Philippines’ leading car insurance provider Moneymax celebrated its 5th year anniversary last Tuesday, June 21 with a big event. Titled “Thrive at Five,” Moneymax went down memory lane, looking back at the years they helped Filipinos “lead healthier financial lives.”
It isn’t as old as other financial assistance organizations but Moneymax already earned its bragging right after the award-winning half of fame automotive journalist, social media influencer, road safety advocate and TV host at CNN Philippines James Deaken attested to the company’s unbeatable insurance offers. And as he swears by the goals of Moneymax, he was one of the VIPs who graced the event along with the bank and insurance partners of the company.
Country Manager, Moritz Gastl, shared Moneymax’s 5 years journey in building a strong presence in the financial industry and how it got its over 2 million insurance subscribers. Employees also talked about how Moneymax changed their lives. Also in the video presentation, many attested to the comprehensive offers of the company which makes it the preferred insurance provider of most Pinoys. All the positive notes just kept on coming.
The Role of Car Insurance in Pinoys’ Road Safety and Financial Freedom
Most Filipinos now have the capability of owning their own car because of the more flexible paying terms offered by most car companies. But Pinoys fail to recognize the importance of insuring their cars and skip insurance altogether.
Why?
A lot of us think car insurance is just another unnecessary expense when we already have the amortization and gas allowance to take care of every month.
But like another author said, “buying car insurance is a lot like buying a fire extinguisher: you pray that you’ll never need it, but you feel better knowing it’s there anyway.”
It’s only when we get into an accident that we realize how important car insurance is.
So before concluding that this add-on is expensive, it helps to know the perks you can enjoy when you avail insurance.
How does car insurance work in the Philippines?
Usually, when you buy a car from the dealership, insurance is already included. But if you choose to do it your way, you can always buy your insurance at the Land Transportation Office (LTO) or from your preferred provider (comprehensive plan provider).
A comprehensive plan is more helpful, yet a little more expensive. It could cover collision and upset, physical damage other than collision, loss by theft, fire, flood and in most cases, extended liability.
In addition, most of the car insurance companies cover all kinds of vehicles in the Philippines. It is, however, their discretion whether it’s worth to insure or not, especially, if the car is already old and dilapidated. In fact, Moneymax says car insurance companies can accommodate cars in good working condition, and with a market value of not less than P250,000.00.
Aside from expenses for maintenance and gasoline, driving your own car also has its dangers, so there is one important factor that you must keep in mind – insurance. You may be a good driver but what about the drivers around you? Vice versa, mistakes happen when you least expect it.
However, car insurance doesn’t only cover vehicular accidents. Ideally, it also covers damages caused by acts of nature such as floods or a tree falling on your car. Of course, having the problem fixed out of your own pocket may require you to pay exorbitant amounts.
Luckily,there are insurance companies that cover these incidents. One of them is Moneymax. Therefore, it is a salient feature to have.
So while you are thinking for more reasons to avail your own car insurance, you might want to consider the following as good reasons to do so:
- It serves as protection Your car may be one of the biggest investments you will make aside from your home. So you definitely want to protect it from damages. Depending on your coverage, your insurance can provide financial protection in the event of your vehicle being damaged. It will also provide cover for injuries to other drivers, passengers or pedestrians, and their property.
- It gives you peace of mind Nothing beats convenience and peace of mind. No matter how defensive you are, you can never be too sure about other drivers on the road when it comes to good driving. It can be comforting to know that you are protected out there with your car registered under an insurance policy.
- Medical Expenses Good car insurance coverage can also save you from financial impact. Your coverage can cover payment for medical bills of other parties and damage to non-moving objects.
- Protection of your asset Aside from the legal requirements, if you are in an accident and you are at fault you can be held liable for the costs of bills if a person is injured or killed. A lawsuit may result to you selling your assets if you’re unable to pay the costs. If you have car insurance, it could also be covered. Depending on the terms you’re getting, this is possible.
There are heaps of car insurance companies out there. Be meticulous. Choose wisely. Moneymax is located at 15/F Citibank Tower, 8741 Paseo de Roxas, Makati, 1209 Metro Manila, Philippines. Or visit www.moneymax.ph to find the best insurance deals made especially for you. For updates, follow @moneymax.ph on Instagram and Facebook, alongside @moneymaxph on Twitter.
