We were driving down Lacson Street in Bacolod City, Philippines, after dropping off our youngest daughter at work. Suddenly, I heard a loud sound, so I pulled over and stepped out of the car right away. It turned out that an ambulance had hit the rear end of our car. The impact caused significant damage to the rear door, bumper, and tail light assembly. Thankfully, we were unhurt.
How Much Does Car Insurance Cost?
Car insurance is essential. My insurance provider offered a free year of coverage for the first year, and after that, I pay about forty thousand pesos per year, which works out to around three thousand three hundred pesos a month. Luckily, insurance premiums decrease as the car ages.
Thanks to the insurance, I saved a huge amount. The repairs cost around three hundred thousand pesos, and I didn’t pay a cent because it happened within the first year. That’s a major relief for my wallet.
Do We Really Need Car Insurance?
Yes. The right car insurance coverage provides protection for your vehicle, yourself, and your passengers in accidents or other situations. Here’s why car insurance is essential:
Protection from Expensive Repairs
Comprehensive insurance can help cover repair costs from accidents or even replace a stolen car with a brand new one.
Big Benefits, Small Cost
By paying a manageable monthly amount, you avoid facing huge expenses in the future.
Financial Protection
Good insurance coverage can cover medical expenses or lost income for other parties involved, sparing you from out-of-pocket costs.
Safety for You and Your Passengers
Some insurance covers not only vehicle damage but also protects you and your passengers from injury costs.
Time Saver
Handling car repairs or replacements can be a hassle. A reliable insurance provider handles repair shop selection and costs, saving you time and stress.
Having the right car insurance is more than just a legal requirement; it’s peace of mind and a safeguard for your wallet.
What’s Your Experience with Car Insurance Coverage?
Do you have car insurance coverage? Share how it’s benefited you in the comments below!
This is great way to put it. Car insurance can be such an expense but it is so important to have. You never know what could happen!!!🤗
Thank God you guys are okay. I do not know much about cars or their insurances but this was quite enlightening.
Glad it wasn't more than that. I saw one where a rushing ambulance also hit a car and for a minute thought it was you guys.
ohhhh, I am so happy you guys are okay! Yes I would never drive without a car insurance, never…
You did a careful and detailed analysis making it clear why excellent insurance is so important. Thank you!
Glad you are ok. Thanks for sharing how important insurance is
Oh God you people are safe… Car insurance might be expensive but mandate. Buying insurance is similar to saving money to cover yourself financially in case of an accident. … The government has made it mandatory to buy car insurance because no person should suffer a financial loss from an accident. If they do, they should be compensated fairly.
So true, I couldn't imagine not having a car insurance, and I agree, it's truly important to look at the details to find a very good one.