auto

Benefits of a Comprehensive Car Insurance (Infographic)

Regardless if you’re a first-time car owner or not, knowing how comprehensive insurance works, and how it can help you make significant cost-savings in case you’ve got into an accident will surely make you want to purchase one. Don’t believe us? Well, here are some ways comprehensive insurance can save you from potential headaches.

In countries where Compulsory Third-Party Life Insurance (CPTL) is the standard required car insurance enforced by the government, car owners who have their cars insured no longer have to worry about paying for damages, repairs, medical bills, and other expenses that might result from collisions where they are at fault.

No matter how skilled driver you are, accidents are inevitable because of reckless drivers that you will encounter on the road. That said, having a CPTL would mean protection from shocking expenses in case you’ve been in an accident and a passenger gets injured or killed. But beyond that, it gives the peace of mind every time you hit the road.

However, as the name implies, CPTL does not cover you for any damages that you may suffer from the same accident, or from any accidents where there is no collision that took place. This is where comprehensive car insurance comes in.

A comprehensive car insurance provides you greater protection than a CPTL can provide. As the name suggests, comprehensive car insurance covers you on accidents that are considered to be your fault, as well to those when fault cannot be proven. For instance, you find your car vandalized, dented, or scratched just as before you drive your way to work.


Aside from minor incidents, this type of insurance allows you to claim your insurer in case your get damaged from natural disasters such as flood or earthquakes. At worst case scenario, comprehensive car protects you from financial stress in case your car got stolen.

Essentially, comprehensive car insurance provides complete coverage every situation that puts you at disadvantage. However, the coverage may differ from companies to companies. There are car insurance providers that can give you additional coverage depending on the limit of the plans available, coverage amount, and to your needs even. That said, it is advisable to shop around and make your research to get the best coverage possible.

To learn more about this topic, check the infographic below from iChoose.ph which discuss how comprehensive insurance works and why every car owners must have it.
 
Benefits of a Comprehensive Car Insurance

finance

7 Important Lessons To Teach Your Kids About Credit Cards

Teaching children about credit debit cards
Having a discussion with your kids about credit cards is as important as teaching them to drive and teaching them ill-effects of drinking & drugs. No matter what is your opinion about credit cards, it is your job to teach your kids about the credit cards. The kids have so many misconceptions and doubts when they are introduced to the concept of a credit card.

You should teach your kids to use credit cards correctly and they should also be made aware of the negative effects of its misuse. So, make sure you have taught these 7 important lessons to your kids about credit cards.

Teaching About Credit

Well, your kid should know the whole concept of credit, but unfortunately, teaching them can be quite tricky. If you are able to teach your kids the concept of borrowing, earning, and paying money, then I am sure you will be able to make your kids understand the concept of credit. When your kids grow, you can teach them more advanced things including – what are good debt and bad debt, the role of co-signer, and various other things.

Credit Cards Don’t Do Magic

Teach them when you use your credit card to buy something, you are actually using real money. Let them know when they take money out of their piggy bank to purchase a new toy, they don’t get that money back. You should be able to make your kids understand that they have to trade the money in order to get their favorite toy. Tell them when you use your credit card, it is same as taking money from the piggy bank.

It’s Perfectly Fine Not To Have A Credit Card

While credit cards do come handy in building a good credit score and it is a convenient way of spending, there are people who are able to manage their lives without them. Take some time out and teach your kids that using a credit card is a matter of choice, if he/she is not having a credit card, it is perfectly fine. You should first let him/her know them. Chances are that your kid is not ready to have a credit card at the age of 18.

Not To Accept Every Offer

Teach your kids that the credit card companies will start sending them irrelevant offers. Tell them initially when they have their own credit card, such offers will look attractive and they will be tempted to give it a try. Instruct them that they should not fill any form or click on any link sent on their email without involving you.

Monthly Payments

Make your kids aware of keeping their account in good standing. For this, they have to ensure they are making regular payments on their credit card. Your kids should pay off their whole balance on a monthly basis in order to avoid any finance charges. Let them know if they are paying their bill in full every month, this shows they are spending money as they can afford to spend it.

Watch Out For The Interest Rate

It is important you have informed your kids that the credit card companies will approach them with attractive offers and low-interest rates. Make them aware of the fact that such offers don’t last for long and it is important they have gone through the offers carefully. Most importantly, they should keep an eye on the interest rate month-to-month.

Credit History

It is your duty to make your kids aware of the importance of making the payments on time, making regular charges with the credit card and also paying off the balance in full each month. Teach them all this will help in taking their credit score up. Lenders keep a check on their credit score and they consider this score while lending them money.

Author Bio

Sophia Jones tries to live her life like the sun – setting her sights high and vowing to always rise up again. Always game for an adventure, Sophia loves widening readers and her own expectations of our vast, beautiful world. As a journalist, Sophia writes to inform. As a creative writer, Sophia strives to inspire. Overall, she hopes to captivate. She currently writes for paisa.co on personal loans, credit cards, insurance and investing etc.