There are many ways on how you can have your own car and have trouble with it. Given the constant traffic, a number of road accidents, and all the mishaps in between, this is why getting car insurance can help give you peace of mind. However, the reality is that car insurance company only have a 3-5% penetration rate in the market. Unfortunately, around 200 cases of car accidents happen in the Philippines. Given this number, it is common to encounter drivers facing regret after driving an uninsured vehicle.

Nature of car insurance policies

Car insurance is meant to cover for the damages that are included in your policy. This means that if a vehicle damaged your car, or if you were at fault damaging another vehicle, you have the car insurance companies to the rescue. There are different types of coverage that you could purchase along with your policy. For instance, the Act of God has been the most useful in times of flooding and other natural disasters.

What are the consequences of driving without auto insurance?

Despite the number of affordable car insurance options, it is not the nature of Filipinos to invest in things that are not yet present. In fact, even after the Ondoy, from a 3% penetration rate, the car insurance companies simply had a 5% penetration rate during the aftermath. Here are some consequences of not having car insurance at all.

Cost

Could you imagine paying P50,000 when you encountered an accident? If it is more than a scratch, this is not a farfetched figure. The beauty of having a car insurance company is that you have peace of mind that someone is going to cover for the damages that would occur on the road.

Not being able to use the car

For someone who uses his car every day, could you imagine the inconvenience that you could experience if there is a delay in the repair of your vehicle? This is true especially if you are still trying to find funds to repair the car. Also, it is also common that you have to meet up with the other person who damaged your vehicle to find the most logical solution to the problem.

Delays in your business

You’ll be surprised to find out that a lot of commercial vehicles are not yet insured. The sad reality is that a lot of them are operated by small businesses. Could you imagine how much opportunity cost is wasted if you still wait for the vehicle to be fixed because you are still waiting for funds? The best car insurance companies respond to claims quickly to make the car running as soon as possible.

Legal problems

So what if you were at fault and you don’t have the car insurance or even the money to pay for the damages? This could lead to legal problems that could both be stressful and problematic financially. Reckless imprudence resulting to either damage to property or injuries is a serious offense that you don’t want to face.

In case you are shocked by these consequences, it is time to find the best car insurance policy using the leading car insurance comparison in the Philippines, iChoose.ph. This way, you’ll be able to decide which one offers the best bang for your buck.