How to Estimate My Car Insurance Cost Before Buying a Car

How to Estimate My Car Insurance Cost Before Buying a Car featured image

Having a car is somehow seen as a sign that someone succeeded in life since it’s an investment that requires significant amounts of money. Not everyone can easily afford a brand new car, and even a second-hand vehicle can be quite costly for the average Filipino. Due to how expensive purchasing a vehicle is, many new car owners will likely avoid getting car insurance to cut expenses.

Car owners enjoyed having their own vehicles during the enhanced community quarantine period by being able to get groceries without walking long distances. There wasn’t any public transportation available during the ECQ’s lockdown period, and commuters had to walk since there weren’t any alternatives. Some people may be inclined to get a car of their own to avoid such inconveniences in the future. After getting a car, they must ensure that they’re adequately protected from auto accidents.

Road accidents occurred even during the lockdown period, and car owners must protect themselves from accidents. Alabang residents may get into one when they least expect it. Car owners need to get car insurance Alabang to protect their finances from costly hospital bills and property damages.

Due to the protection afforded by comprehensive car insurance plans, many Filipinos think that such policies are too expensive. Many Filipino drivers are uninsured because of both superstition and issues with affordability. People no longer need to believe that insurance plans are too costly once they know how to estimate insurance costs before buying a car.

Filipinos can estimate their car insurance costs by looking at the car model they want. Expensive vehicles have costlier spare parts than other cars, resulting in higher insurance costs since the insurer needs to be able to pay for the vehicle’s market value. The car’s reputation among other drivers and car owners will also affect the insurance policy’s cost.

What insurance plan people get will also affect how much they’ll have to pay since different insurance policies have various inclusions. The compulsory third party liability insurance is cheaper than comprehensive plans because of their limited coverage. Comprehensive car insurance plans are costlier because they cover not only liability, but also third party property damage, own damage, and personal accident.

The insurer people will choose also affects how much Filipinos will have to pay to get insured. Because insurers offer different prices for their policies, car owners need to compare insurance plans to ensure that they get affordable ones that meet their needs. For more information on estimating car insurance cost, see this infographic by iChoose.ph.

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