As the world starts to open up, Filipinos are now enjoying
more mobility – more people are returning to onsite work, traveling to
provinces, and visiting their hometowns, among others. This means that more
people are spending time on the road again more often. Total car sales also
reached 292,842 units in 2021, an increase from the 244,274 units sold in 2020,
according to the Chamber of Automotive Manufacturers of the Philippines, Inc.
(CAMPI) and Association of Vehicle Importers and Distributors Inc. (AVID).
Buying a vehicle is a huge investment, and one that you need
to protect. One way to do this is by having a reliable insurance product that
protects your vehicle as well your loved ones from harm and third party
liabilities. It will also have more financial benefits for you in the long run,
and with the recent oil price hikes, we don’t want to add more unnecessary
expenses.
If you are considering buying a car soon or renewing your insurance policy, AXA Philippines Retail Propositions Senior Segment Manager for AXA Car Insurance OT Monzon shares some common mistakes to watch out for when choosing a car insurance:
Not getting
enough coverage. Every vehicle owner is required by law for the registration
of any vehicle to get a Compulsory Third Party Liability or TPL Insurance,
which only covers bodily injury, permanent disablement, medical expenses, and
death indemnity of third parties involved in an accident. However, it’s best to
check for other optional coverage as this can help you get more protection for
not just your vehicle but also yourself and your family members. Consider
getting a Comprehensive Car Insurance, which offers complete protection against
risks such as accidental collision, theft, third party bodily injury and
property damage, personal accident, and damages caused by natural calamities.
Failing to
research. With any purchase, research is highly encouraged to ensure you
get the best deals. First and foremost, do research on the insurance company
and verify their legitimacy. Once you have chosen a provider, understand how
their rates are determined and their rating systems regarding claims frequency
to make sure you are being charged with the right premiums. Monzon also suggests
studying the impact of deductibles or participation fees, which is an amount
you pay out-of-pocket to your car insurance provider every time you make a
claim before the insurer releases the rest of the claim value. Make sure you
are comfortable that you will be able to pay the agreed deductible amount in
the event of a claim.
Settling for the
cheapest premium. It’s good to check out all your available options and see
what’s out there to make sure you are getting the right auto insurance for
yourself whether in terms of coverage or budget. So before settling, shop
around first and check out the competition. Another savings tip from Monzon is
to ask about discounts or even a Bulk Rate if you want to insure several
vehicles.
Withholding information. Some individuals actively
withhold or falsify information in order to get a lower premium. However, this
can only cause more problems for the owner in the long run as you will not have
all the protections you need. It can also save you time and money because providing
inaccurate information may cause your future claims to be denied.
Buying without
understanding the contract. When purchasing car insurance, make sure to
thoroughly read the terms and conditions of the policy and make sure the right
coverage and premiums are stated. Remember that your insurance provider should
be guiding you and answering any of your questions throughout the process to
ensure you understand what you are agreeing to.
Given all these tips, it is most important to find the
right insurance provider for you. AXA Philippines, one of the country’s leading
insurance providers, is offering AXA Car Insurance Online, a Comprehensive Car
Insurance that can protect you and your vehicle from damage, theft, bodily
injury, third party property damage, personal accident, and acts of nature. It
also gives you access to Rescue Line on the Emma by AXA PH app, which gives you
a wide range of emergency services available nationwide with just a few taps on
your phone.
You can also enjoy accessible services through the Easy
Claims feature in the app, wherein you can simply take a photo of the damage on
your vehicle and the required claims documents, upload it on the Emma by AXA PH
app, and wait for an SMS or email confirmation within 48 hours. The app also
gives you access to services such as 24/7 Roadside Assistance and LTO
Registration Assistance.
“Ensuring the physical and financial protection of
yourself and your family is more important than ever as we spend time on the
road more often once again. AXA Philippines strives to provide that peace of
mind in a more accessible way wherever your destination may be, so you can
worry less and further enjoy life’s moments,” said AXA Philippines Chief
Marketing Officer Nandy Villar.
To know more about Car Insurance Online, visit https://www.axa.com.ph/motor
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