Just recently, we purchased (my father actually) a new car. But before we laid our hands on the new Limited Edition Montero Sport GLX-V we have a lot of things to settle first and a lot of requirements to prepare. When my father decided to acquire his new car, the bank has asked us a lot of requirements such as: Current ITR (Income Tax Return), two VALID IDs and bank statements. After that, when we were approved, the bank asked as to pay for the chattel mortgage and car insurance. For Mitsubishi on the other hand, they asked us for the down payment and the freight or shipping fee for the car.
As to the first requirements, we have no problem with that, because we are taxpayers, and we do have bank statements and valid IDs. The problem arises for the second requirement which is the chattel mortgage and the car insurance. The chattel mortgage is just right for the amount of the car loan we have applied for, but the car insurance was a big problem. The first Insurance Company we asked for has quoted us with more than 60,000php for a car insurance which only includes own damage and accidents and I believe it’s just not right. That’s why we looked for another Insurance Company that can give us a lower offer and yet a bigger value. It is not hard to determine and find the right deals on car insurance because we can compare their prices online and with other insurance company that we personally visited and asked. The bank has required us to get the car insurance which includes the Acts of God/Nature insurance because you don’t know when the next flood or earthquake will happen. And having the Acts of God or Force of Nature insurance for your car is an insurance that we should really pay for. When we have found the right Insurance Company for us, we have purchased the car insurance that includes the Acts of God insurance not only the insurance for own damage and accidents.
It is not easy to acquire properties these days, especially if you loan it, I mean if you will not pay cash for it. Moreover, we should not settle for less, we should not grab the first company that offers us something such as car insurance, because their might be other insurance companies that could offer us much greater value for our money.