Owning a car is an expensive decision that requires serious planning to make the expenditure worthwhile. Many car owners take it upon themselves to insure their vehicles to assist them in car costs in case of emergencies and they usually go for cheaper policies over comprehensive ones to save on insurance money. This is perfectly understandable due to the rising costs of maintaining a car. After all, every peso spared is a peso that goes back in the pocket.
But what many don’t realize is that cheap doesn’t always mean the best. If you think you are saving money for securing cheap car insurance—maybe you are quite right for the moment—but is there an assurance that it will pay off in the long run?
Feeling lost? Don’t worry because we created a list that will hopefully influence your decision when availing auto insurance:
Knowing the claim settlement process of the insurance company is always the first step to make. Go for the one with a good track record of settling car insurance. You can always consult your dealer regarding these matters since most of them have connections with car insurance companies. Internet forums can also provide you great insights on how they operate.
By doing this, you won’t be left paying premiums and have your claim rejected for baseless points nor wait too long to receive your claim.
CUSTOMER SERVICE AND SUPPORT
More than reimbursement, another reason why you are availing an auto insurance policy is because you want to have adequate support and service when you need it the most. Insurance companies who are warm and cordial at first don’t necessarily stay that way once it’s time to make a claim. Similar to what we advised above, there’s no harm in asking around people for their experiences.
Remember, a customer will never know how a company operates if not from others who already have experience.
DISTRIBUTION AND ACCESS
Getting caught in a dire situation with your car will get worse when the situation doesn’t get resolved immediately after informing the insurer. The company who holds your insurance policy should have a wide network and multiple distribution and communication channels that will provide prompt assistance in case you need it.
SPEED OF ISSUANCE AND CLAIMS
In the face of emergencies, nobody’s going to appreciate having to wait months before finally receiving the amount due to them, especially if the repairs and medical bills are already starting to pile up. It’s frustrating and a waste of time so include the speed of issuance and claims in your list of considerations.
KNOW YOUR COVERAGE
Choosing the best car insurance still depends on the lifestyle of the car owners or the drivers, but it is preferable to have the comprehensive option to make sure that everything is covered to keep you away from spending double when it comes to repairs or emergency payments. Also take time to know the deductibles or the amount the insurance company expects you to pay before they pay the balance during reimbursement.
Be aware of the different payment options. Some insurers often charge additional fees or interest when car owners or drivers pay their premiums on a monthly basis. As an advice, better pay in an annual lump sum to reduce the cost of insurance.
Before availing of insurance, it is also very important to identify the insurer that can provide you convenient services, and the best offer for you.
MAPFRE INSULAR has several insurance solutions that suit different needs. To learn more about their car insurance solutions, visit the official website here: www.mapfre.com.ph.