Here are the common mistakes owners make when buying auto insurance

As the world starts to open up, Filipinos are now enjoying increased mobility. More people are returning to onsite work, traveling to provinces, and visiting their hometowns, among others.

If you need the mobility of a vehicle, then you will need to invest and protect it. One way to do this is by having a reliable insurance product that protects your vehicle as well as 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. 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.

Photos from Honda Cars Philippines Inc., Axa Philippines