Securing a car insurance policy is an important element in car ownership in the Philippines. It provides vehicle owners financial protection against accidents, theft and automobile damage. However, despite the awareness of its importance, not everyone is informed enough to avoid common car insurance mistakes such as:
Not buying online
The upside of buying insurance online is that it lets you take the time to learn, understand and carefully evaluate the different policies available, allowing you to make highly informed choices. Going through the details of the insurance coverage is one of the keys in finding the right car insurance for you. Remember that you live in the country where natural disasters such as typhoon, floods, and earthquakes often happen so it’s crucial that these are included in your policy. In addition, some insurance companies may give you lower premiums by declaring a lower Fair Market Value (FMV) for your vehicle but this can actually be a disadvantage because you will not get the total coverage that your car really needs.
Malayan’s very own Automaster can be accessed online, allowing you to compare and review crucial parameters so you can further understand how the motorcar policy works. Aside from the free quote, you can also register, make a claim and view our authorized car repair shops around the country.
Should you need roadside assistance, towing service, and other related vehicle support, Malayan’s emergency hotline, CAMILLE, is one call away. And whenever you have questions regarding your car insurance policy, an email will be automatically sent to you, indicating the steps to process your claims online, as well as how you can contact Malayan whenever you have queries about the quotation, or the policy itself.
Not being transparent with your details
Did you know that not being involved in an accident in the past can help you get lower premiums for your auto insurance? Malayan Insurance provides its policyholders the most comprehensive car insurance policies in the Philippines, but that will not be easy if the insured withholds information that are pertinent in determining the car insurance policy that will suit his/her needs.
Missed car insurance policy payments
Missed car insurance payments can lead to cancellation of their insurance policy. Having your car insurance policy dropped could result to a considerable increase in premium rates with the next insurance company you approach. You may be a careful driver, but missing policy payments in your records might make insurance companies regard you as a high risk client, which means that you’ll have to face rates and arrangements solely for high risk drivers.
Malayan’s Automaster provides flexible and easy to avail payment terms that can be helpful for your financial status.
Always remember that as a policyholder, it pays to be updated, honest, and knowledgeable. Avoid these common mistakes by asking questions so you can understand your insurance better.