After making a big purchase such as buying a car, the last thing you probably want is to shell out even more money. But tempting as it may be to put off getting car insurance, part of being a responsible car owner is planning ahead, which includes obtaining a safety net in case of misfortune on the road.

If you’re still on the fence about whether or not to make this investment, read on to learn the importance of car insurance!

It’s required by law

Here in the Philippines, every registered vehicle must avail of the Compulsory Third Party Liability (CTPL) car insurance. The CTPL insurance protects car owners from possible liabilities to a third party, and is one of the requirements to register a car to the Land Transportation Office (LTO).

It covers damage from natural disasters

Every year, the Philippines experiences over 20 tropical storms, five of which are destructive. Getting car insurance helps give you peace of mind that in the event of car damage due to floods or other natural disasters, your insurance will help ease the financial burden of repairs.

When it comes to the coverage of car insurance, natural disasters cover any incidents outside of a person’s control such as volcanic eruptions, earthquakes, landslides, floods, and even civil commotion.

It protects you from theft

Though the New Anti Carnapping Law of the Philippines has been implemented since 2016, Statista still reported over 22,500 car theft incidents in 2019. Car insurance can not only cover your loss should your car get stolen but can also help cover repairs on broken windows, locks, and ignition systems.

It makes filing claims easier

Being in contact with a car insurance company means that in times of trouble, you’d be asking for help from the right people. When necessary, your insurance company will give you a list of requirements for your claim, instructions on what to do with your car, and even lists of accredited car repair shops and documents to be submitted!

It actually saves you money

Like other investments, getting car insurance will actually help you save money in the long run. Without it, you will have to completely shoulder expenses for car repairs or even medical bills should anything go wrong.

Remember – just because you made it to your destination safely today doesn’t guarantee that you won’t face any mishaps on the road tomorrow or even the next day. Getting car insurance not only protects the vehicle you saved up for, but as well as every single person who hops on it!

Reference:
https://www.moneymax.ph/car-insurance/articles/importance-car-insurance