FAQ about General Insurance

August 02, 2019

The Philippines is a disaster-prone country and although the Filipinos are known to be resilient, we can never be too prepared for unforeseen circumstances. With every unexpected thing that can really set us back, having non-life insurance is our best solution to rebuild assets that are accidentally destroyed or affected by natural disasters.

Having your own insurance policy is important. However, finding the right one for you can be a struggle. To help you, here are a few things you need to know before getting non-life insurance in the Philippines:

What is General Insurance?

General Insurance or Non-life Insurance helps individuals like you to protect yourself and the things you value such as your home, car, and other valuables, from risks such as fire, flood, storm, earthquake, and other natural disasters and accidents.

Why is it important to have non-life insurance?

The Philippines is a disaster-prone country and however small the risk may be of all these things happening to you, the impact on your finances, your lifestyle, and your future can become unmanageable if you don’t have insurance. Whether you are just a careful planner or a constant worrier, purchasing an insurance policy for the things you value most gives you peace of mind.

What is Risk Assessment and why is it important?

Your assets’ insurability is based on several factors that comprise how much “risk” you pose to the company. Risk Assessment is important because it allows assessors to know how likely you will be involved in an accident or how risky your location is when it comes to natural disasters. Things such as where you live, where you drive, the risks you face in your way of living, and susceptibility to natural disasters, among others, are taken into consideration when determining your rate.

How much should I shell out for my insurance policy?

The amount you are going to pay for, also known as insurance premium, is very affordable in the Philippines. For example, the average cost of a car insurance policy ranges from Php 15,000 to Php 20,000, and that amount is relatively small compared to the protection and security you are getting in return. Instead of seeing it as an added expense, it is important to understand that you are not just buying insurance for your assets, but, you are buying peace of mind knowing that you can cover the unexpected expenses when you encounter an accident because your insurance can help you with it.

How can I determine if this is the right policy for me?

Not all insurances are equal. In determining the best one for you, do not say yes to the first insurance company that will approach you, or else, you may find yourself disappointed with the possibility of getting limited coverage and subpar quality of service. Instead, weigh in other options and see if the company will give you the best and the most reliable service that you want.

Are there non-life insurance providers in the Philippines?

There are a lot of non-life insurance companies in the Philippines, one of which is Mercantile Insurance—one of the country’s pioneers in providing non-life insurance with decades of long-term stability and responsible growth in the industry. Serving Filipinos since 1962, Mercantile Insurance is a credible and reliable partner that delivers superior insurance services. The company has been a long-standing partner of companies such as BDO Insurance Brokers, Penta Insurance Broker Services Inc., Benpres Insurance Agency Inc., and Lacson & Lacson Insurance Brokers Inc., among others including direct individual clients.

Aside from my house and my car, what other valuables can I insure?

Apart from your hard-earned assets, you can also insure something as important as your business and other tools of the trade. General Insurance companies like Mercantile Insurance have a full range of non-life insurance products and offerings, including Fire and Allied Perils, Engineering Insurance, Miscellaneous Casualty, Marine Cargo, Inland Marine, Marine Hull, Aviation, Personal Accident, Travel Insurance and all kinds of Bonds. Being a trusted name in the industry, Mercantile is known to provide quality insurance solutions like no other that are designed to suit your current and future needs at competitive prices.

Don’t turn a blind eye on the importance of non-life insurance. It’s the protection you, your assets, and your family needs. A small amount can go a long way, especially when faced with unforeseen incidents. You can visit http://www.mic.com.ph and work with the perfect insurer that can provide your needs even on a budget. Or, if you already have an existing insurance agent or broker, make sure to tell him to get your non-life insurance policy from Mercantile Insurance so you will always have peace of mind when the unexpected arises.