While I do correspond that if we can afford it, we should Learn covered in readiness for incase something ‘bad’ or ‘unexpexted’ happens. Notwithstanding, not each matters are worth getting covered for.
Take for good example car insurance. Its an absolute must to acquire a auto insurance when buying a brand new automobile or a luxury vehicle in case of theft or big damage.
But if you’re getting a second hand car worth less than 300,000 pesos I dont consider that committing for that unit’s insurance is .
Commonly when an accident happens to your auto. You bring it to the auto repair shop to be fixed and to guess the cost of repairs. Or you could bring it to your auto service station.
Depending on your preferred car insurance provider. Most automobile insurance company will only cover up the amount in excess of 5k to 10k pesos. Which is stunning unfair and is one of my biggest gripes about paying for insurance policy.
For instance, if your auto insurance policy cover’s only damage in excess of 10k pesos. And if the price to have your automobile fixed is below 10k, you dont get paid by the insurance agency. If it cost you 12k pesos to fix, the insurance agency will only pay you the 2k pesos. You shoulder the 10k pesos aside from the yearly premiums that you pay.
Ofcourse, there are exceptions to this. If you’re livelihhod depends on your car like privately owned cabs, school and shuttle services or delivery vans for your pick up trucks like the popular mitsubishi L300 and the kia ceres. Getting an insurance will probably give you the peace of mind incase of theft. But the value of the vehicle should be taken into consideration before getting the insurance you think you might need
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