected troubles at the end of your policy duration.

Ultimately, choosing the right kind of insurance that’s specifically tailored for your needs can help you in more ways than one. You just have to ask the right kind of questions to your insurance company. Don’t be afraid to ask, as, it will not only help you compare the policies easily, but it might also just shave off a lot on your chosen policy’s premium.