What Happens If I Stop Paying My Car Insurance?
The convenience a car provides is one of the reasons why many Filipinos decide to buy one. Having a private vehicle, particularly in a country where public transport vehicles are always jam-packed, has its benefits. It includes a faster and less hassle commute to a destination.
Many people decide to learn how to drive, get a driver's license, and avail their vehicle. However, being a car driver and owner does not end with learning how to drive and being familiar with traffic regulations. It extends to implementing safety precautions when driving on roads.
Accidents happen even when drivers do their best to drive as safely as possible. A car owner who lives in Cavite and traverses through Molino's roads may encounter a vehicular accident at any point in time, mainly when there is heavy traffic on the main roads, and other drivers are becoming impatient.
An accident can have physical, financial, and mental effects for everyone involved in it. Accordingly, it can also damage vehicles. Within everyone's understanding, vehicle damage, minor or extensive, often deems costly.
Hence, car owners must be prepared for a possible incident to prevent themselves from suffering financial ruin due to the costs of a car crash. Car insurance is a type of non-life insurance Philippines that financially protects a car driver in unexpected car incidents.
Availing comprehensive car insurance provides car owners a guarantee of compensation for any possible financial losses that they may acquire during car collision accidents and in cases of car theft, fire, and other non-collision accidents. Furthermore, car insurance Molino also offers compensation for the medical expenses of everyone involved, including the car owner.
An insurance policy has generally been thought of as an additional financial burden. However, having car insurance, especially when a car owner has just bought their new car, is mandatory. The Land Transportation Office made it a requirement for car owners who are registering their vehicles.
Although car owners have the choice to select an affordable car insurance policy, there may come the point where they may be unable to pay their premiums. It may stem from various reasons, but regardless of such concerns, it is a costly mistake that can have repercussions on their side. It can result in the cancellation of their policies and even repossession of their cars.
This infographic from iChoose PH provides further details on what will happen if vehicle owners stop paying their car insurance premium.