What Happens If I Stop Paying My Car Insurance?

Having a car is not uncommon today: for some, it has become more of a necessity allowing them to travel at the time and destination of their choosing. Some even own more than one.

Thanks to having a personal vehicle can prevent the hassle of commuting to school, work, and other destinations. Also, securing public transportation these days is increasingly becoming more difficult, especially during rush hours.

Cars give people the option to go on unplanned trips such as shopping, visiting friends and relatives, and even driving to unwind. While a car generally has many benefits to offer, its downside is the risk of being in an accident.

Regardless of how cautious a driver is, it does not guarantee complete safety from a vehicular accident, especially when driving along the highways of Metro Manila, where vehicular accidents are most common.

Vehicular accidents entail potential high costs for vehicle repairs and injuries for the driver and the other parties involved, if any. A comprehensive car insurance ph can help the insured to prevent financial ruin in case of such occurrences.

People can also prefer to get health insurance ph, and like auto insurance, it does keep the insured covered after a catastrophe or emergency. Their difference, however, is the times that health coverage is likely to be used.

Furthermore, premiums vary depending on the coverage of the policy. Often, people forgot to pay for their car insurance. Paying late may be acceptable for some insurance providers as they give a grace period after missing a payment, which means a policy is still active even with overdue payment.

Stopping to pay premiums altogether can provide lasting consequences, affecting the insurance policy and finances.

Read this infographic from iChoose.ph to know some of the things that can happen if you stop paying for your car insurance.

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