Auto Insurance - Whne do you stop having one?

[NickE]

Hi. newbie here. I'm about to renew my auto insurance for my 5 year old car. It never had rapairs nor claims since the day I bought it. It made me think if it really necessary to pay for inusrance this year. What do you guys think?

When did you stop paying for insurance for your brank new car?

[jmpet626]

Yung lancer ko 10 years samin parating insured ng comprehensive ng standard insurance hanggang nabenta.

[derf8666]

Auto insurance is not a necessity. It's a luxury. A luxury that someday if your car suffers a huge loss (let's say total wreck or carnap or even hitting some other 3rd party), you will be protected from the financial burden of the loss plus the security of having someone beside you if you hit a 3rd party.

Be thankful that you havent experienced any accident yet. Plus I admire you for not trying to make a false claim. There are some bad crooks out there who try to make a false claim kasi lugi daw sila for not having any claim. An insurance works like a cooperative. You and others make a contribution to a common fund which then helps those who actually suffer an accident.

Then there's also the 3rd party assistance. If youre an ordinary person with no access to lawyers, then having an insurance will lessen your burden if you hit someone or something. Especially when you hit a person. a lot of times a court case will be brought upon you. Insurance companies and their lawyers will try to help you so that you can minimize the losses.

However, in the end, its all your choice. My suggestion is that if you have excess money, better get an insurance. Look for the best quotes na lang so that you can save a little more. But of course dont compromise the stability of the company. Doesnt have to be a big company, just a stable one will do. But if youre really gipit, then you can forego insurance and hope and pray na lang that no accident will happen for the rest of the year..

[mark_t]

Financial protection is not a luxury, it is a necessity.
It is a way of Life.
Are you willing to risk your life savings to settle that one big loss?

Whether 5 years or 25 years old, cars should always have insurance.
Be it compre or simply additional liability cover (TPL-BI/PD).
It is not a luxury, it is a necessity. It is sound judgment.

Except when you choose to self insure.

Take your pick.

Take a 3,000,000 peso accident insurance for yourself for 3,700pesos
premium per year. For your final expenses.

Or take a motorcar accident insurance at 2% its fair market value?

What is your necessity between the two?