Filipinos usually rely on public transportation, including public utility jeepneys, buses, and TNVS services to get from one place to another, since not everyone owns a car. Because it’s inconvenient to look for an available vehicle to ride in during rush hour and it’s a pain to get stuck in traffic with strangers in an overcrowded bus or jeep, many people aim to get a car of their own.
Car owners managed to enjoy the advantages of having a car during the Enhanced Community Quarantine or ECQ since they managed to get groceries without walking long distances to stores. During the ECQ, there was no available public transportation for commuters. If people can have an opportunity to avoid a repeat of the inconveniences of the quarantine period, then they’ll likely aim to get a car of their own.
Getting a car is too costly for the average Filipino in Parañaque, and many people might consider not getting insured to reduce some of their expenses. Parañaque residents can get affordable car insurance Parañaque policies to protect themselves from costly auto accidents. Uninsured drivers who lack even the mandatory CTPL or Compulsory Third Party Liability insurance can suffer financially when they can’t pay for liability coverage.
People can estimate their insurance costs before buying a car by looking at the model they want. Insurers must be able to pay the vehicle’s market value, so expensive models with costly spare parts will have higher insurance costs. The particular vehicle model’s reputation can also affect the insurance plan’s price.
What insurance people will get also affects the cost of insurance due to the different amount of inclusions. The mandatory CTPL insurance Philippines is cheaper than comprehensive insurance plans because they have limited coverage focusing only on third party liability. In contrast, comprehensive car insurance includes coverage for third party property damage, own damage, and personal accident.
Tropical storms frequently strike the Philippines, and many cars suffered from flooding during tropical storm Ondoy. The term “na-Ondoy” and “Ondoy cars” became common among Filipinos looking to buy a car. Drivers protecting themselves from storms can get Acts of Nature coverage, resulting in higher insurance costs.
Car owners can also estimate how much they’ll pay for their insurance plans by comparing the policy offered by different insurance companies. Different insurers have different premiums that people need to pay for to stay financially secure. It’s vital to compare insurance to ensure that the car owner gets the most affordable coverage they need.
To know more about estimating insurance cost, see this infographic by iChoose.ph.